RNZ The Reserve Bank is under attack for pouring fuel on the house price bonfire with its latest move to boost the economy, but its defenders say it’s not the bank's job to control the housing market. An overheated housing market is not a problem unique to New Zealand but some countries boast stable, balanced markets – so how have they achieved that? New Zealand is in the midst of a housing crisis. House prices are sky-rocketing, affordability is increasingly stretched and there’s still a huge imbalance between supply and demand. New Zealand is not alone in confronting such issues. Countries like Australia, Canada and the UK have ownership rates of around the same level as New Zealand, expensive house prices in their major cities and affordability challenges.