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flag NZ housing boom raises homeownership while rental rates plummet.

flag New Zealand's recent housing boom has transformed several suburbs, causing rental rates to plummet as homeownership rises. flag In areas like Auckland’s Penrose, the share of renters dropped from 56.7% to 27.8% between 2013 and 2023. flag Experts attribute this shift to new developments and policies making home purchasing easier, leading to gentrification and displacing some renters.

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