12 Jun 2018

Housing crisis may deepen as profits slim - Colliers

From Morning Report, 6:17 am on 12 June 2018

A real estate company says the housing crisis is likely to deepen as developers resist building because it's harder to turn a profit. Colliers International says lower house prices and steeper building costs has put the brakes on development in the city. It says 15,000 homes need to be built annually to keep up with demand. But its director, Alan McMahon says it's difficult to buy land, organise consents and construction and sell the properties quickly enough to secure bank funding and to make a decent profit.