Ninety nine per cent of the properties sold at Barfoot and Thompson's latest auctions went for more than their rating valuations

Ahhh another housing delay 'due to covid'

Have you actually tried 'trading down'?
It's surprising how few beans are left on the table for most people once the friction costs of moving and the replacement cost of a new place are deducted. (a 5-bedroom house costs little different to a 3-bedroom house. I know. When I was building the cost of an additional set of bedrooms etc was relatively small. That's' why people, like I did, build larger rather than smaller.)

And all that 'new money' you talk of? Where's it gone? It's gone right back into the same asset class it came out of! Trapped back in the property ( and other speculative asset) markets.
It hasn't made it out into the real World to 'do good' - make us wealthier, if you like.
All it's done it put two changed numbers on the national spreadsheet
One says "Gross Debt, Up"
and the other shows "RV, Up"
The actual result to our society isn't offsetting though; zero - it's negative.

its called new money creation through debt

Incorrect. The debt is created from the money being lent into existence.

More money for the baker, and a beautiful expensive loaf for us. Ponzi finance is the way forward!

bw
Yet again.
RVs simply determines one’s share of Council’s total rates take - it does not affect the total rate take.
Total rate take is determined by Council budgeting process.
If one’s RV increases by the city average, ones rate bill does not increase other than by Council budgeted increase.
There is no increasing Council rate take or an individual’s rate bill simply because RVs are up.

Just read an article by Robert Gough about how you can get yourself a $1.4 million dollar mortgage based on the equity you have in the original property you bought...with a mortgage -

‘In order to get finance approval on a $1m investment property - a surprisingly common price bracket in Auckland, Wellington and Tauranga these days - an investor would need a deposit of $400,000.

It’s a common misconception that investors need that money sitting in their bank account - ie as cash. Home-owners can use the value in their own property to borrow this deposit, essentially meaning they are borrowing 100% of the purchase for the new investment property (40% on their own home or other investment properties and 60% on their new property).

Home-owners can borrow up to 80% of the house they live in. For example, a homeowner in a home worth $1 million and with a mortgage of $400,000 could borrow another $400,000 against their own home (up to 80%) and use that money to buy a $1 million investment property for a total mortgage of $1.4 million ($1 million for the new home and the original $400k they had on their personal property).’

b21
What is your reasoning for it not making any sense to update RVs?

Note: In the HB, CoreLogic issued new RVs for Napier CC late last year, and in Hastings DC I think earlier in the year.

b21... Leonard is saying that with zero immigration we need to build 20K houses PA just to keep up. He seems to imply that because this is a difficult task we do not need to consider (and worry about) how much more difficult it will be to build the far more house we will need if we continue with the madness of mass migration. Basically he is try to argue that because we have an issue that is a challenge (or a problem without migration) that we should blindly continue to compound the problem by massively adding to demand through immigration. He is correct, zero migration would not solve the issue on its own (and we need to take action that is unrelated to immigration) but zero or very low migration would make the issue far far more manageable and less destructive for our society. Leonard Hong, shame on you for framing your interview and your paper in such a pernicious way. The way that people like yourself, Ashley Church and Tony Alexander twist reality does immeasurable harm to our country, in particular our poor. And Martin North is also culpable, albeit to a much lesser extent, for not nailing you to the wall on this during the interview. Again, shame on you. Your words (and reports) have consequences.

If you bother to read the report, you'll realised that without positive immigration, it will be worse.

Contrary to what you think, I believe the solution to the housing issue is more immigrants. YOLO