Quote Originally Posted by Vagabond47 View Post
A lot of the apartments that were planned were luxury apartments catering to the overseas buyer market, when that got knocked on the head they discovered no local was going to pay $800k+ for a city apartment (eg. https://www.trademe.co.nz/browse/lis...?id=1423232571 ) , but thats what they needed to make the project work.
No idea if they were high end or shoe boxes. But one thing we do know is that LVR changes for investors coincided with a major drop off in them buying. Bank lending to the sector started dropping sharply from mid 2016 and remains well less than half that level. (Reserve Bank c31 report.)