Property prices a hot-button issue in NZ election

Wellington

WHEN Olivia Hollywood began hunting for her first house in Wellington early last year, she was optimistic that NZ$500,000 (S$491,000) would get her on the property ladder.

After eight months attending packed viewings and watching homes auctioned at vastly inflated prices, Ms Hollywood and her partner abandoned their search. Since then, average prices in the Wellington area have gained another 13 per cent to exceed NZ$607,000. The couple is among thousands of Kiwis for whom home ownership is looking increasingly distant.