From: http://www.propertytalk.com/forum/showthread.php?t=18533
What did he mean? Has the commercial property market collapsed as he said? How come the prices are still very high and return low?
Auckland City Mayor John Banks said he was worried about the impact of the financial crisis on the commercial property market, particularly in central Auckland.
"Much of the property values in the CBD have been built on sand and consequently it was only a matter of time before there was a collapse," he said.
"Much of the property values in the CBD have been built on sand and consequently it was only a matter of time before there was a collapse," he said.
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