In today’s Herald on Sunday is further evidence (as if it were needed), that the Auckland housing market is heading for a crisis- something I have been saying for a year or more. Anyone still prepared to bet that house prices will fall by 30% as some punters were picking? – Yeah-right.
The great disappearing home
By Kieran Nash HoS. Sunday Apr 3, 2011
Auckland is facing a major housing crisis if current development trends continue.
Local officials predict that, at the current rate of development, there will be a shortage of 50,000 homes in 30 years – equivalent to all the homes in Hamilton.
Auckland Council chief planning officer Dr Roger Blakeley warned that Auckland needs to be proactive by subdividing smaller properties and expanding into semi-rural areas if it is to avoid a major housing crisis
It also said that renters would leap to 40 per cent of households – either by choice or because they could not afford to get on the property ladder