Property developer Andrew Bruce says the Auckland property market is "fueled by a series of pressure points all working together to drive prices upwards." He points out that there is a suppression of building work in the city because the cost of doing business with council is skyrocketing.
So where can you get the best bang for your buck? We compared the type of property you can purchase in different countries for the equivalent of around $400,000.
1. Auckland, New Zealand
For $400,000 you can buy a 1-bedroom, 1-bathroom freehold apartment and carpark in central Auckland.
2. Johannesburg, South Africa
For around the same price, a 3-bedroom, 2-bathroom open plan house with a landscaped garden and large swimming pool awaits. Separate to the main house is a cottage with lounge, kitchenette, bedroom, and bathroom along with a separate staff quarters. All in the upscale northern suburb of Parkhurst.
3. Queensland, Australia
A 186sqm, 3-bedroom, 2-bathroom townhouse in Coomera is available. The townhouse also has a 2-car garage, deck and shared swimming pool.
4. Tai Po, Hong Kong
A 1-bedroom 26.5sqm unit can be purchased. The Tai Po area is in the New Territories of Hong Kong.
5. London, England
A spacious 2-bedroom, second floor apartment located in a purpose built building located close to Peckham's town centre costs around the same price. The unit is in Peckham is in South-East London within the London Borough of Southwark.
6. Khao Tao, Thailand
Your $400,000 can buy a beachfront 2-bedroom, 2-bathroom condominium with panoramic sea and golf course views in Thailand.