Aucklanders must accept changes to the way they live. A house close to the city centre with a large yard will no longer be affordable for many - there's just not enough land in inner-city suburbs to increase the supply of traditional subdivisions with standalone properties.
As we slowly transform the way Aucklanders live through higher density residential developments, there will be a moderate easing of pressure over time. But Auckland's population is growing so there will always be a demand for property.
Right now prices are increasing rapidly due to demand. While this is creating problems for first homebuyers, it will assist the shift to higher density living, which will be a more affordable option. Immigration from countries where apartment living in major cities is the norm will also help.
If Auckland lives up to its potential it will become an even more significant city in the Asia Pacific region, a place where increasing numbers of people want to live. There is a certain long-term inevitability that its population will either live in high density accommodation near the city centre or commute from the extremities or even outside the city boundaries. A rapid rail link from Hamilton, for example, would put that city in reach for Auckland workers.
In the meantime, it's hard to see any reason for a steep fall in Auckland property prices. Unforeseen macroeconomic factors aside, there's no quick solutions to the chronic housing shortage that will materialise in the next couple of years.
In a decade or two, when high-density housing is the norm, we may still look back to 2013 and think, "Actually, prices really weren't too bad back then."
Alan Pope is a Registered Valuer and a lecturer in Massey University's School of Economics and Finance.