I see now through a US & REIT centric bias, I think. Given a market like NZ’s size, growth/prices, and attractiveness I can see demand like speculation, STRs,

I see now through a US & REIT centric bias, I think. Given a market like NZ’s size, growth/prices, and attractiveness I can see demand like speculation, STRs, and 2nd homes possibly affecting utilization more than supply. Given US markets that are larger, cheaper, and less attractive where investment properties fueled on cheap credit were rented out or to a much smaller degree flipped, it’s truly, significantly more difficult to imagine vs simple lack of supply (especially given historically low US rental & homeowner vacancy rates).