Property developers think there is an "oversupply" of houses in Auckland:
High turnover rates and falling prices may be a sign that there are too many new houses going in to some parts of Auckland, commentators say.
[...]
Property developer David Whitburn said there was a "bit of an oversupply" in some of the areas on the outskirts of Auckland.
Some of the sales being recorded were the final stages of large developments being finished, he said.
"Pokeno in particular, I do see an oversupply there and downward price pressure."
Good. Because downward price pressure is exactly what we need. But as for an "oversupply", we still have homeless people, and prices and rents are still out of reach of an increasing number of New Zealanders. But property developers and real estate agents, who drive the media narrative on housing policy, don't actually want to fix this. They're benefitting from the status quo, hoarding houses and profiteering from our misery. And they will panic and squawk at anything which even hints at threatening it.
We don't just need to threaten that status quo, we need to crush it. The government needs to build houses, and keep building houses, until house prices crash and houses stand empty unable to be sold because everyone who wants one has one. Until that happens, we have an undersupply, not an oversupply.
