Mainland Chinese money snapped up at least 80 per cent of residential sales in parts of Auckland in March but nearer 90 per cent in May, a whistleblower within the industry says.
Commenting on Labour housing spokesman Phil Twyford's data showing 39.5 per cent of Auckland sales from one agency between February and April were to those of Chinese ethnicity, the insider said the situation was much more serious than Mr Twyford suspected.
The numbers should be more than doubled due to the weight of capital coming out of Mainland China, the whistleblower said.
One big Auckland real estate agency, where many salespeople are of Chinese ethnicity, was selling almost every single property throughout many suburban areas to people living in China, the insider said.
In some cases, those buyers had a New Zealand connection "but it's one group disenfranchising the other. It's really taken off in the last 18 months. I've been studying the figures since October. The Kiwis, South Africans and British have dropped out of the market because they just can't compete with the Chinese.