I think its pretty obvious the Government is maintaining this bubble. Yes a correction will hurt, but its beyond needed imo as its now impacting/lowering prices of property elsewhere and so much more, ie pricing essential trades out of the city like has happened in London. Imo the bubble was driven firstly by empty home buyers and a lack of capital gains tax and secondly by Aucklanders jumping on the bandwagon thinking they were getting rich for nothing. Neither of which I have an opinion on.
But I dont buy into the "its because of immigration" or other squeamish reasoning's spouted out in attempts to keep the second lot of buyers, Aucklanders, buying more property.
Anyway have any of the parties discussed policies on how to increase interest rates, more aggressively approach immigration to other cities, if the city is truely growing (Im talking business) encouraging to set up outside of Auckland, ie move jobs to where we dont have to tackle unnecessary infrastructure concerns.
After a lifetime as a national voter Im changing.
Nobody wants to see rates jump to 18% or people lose 40% of their house prices, thats the last thing one would wish on a first home buyer. But I feel its out of control now and its just too hard basket and they are waiting to be voted out rather than taking action. ie leaving the problem to the next government.