The Otara house without a buyer

The Otara house without a buyer

Can you believe an average house in Auckland now costs more than one in Sydney -- Australia's most expensive city for housing?

This seems to have shocked Prime Minister John Key into threatening to apply a land tax to foreigners wanting to buy a house in New Zealand.

He is suggesting a figure somewhere under 10 percent of the value of the property would be charged to the owner annually.

There's much talk about how impossible it is to buy a decent house in Auckland, but last week Story found a five-bedroom house in Otara for $600,000 and not one person turned up for its first open home.

Story received an update on the full section, twenty minutes from the CBD which no one wanted to look at.

Watch the video for the full Story report.