16 Jan 2013

Auckland performance not good news for all

8:39 pm on 16 January 2013

Auckland was the standout performer in the New Zealand economy at the end of 2012, but Auckland Chamber of Commerce says that is not good news for everyone.

A quarterly survey of business opinion by the New Zealand Institute of Economic Research showed activity in Auckland at the end of last year was its highest since the mid 2000s.

Chamber chief executive Michael Barnett said the hot property market in Auckland is making some feel wealthier and is boosting spending.

However, he said near-record prices and a lack of new houses being built are putting pressure on rents and could soon force an exodus of people out of the city.