Last updated 19:53, May 29 2018
MONIQUE FORD/STUFF
John, left, and Michael Chow claim to manage more than $200 million in assets.
John, left, and Michael Chow claim to manage more than $200 million in assets.
Millionaire brothers and richlisters John and Michael Chow are looking to cash in on what they see as a booming Auckland property market.
Best known for their many strip clubs and brothels, property now makes up 90 per cent of the pair's core business.
In 2016, they purchased collapsed Christchurch house building giant Stonewood Homes.
In 2016, they purchased collapsed Christchurch house building giant Stonewood Homes.
They will open a new West Auckland franchise in June and have two more planned for north of the city thereafter.
"We are on a mission to provide high-quality housing throughout Auckland," John Chow said.
"House prices seem to be stabilising across the region which gives us a great opportunity to tap into a market of buyers who want quality housing at a reasonable price."
According to Homes.co.nz data, the median Auckland house price was holding steady at about $950,000.
A Government built KiwiBuild home, however, costs $650,000 for a three bedroom house.
Prices in subdivisions, such as those in both Belmont and Pukekohe, started from "as little as $680,000" for a three bedroom home and that was starting to become quite an affordable option, Chow said.
Labour's promise of 100,000 new homes in the next 10 years, half of which are to be built in Auckland, had the business moguls optimistic about the potential of the region, Chow said.
"The growth is here. We just need to tap into it and continue to satisfy market demand. The market is still packing a punch."
Claiming to manage more than $200 million in assets in 2017, the Chows said they would grow this to $1 billion by 2020.
That's a far cry from their humble beginnings 20 years ago, taking over their parents' Wellington fish and chip shop.