Would-be purchasers sleep in cars so they get first dibs on 12 sections up for sale in Beachlands this morning.
Auckland's property market has become so frantic that desperate home-buyers have resorted to sleeping in cars overnight in the hope of securing one of 12 sections when they go up for sale this morning.
Due to high demand, the release of the third stage of sections at the new Ti Toki Lanes subdivision in Beachlands has been done on a first-in, first-served basis.
The site opens at 9am today and interested parties have been given a ticket prioritising their right to purchase a section, priced from $425,000, in order of their vehicle arrival.
By 7 last night, there were about 20 cars - more than the number of sections available - parked at the entrance to the site and snaking down the road. A sign near the closed-off site entry said cars were not to be left unattended.
Professionals Real Estate agent Michael Black said that two weeks ago, the company sold 18 second-stage sections in 90 minutes. There were also people waiting at the gates for that sale.
He expected today's sale to be "all over by 10.30am".
Last night, Beachlands resident John Larsen headed up the queue.
"I was planning on coming in early in the morning but then we heard there was a car up here already," he said. "I got here as soon as I could."
The people first in the queue later gave up their place, which promoted Mr Larsen's vehicle to the front.
Mr Larsen said he was in line in the hope of securing a section for one of his grandsons.
Another grandson was in the vehicle behind him holding a spot for a brother due to finish work in the early hours.
Mr Larsen said having to sit in his car all night was worth it if he got one of the sections.
"The housing situation is ridiculous now ... and this is what we're prepared to do. I've had some breaks during the day and gone home to have some dinner and now I'm here."
Wayne He, a builder from Flat Bush, missed out on the first round of sections that were put on the market.
He had turned up on that day ready to try his luck at securing a cheaper section - worth about $420,000 - but had been surprised when he was told they had all been sold. "I'm not going to miss out this time," he said.
"I've saved a lot of money and worked very hard to try and get my family into a bigger place. This is for my kids - so they can have lots of place to run around."
Arun Setha said Auckland's rising house prices had encouraged him to come out last night.
"The housing situation is going like a rocket these days. It's too expensive."
Mr Setha - who had brought blankets for the night - said people had been arriving in their vehicles for hours.
Some, for whatever reason, had left throughout the day.
"They probably gave up, but I'm not going to give up."
Mr Black said the sections were popular because they were cheaper than others in similar subdivisions.
"They are also closer to the main road and close to the main shopping centre," he said.
"They have been well researched and well marketed."
Stage-four sections will go on sale in two weeks.
"Those will have no price, we are auctioning them," said Mr Black.
• 12 sections up for grabs at Ti Toki Lanes subdivision in Beachlands
• More than 20 desperate buyers
• First-in, first-served basis results in buyers spending night in cars
• Buyers must pay 5% deposit today, with balance paid upon title late next year
• Ti Toki Lanes consists of 42 residential sites ranging from
800sq m to 1289sq m.