A late December Newshub, reporting on a plain Otara house selling for over $1 million headed the story. “People have given up: Even basic homes in Otara now cost $1 million.”
In fact the opposite is true. When buyers give up, house prices fall. They’re rising sharply because buyers far from giving up, are actively competing in a shortage housing market.
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From memory, this was a site that could be subdivided, so not your average property for the suburb. Newspapers love to report on the person who buys a finger, completely renders it, then sells it later at a huge “profit” not taking into account the re-devopment costs. Apart from just wanting to sell newspapers, sometimes it seems like they love to create division…..