They fear it'll discourage investment, but the Government says that's the point.
Nelson Takle says he "got a bit bored and wanted to have a bit of fun - mix it up".
More than 165 homes are expected to be built, more than half costing under $600,000.
The real estate icon has competed in over 250 triathlons since turning 50.
Still looking for an affordable house in Auckland? We've got some bad news.
Many are looking to put their money into other investments.
It had house-hunters fearing the worst, but the pictures don't tell the whole story.
Sluggish growth in Auckland and Christchurch was offset by surging prices in Hawke's Bay and Dunedin.
Average house prices in Auckland rose last year despite sales numbers falling.
The previous Government did nothing to stop them.
This shows just how severe Auckland's housing crisis is.
His life has changed forever.
Property values in the city have fallen in the past year, while they're skyrocketing elsewhere.
Only foreigners with "good character" are allowed to buy.
Just a little bit more slowly than they have been over the last six years.
The Government has commissioned a report on housing from outside experts.
A property manager was told the sign would "bring the place down".
NZ has been criticised for the poor quality of our housing stock.