I live in Auckland. Agree with pretty much all your comments, I think you have a good handle on the environment. One point to add - mentioned in other comments

I live in Auckland. Agree with pretty much all your comments, I think you have a good handle on the environment. One point to add - mentioned in other comments in the thread: the Auckland housing market is toxic. No captial gains tax on property along with crowded population in Auckland means that this is the best investment available, hands down. The yield isn't in the rental market, but appreciation of 30-40% YOY has not been uncommon. The major side effect of this that many people miss is that business investment has been stifled because property is a far safer bet. Auckland has a very weak startup/VC scene, and salaries have not increased in line with living costs.