REINZ: Cooling measures doing little to slow New Zealand's housing boom – Reuters

Desperation among homebuyers is pushing New Zealand house prices to record highs, negating the government's efforts to cool off the red-hot market, the latest report from the Real Estate Institute of New Zealand’s (REINZ) showed Friday.

Key takeaways

“Nearly 15,000 homes sold for more than NZ$1 million ($705,100) during the last 12 months, compared with just 5,500 in 2020.”

"The new owners didn't step foot inside before purchasing it... even we could not enter.”

"From what I am seeing, there is no stopping the premium dollars from coming through."

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