NZ Herald
Data reveal instant resales as sharp investors ‘flip’ properties for quick riches. Auckland property speculators are on-selling homes on the same day of purchase for huge profits, sometimes without even setting foot inside.
Incredibly, one Auckland house was sold three times in a single day with its value surging by nearly $80,000 in less than 24 hours.
Other astute buyers have “flipped” their new purchases for instant profits worth tens of thousands of dollars, with one speculator pocketing $100,000 the same day they bought and sold a Papatoetoe house.