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Archive for 26 August 2015

Letter to the editor – When 41% of houses are bought by speculators

26 August 2015 6 comments

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Frank Macskasy - letters to the editor - Frankly Speaking

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from: Frank Macskasy <fmacskasy@gmail.com>
to: Dominion Post <letters@dompost.co.nz>
date: Mon, Aug 24, 2015
subject: Letter to the editor

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The editor
Dominion Post

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If what Deputy Governor, Grant Spencer, says is true that investor-speculators are buying up to 41% of Auckland house purchases – then we have a major problem on our hands.

No matter how many houses are built; no matter how far Auckland spawls; no matter how many parks are swallowed up; no matter what kind of LVR restrictions the Reserve Bank implements; no matter how much money is thrown at the problem – nearly half of all houses will be snapped up by speculators.

Whether those speculators come from Berlin, Boston, or Beijing – or even just north of the Bombay Hills – does not matter one jot.

This government has shown itself to be utterly hopeless at controlling speculation, and the horrendous fact that housing prices have risen 24% over the last year in Auckland is evidence of their incompetance.

Meanwhile young couples wanting to buy their first home are locked out of the market because of the relentless greed of a few.

This is not what I thought New Zealand would look like in the 21st century.

It is not the flag we should be looking at changing – but our blase attitude to something very wrong with our society.

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-Frank Macskasy

[address and phone number supplied]

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References

TVNZ News: The Reserve Bank has again raised concerns about investors driving up the Auckland housing market

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