Round the corner from us, here on Auckland's North Shore, there's a 5-bedroom, 3-bathroom, 2-car garage, cedar board family home (I've previously mentioned the neighbouring property, which has been bowled and the site redeveloped). It's got a large section (close to 900 square metres) and good views of the sea across to Rangitoto Island. It's not the most modern looking house you'll ever find, but it's a good, solid, family home.
The local grapevine tells us it has just sold, for - $1.89 million.
The jury's still out on the potential explanations for rocketing prices: whether we're seeing an asset bubble, or whether we're seeing intense demand meeting cramped supply, or something a bit of both, and what role monetary policy may have in creating or defusing it.
The analysis had better get to some definitive answer fairly quickly, because this market is just getting hotter and hotter.
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