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State-built homes spurring Auckland's property boom

The city's house prices are now the second-highest relative to incomes among developed economies

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Published Mon, Nov 23, 2015 · 09:50 PM

    Wellington

    EVEN with its mould-streaked bathroom and kitchen without a sink, the duplex in bayside Auckland attracted a frenzied bidding war. Now it's one of the city's newest million-dollar government-built houses.

    The two-bedroom, brick cottage on Kerr Street on the city's inner north shore fetched NZ$1.04 million (S$961,000) at an auction in September.

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    State-level minimum purchase thresholds push foreign buyers towards higher-value properties, while consent rules and other restrictions further narrow the pool of homes available to them.

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