PHOTO: NZ’s property boom. Image- News Nation
New Zealand is in the midst of a housing boom that has seen real estate prices skyrocket by more than 30% over the past year, despite the government’s attempts to cool the market.
In the largest city of Auckland, the average sale price has risen above $1 million for the first time, making it one of the least affordable cities in the world. A series of lending restrictions and tax changes have been introduced to deter speculators and investors, but prices are still stubbornly going north.
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