So, researchers at the department of housing worked out some years years ago that a combination of kids leaving home and setting up new homes from aged 17, all ex pats returning from OE’s ( translation working in a pub in London or the mines in Australia) , full immigration, the elderly remaining younger and not moving into retirement homes, and those in the south ( especially christchurch) migrating north would mean Auckland was short of housing. Great theory and absolutely correct except all those fundamentals werent ever and haven’t lined up at the same time so we haven’t seen rental queues, motels tuning into long term boarding houses and desperate families living on the streets.
So please media and REINZ stop going on about it as all it does is make the Reserve Bank ( government department) tinker with the housing economy – we don’t need that as Kiwis are and feel prosperous when we have a solid housing economy. By the way thanks Reserve Bank for reading my blog a few weeks ago – you now have allowed first home buyers back in the market with confidence.
So just before the summer hols I’ll tell you why buying a shoebox central city CBD apartment is a lousy investment.