Comments from the head of New Zealand’s largest real estate company:
- average price of homes sold in Auckland by Harcourts last month was $721,553
- “There’s no doubt that’s a frightening number”
- “It’s not being driven by cheap money, it’s not being driven by reckless borrowing, it’s not speculation”
- The main driver was the region’s population growth, coming both from within New Zealand and overseas, which was putting pressure on an “under invested property market”
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I wonder if the Reserve Bank of New Zealand agrees with him?
