The average family home in Auckland is 10 times the average household wage. When you look at wages against house price, it's the most expensive place in the world to buy a home.
But in pockets of Auckland, people aren't even showing up for open homes.
That was the case at a five-bedroom home on a large section not far from central Auckland. The asking price was close to $600,000 and not a single person showed up to the open home. It's fringed with fruit trees and right next to a reserve.
So why the lack of interest?
The home is located 17 kilometres from Auckland Central, in Otara.
Real estate agent Lez King prepared for hordes of interested buyers. He reckons Otara will be the new Ponsonby, but not one person turned up to the open home yesterday.
Mr King says the property is a bargain. Depending on how the Unitary Plan pans out, the property could be sub-divided.
"Everyone can't live in Parnell or St Heliers," he says. Mr King says the property could be a foot in the door.
Property guru Olly Newland agrees.
"Buy a run-down place anywhere. It's the land that matters, not the building on top of it."
Mr Newland thinks if the property is advertised correctly, it will sell quickly.
There is one other small catch – the house is located next to the motorway.
"If you ever want to go anywhere north or south, it's right there for you," Mr King says.
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