Mortgaged investors drive already overheated property market

Tue, 25 Aug 2020

The auction last week of a dilapidated house in an otherwise unremarkable Glendowie cul-de-sac was inconspicuous in most respects, until you consider it sold for $1.56 million - about $400,000 more than expected.The sale reflects just how overheated Auckland's housing market remains, despite the looming economic uncertainty that the covid-19 pandemic has brought with it.While the buyer is unknown, the 733 square-metre property would be attractive to developers, given the high level of demand that values an average new 80 sqm unit in the Eas...

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