detroitbootybass
Active Member
Real estate in New Zealand is almost as bad as it's neighbor from across 'The Ditch'. Auctions are certainly a noteworthy part of the problem, but so are things like the Residential Land Release Program in AUS (NZ has a similar program setup). Severely restricting the number of lots made available to build on (and only given to a select few govt-approved developers) makes things much worse.