The massive property price boom in our major city is seeing homes rise in value by more than $250 a day - brought about by unbelievable demand from locals, speculators and foreign buyers.
Until this week the Government has only partially accepted there was a problem in Auckland and has let that price bubble stretch almost to breaking point.
The Reserve Bank has tried a number of things to cool it down - such as raising interest rates - but that limited lever hits every other property market including the Western Bay.
The bank also brought in a loan to value limit - meaning people needed a 20 per cent deposit for a home - but all that did was take first-home buyers out of the market and screw up every other centre in the country - other than in Christchurch.
A move to increase housing supply in Auckland has been trampled by the rampant demand that has seen "affordable" $450,000 houses now selling for more than $100,000 more than they were bought for six months ago.
Now the Government is looking to rein in property speculators by introducing a default capital gains tax if they sell a property within two years of buying it.
This is a good thing, but it only addresses one part of the problem.
The Government needs to limit immigration to Auckland and send people wanting to live in New Zealand to provincial areas.
It needs to stop foreign non-residents buying property here.
More houses need to keep being built.
A capital gains tax needs to be placed on all properties other than a family home and one investment property.
Action needs to be taken because if the current Auckland property bubble is allowed to keep growing, when it bursts this country will be ruined economically and the value of all our houses could be halved.
Mind you, I guess that means speculators will have a field day with the mortgagee sales.
MY GOODNESS the people around Links Ave in the Mount were so lucky when that tornado ran through their properties last Thursday night.
I went out that night in horrible conditions to see what had gone on and it looked bad enough then.
I went back the next morning and, judging by the amount of metal sheeting and trees lying around the area, if it had happened during the daytime then people would have been seriously hurt or killed.
Sheds were picked up and deposited streets away. A trampoline was left wrapped around a street light.
Heaven knows what would have happened to the children and teachers at Mount Intermediate had the school been in session when it struck.
Its straight path slammed through the houses in Links Ave, across State Highway 2 to and through the golf course, just clipping Owens Place shopping area, destroying the train barriers towards Baypark and then ripping the roof off the eastern stand of the sports stadium before heading off to parts unknown.
People in its path were very, very lucky it was only property that paid the price.
-Richard@richardmoore.com
Richard Moore is an award-winning Western Bay journalist and photographer.
