Earlier quoted context omitted.
So it's artificial scarcity, basically. Someone/something is blocking development, right?
It's a series of problems that confound each other, some artificial, some organic. First, we have geography. Auckland is located on an isthmus that ranges from 1 km wide to 10 km wide. It's basically on an island. It's also covered in volcanoes. Wellington is bound by the sea on one side, and hills on the other. It's wedged in the middle. They can, and have, expanded into the sea using land reclamation, but there's o…
I have a friend where their foundations were repaired, turned out the builders had basically papered over the cracks. There are countless stories like this one.
I think the market in Christchurch is going to be very odd once the scale of these bad repairs comes out. New houses are definitely at a premium.