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America's Cup win could push up house prices

An America's Cup win could push up house prices on Auckland's beachy North Shore, but Team NZ need to work harder.

Emirates Team NZ won the first four races in the America's Cup final against Oracle Team USA. As they took a commanding grip on the series, Kiwi fans were allowing themselves to speculate what might happen if they took back the Auld Mug.

A win was expected to be good for the Auckland's economy and infrastructure, sparking development like Wynyard Quarter.

North Shore real estate agents said a win would increase demand for rentals, but property prices were likely to go up only if the cup was retained in Auckland.

Martin Cooper, managing director of Harcourts Cooper & Co, said when Auckland last hosted the America's Cup there was a high demand for rental accommodation, as crew, support members and their family settled into the area.

The spotlight on Auckland's "beautiful" Hauraki Gulf also garnered some interest from overseas property buyers looking to buy holiday homes, although it was not a "boom", he said.

"It's another touch point to Auckland being the most livable city. It focuses the world's interest in it."

Cooper said, for house prices to really be affected, the Auld Mug would have to be won and then successfully defended in Auckland.

"That would be a longer tenure and all the crews would live here."

Peter Thompson, managing director of Barfoot & Thompson, agreed a win did not guarantee a boom in house prices on the North Shore.

When the America's Cup was last hosted in Auckland, racing was held in waters close to the Shore but, judging by what was happening in Bermuda, racing could be narrowed to the inner harbour, he said.

However, Thompson agreed winning the cup would bring extra income into Auckland's economy, with crews booking out hotels and rental accommodation.
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