Auckland house prices are back at near record levels again.
Barfoot and Thompson reported yesterday that the average price is now $866k.
Listen to Duncan Garner's interview with Peter Thompson from Barfoot and Thompson:
By next year that average price is expected to top $1 million.
So why? Why - when similar houses cost just $480,000 in Australia?
1. We are only building around 7000 houses a year in Auckland - it needs to be 13,000.
2. We are 60,000 houses short right now.
3. Immigration into Auckland is at record levels.
4. 132 new people arrive in Auckland every day.
5. We provide houses for just 80 of them.
6. A city the size of Napier arrives in Auckland every year - 40,000 people.
7. The council has been too slow to release land.
8. Developers have land-banked and are screwing us.
9. It's all effectively tax free.
10. It's okay to own 46 houses - I know of someone who does. There are no limits.
11. Our two building supply companies rip us off compared to prices in Australia.
12. Foreigners can easily buy our houses without living here.
13. We don't train enough builders. We are 3000 apprentices short right now.
The Auckland housing market is back on fire again. For homeowners, they'll be happy - for those trying to get into the market, it's simply bloody depressing. As a country, we are letting these people down.
source: data archive