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“After an intense building flurry, Auckland’s housing stock is now 618,849 units, which is 101,000 more than a decade ago…Meanwhile Auckland house prices, with a median value of just over NZ$1mn (US$587,000), have lost a quarter of their value in that timeframe.” giftarticle.ft.com/giftarticle/...

Where precisely were these residences built? Were single-family houses torn down? Is there good transit to these new residences?

New Zealander here. The answer is "it depends" to all three questions. The biggest problem is that single family homes HAVEN'T been torn down ENOUGH in the transit rich inner neighborhoods due to selfish NIMBYs