Flight to the re­gions

Sunday Star-Times - - BUSINESS | COVER STORY -

Auck­land house prices have grown so much res­i­dents are sell­ing their av­er­age house in Auck­land for $1.5m and buy­ing a unit in a re­gional re­tire­ment vil­lage for $800,000 and bank­ing the rest, said Michael Gunn of prop­erty firm CBRE. ‘‘Many of these res­i­dents are your av­er­age Joe but they feel like they have won Lotto. We have been see­ing lots of this.’’

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