Photo: NZ HeraldSpeculators flipping properties on Auckland's rampant housing market pocketed $70,000 per transaction last year - nearly $2000 a day. They gave local speculators a total capital gain windfall of $25 million and daily profit $1848. The data also shows the Government's "bright line test" appears to have had an effect by further cutting the rate of flipped homes. Herald investigations have revealed many examples of investors flipping homes for huge short-term gains - often on the day of settlement without ever taking possession. The bright line test had further strengthened this measure to ensure property investors met their tax obligations.

Source: Otago Daily Times March 21, 2017 20:26 UTC