Arthur Grimes reckons that the government and Auckland Council should work together to collapse the Auckland property market.
A former Reserve Bank chairman has called for the Government and Auckland Council to enact policies to deliberately “collapse” the city’s house prices by at least 40 per cent and intensify building along Tamaki Dr with Gold Coast-style towers.
Arthur Grimes delivered a hard-hitting speech at an Auckland Conversations event, calling for swift action to resolve the housing crisis, and the city’s eastern suburbs to have high-rise residential blocks, ready for the next generation of Aucklanders.
The median house price was $1 million, up from an already too high level of $600,000 five years ago, he said.
“I think we should set ourselves a target now of looking for a collapse in house prices of at least 40 per cent in Auckland, OK? And that should be a political approach … central Government and local government politicians should be out there saying, ‘We’re trying to have policies in place that will collapse house prices in Auckland by at least 40 per cent’, because that will only take them back to a level where they were too high already five years ago,” Grimes told the Auckland Conversations forum. Read more »