Shifting capital to Auckland
Shifting capital to Auckland (to primarily crystallise insurance pay-outs) is it really a leap into the fire?
Auckland real estate at the mid upper end on a like for like basis is not significantly more expensive than Christchurch pre earthquake - a $1.2-1.5m property in Remuera is probably about the same as a $1m-1.5m Fendalton or Merivale property. Mid range quality homes in Auckland ($900-1.2m) might be a couple of hundred more like for like and certainly lower end homes in good areas are much higher (at least 50-75% more) but it's all relative and despite some areas being overheated there is still value their too.
Many properties are not much more than replacement value in Auckland (not to the same extent as it was in Christchurch or Dunedin) so I don't see much scope for large falls unless we go into a deep recession (in which case nothing gets built and booms follow anyway).
Until the next volcanic eruption, supply of Central Auckland land isn't growing.
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