New Zealanders, and Aucklanders in particular, are very focused on building personal wealth through real estate. There’s a bunch of reasons for this, but mostly it’s been a great investment for quite a long time. In Auckland, for example, tax values are up almost 50% in the last three years, and retail prices more than that. Bubble? Time will tell. The new government has said it will limit foreign buyers’ ability to buy real estate, causing a bit of a flurry among the (largely Chinese) community of foreign cash buyers.
This particular property is leased by a property investment firm. They are being kicked out as that building is part of a large parcel that is about to get sold and even further densified.