PHOTO: Vanessa Taylor of realestate.co.nz says quarter-acre sections are only going to get more expensive.
The average property sale price in New Zealand has recently risen to $700,000 for the first time, and realestate.co.nz spokesperson Vanessa Taylor says its a problem with supply and demand.
Ms Taylor, speaking this morning to TVNZ 1’s Breakfast, said Kiwis need to get creative.
“If we look at Kiwis in our ingenuity, we are certainly looking at other ways to get into the property market,” Ms Taylor said.
“The reason we have these prices continue to rise is that just before the GFC (Global Financial Crisis) hit, we were in building mode – residential property was continuing to grow.
“We weren’t quite keeping up with population growth then, but we were trying to do our best.
“Then the GFC hit and we actually stopped, and so now we’re actually seeing a bit of a hangover from those three or four years where we stopped.”
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