Traders make $1600 a day in Auckland's runaway housing market and many homes are on-sold within two weeks.
Speculators, investors and homeowners cashing in on Auckland's rampant property market made close to a $200 million capital gain in under 18 months.
Dramatic new figures released exclusively to the Weekend Herald by homes.co.nz reveal the extent to which speculative buying and selling of residential property is driving Auckland house prices.
Between January last year and May this year, more than 1500 properties were bought then on-sold across the Super City for an eye-watering average capital gain of $1600 per day on each sale.
Many of these properties are in poorer areas of West and South Auckland which were traditionally the domain of blue collar workers looking for a first step on the property ladder.
More than 1400 of the "flipped" properties were sold twice, 97 were sold three times, seven were sold four times and two were bought and sold five times in under a year.
Speculators are trading Auckland homes like baseball cards on the back of rampant capital gain. Property reporter Lane Nichols investigates the city’s most on-sold properties and the huge profits being harvested