Quote:
Originally Posted by Bill Douglas
Property prices are going nuts around here too. The small surf town of Lyall Bay went up 22% in the last 12 months.
A friend is looking to buy. One place he looked at had a government valuation of 1.1m he thought it would sell for 1.6m so offered 1.65m. It sold for just short of two million. And it wasn't even a "great" place.
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What's the reasoning for housing to shoot up down there? Lack of it or low interest rates?