Why property prices in NZ are to high compared to other countries.

[George]

Hi Possum, most of the ones I looked at on trademe were for sale at 10% over the latest cv, and recent sales at over cv as well.
One not far from here is for sale at 260k, cv 290k, but it has rough tenants with a rotten bathroom floor etc. My read on things at this point is that a well maintained house in a good area etc. is holding or exceeding its cv. Won't know for sure till we sell which could be in 3 yrs or so. Would this be the first 3-4 yr period in Auckland's history when values have decreased - I see Rodney is worse off?

PS. A friend in Mt Albert his cv went from 360k to 390k yet he's in a poor area, ghetto music next door, his house is a mess, so there doesn't seem to be any rhyme or reason - perhaps his proximity to Maioro motorway entry is a factor.