the market knows more than you couta and it says the price is too high
Those who think the market always correctly prices a stock are many.
Those who realise the market often/usually misprices a stock, make a lot of money, thanks to them.
Let's not get over the top here. The facts remain: NZ is not the only country where housing has become overly expensive - it's a world-wide condition, at least in the Western world ; Far from being a "landed aristocracy", more housing is still owner-occupied than rented.
True I should have said a landed aristocracy is in the process of being born.
One also needs to look at international comparisons in relation to the alternatives to home ownership (how attractive is renting as an alternative and what other equally as attractive alternative investment opportunities exist)
Home ownership is dropping in NZ and in Auckland may already have dropped to below 50% of households. Also not all owner-occupiers without additional investment property can help the next generation into home ownership either.
It would benefit OCA in the long term for home ownership to remain as widespread as possible so that the potential market for their villages remains is maximised.
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