Is New Zealand's quarter-acre dream dead?

The quarter-acre dream is dead.

The red-hot property market means no longer can first-home buyers expect to buy the four-bedroom house with the white picket fence. 

Building up rather than building out is how major centres in other cities have coped. Is it time New Zealand followed suit?

Property data analyst Carmen Vicelich spoke to Duncan Garner. 

Watch the video for the full interview.