wolfigor
Emperor
That's a crazy increase, and makes it almost impossible for new homeowner, especially if they do not have high paid jobs.Ding ding you get it. Our house doubled in value in about 7 years. Good for us we can sell it and buy a half million dollar house for $200 bucks a week mortage.
You can be looking at 10 to 13 years income to buy a house, rent hitting 60 to 80% take home pay. We're also getting internal migration here from up North as people have been prices out of Auckland come South. McDonalds is paying around $20 an hour in Auckland, house prices were getting close to a million dollars.
At the end, some towns do attracts a LOT of people because they offer more opportunities for job, education, and fun.
That creates a huge pressure on pricing, a trend that is not unique to Auckland (see SanFrancisco and London as examples).
Administrations of any political flavour are completely inadequate to solve those issues and they just try to patch problems here and there: there is a race between attracting jobs and improving towns to deal with the inevitable influx of people and business.