Super homes on the way

There's a chronic shortage of new homes in that price bracket in Takapuna and the Auckland region, a property developer says.

"Buyers are snapping up homes worth $3m to $4m of approximately 400 square

metres. We can't make enough property to satisfy demand," Manson Developments marketing manager Steve Clark says.

Jean Smith, New Zealand Real Estate Institute Auckland president, says Auckland still remains "value for money" compared with other large cities overseas.

For the past few years, the higher priced properties were undervalued, and there is still a lot more catching up to do, she says.

That comes as latest figures reveal the steepest drop in home affordability in almost a decade, with Auckland leading the way.

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