Whole heartedly disagree with that summation of the property market & that article. I have personally followed her journey and she is an extremely hard worker and yes is prepared to take some risk. Nothing wrong with having 20 homes - someone has to provide homes for those who can't afford it. Now I hear people saying "oh but some people can't afford homes because of investors driving up prices". Bollocks - even if the NZ media price was $400,000 there would still be a very large group of people who couldn't afford that pricing level - there will always be. So those people need safe, warm, dry homes. The government can't keep up so its down to mum and dad investors. 79% of all investors own only one investment property. They are Mum & Dad investors trying to get ahead in life.
New Zealanders have been saying there is a bubble for 10 years now. When do you predict it will pop? People (influenced by media headlines) predicted in 2011, 2013, 2016 & now 2020/21 the bubble would pop... Still waiting.
Land scarcity, RMA, Re-Zoning, Interest Rates, Building Supply, Material hold ups in the construction industry etc etc are all part of the current demand.
In terms of OCA - increasing retired population in need of future care - while OCA may appeal to a certain demographic of that retired population (more wealthy), that population is still growing each and every year. Demand is only going one way. Land is becoming more scarce. There is no bubble. There is simply just a supply & demand equation that is and basically always has been out of balance.
When Ryman Healthcare was a $1.56 in 2006, NZ was in the middle of a property boom. I wonder how many times a day bubble was mentioned.