He should call out KFC , at least we know he ' d show up ! <| sep |> fuck me up now fam , varajeo is getting minutes <| sep |> Investors driving prices up gone . Every home owner is an investor that ' s why this stat is particularly worthless . Late stage property bubble runups are almost always characterized by high levels of interest only loan use in jurisdictions where interest only loans are actually legal . In fact , this is really the only way to identify the unsophisticated , New Zealand native , late stage punters masquerading as first time home buyers . Foreign money driving prices up gone . This one is far from settled and probably never will be thanks to the idiotic manner in which New Zealand bureaucrats keep records benign neglect boarding on intentional ignorance . There ' s a very easy way to settle the argument using anonymized IRD information , but it will never happen , because those who run the show don ' t want the information , even in the form of condensed and summarized numbers , publicly available . More didactic is the number of homes being pass in vs sold by negotiation and , in particular , properties that are repeatedly passed in nobody keeps stats on this one . Looks like the greater fool theory might be about to do its thing . Look , there are certain economic fundamentals that determine if people participate in a certain housing market or not . At the current average New Zealand incomesavings levels , Auckland housing is unsustainable without the arrival of buyers whose incomessavings are not New Zealand average . Beyond that , you ' re looking at investment speculators . With respect to investors , there are exactly two varieties 1 free cash flow rental property types and 2 speculators who flip properties rapidly . For the 1 crowd , the vast majority need to have rents that pay the mortgage no negative gearing advantage in New Zealand , otherwise it simply doesn ' t make any sense to invest in property at current levels we ' re already well past that point so , by simple math , the average Auckland property investor is either innumerate or a speculating house flipper , possibly both if they ' re using an interest only loan . First time home buyers , seeking a place to live in , face the exact same hard rational math .