Up to one in four property sales in parts of provincial New Zealand are now to Aucklanders, with many buyers forced from the city as prices spiral beyond their means.
The exodus of frustrated first-home hunters along with cashed-up baby boomers and investors seeking better financial returns is being attributed to unprecedented house price inflation in our biggest city. But it's having a domino effect in regions.
Prices outside the city of sails are surging to new highs as demand for more affordable real estate beyond Auckland's territorial boundaries spikes. It has seen provincial residents scrambling to purchase amid the rush for properties, or being priced out of their once affordable home towns because of the influx of outside buyers.
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