Waiheke property asking prices increase 71% in a year

Asking prices for houses on Waiheke Island have reached an average of $1.75 million, leading to fears it is becoming just a getaway for the rich, Stuff reports. Asking prices for properties on the island, a 40-minute ferry ride from central Auckland, have increased 71% in a year. By comparison, Auckland City only increased 15%. Community leaders say the skyrocketing prices and rent increases are excluding locals from the market. Waiheke Budgeting Service manager Amelia Lawley says the island risks losing its diversity.