from Australia article LONDON — Auckland’s housing market is booming.
The capital’s home prices have jumped nearly 50 per cent in the past five years, according to the latest numbers from the Reserve Bank of New Zealand.
But the surge has come at a cost to the city’s finances.
In the last 12 months, the average price of a home in Auckland has risen an average of more than 2,000 per cent, a figure that means the city is facing a financial crisis.
The rate of growth in Auckland’s real estate market has outpaced the national average for the past four years, and is outpacing that of any other Australian city.
“The rate that Auckland’s housing markets are going up is quite extraordinary,” said Nick Houghton, head of research at the Australian National University’s Centre for Housing.
“The fact that it’s going up at all, particularly in Auckland, is quite remarkable.
But it’s also the result of a housing crisis that has been in place for a long time.
We’ve got a shortage of houses in the city, and the shortage of supply has been building for years.
And the fact that we’ve got an acute shortage of housing, and there’s a lack of affordable housing in Auckland that people want to live in, that has the effect of driving up the cost of houses.”
As house prices have soared, Auckland has seen its population decline by more than 30,000 people.
For the last four years Auckland has had a population of more then 2.5 million, with nearly 50,000 more people than were registered in 2010.
There are also a large number of people who are in temporary housing, with some residents having lived in the area for as long as six months or more.
A few weeks ago, the government announced that it would be extending the rent freeze until March 2020.
This will also mean that people can move in for rent, but only if they have at least one year’s rental deposit remaining.
However, with the rental crisis worsening, the number of Auckland residents living in temporary accommodation has risen to a record high of almost 20,000.
People who want to move into Auckland will have to apply for a new property through the city government, which is trying to stem the tide of demand.
New Zealanders are moving out of Auckland every year, but the city still has an affordable housing crisis, with more than 20,700 people now living in “affordable” accommodation, according the latest data.
With the city set to house more than 60,000 new residents in the next few years, there is a shortage in rental housing, which could have an impact on the cost to residents.
Houghton said the rise in housing prices could have a knock-on effect on the affordability of the city.
“It’s a lot more expensive to live and commute in Auckland than it is to live on a farm,” he said.
“You have to go to different parts of the country to do it.
It’s going to be more expensive for people to commute in, and it’s not just Auckland.
It’s going a bit further and a bit faster than people might expect.”
For example, people who commute to Auckland on weekdays can expect to pay about $900 more a year in rent than those who commute on weekends, according an analysis of data from the Landlords Association.
Those who commute into the city from New Zealand may also find it more difficult to get into the cheapest-paying housing, according a study from real estate firm Redfin.
Redfin found that people who move to Auckland from the United Kingdom, Germany, and Italy have a higher chance of finding themselves in a rent trap, with Aucklanders renting at the lower end of the market than those from the UK, Germany and Italy.
As a result, those from other countries may be less willing to move to the Auckland area, meaning those who are already in the Auckland market may be priced out.
When it comes to housing, it’s no wonder the city has seen such a dramatic increase in its property prices.
What Aucklanders need to understand about the affordability crisis is that the problem is much more systemic than simply a lack on the part of the government.
“What we’ve had is a crisis of affordability that has affected the whole of the Auckland property market,” said Houghston.
That crisis is one that Aucklanders are going to have to deal with for years to come.
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