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House prices are expected to keep climbing. The Government’s top economists have warned that house prices are likely to keep rising “for some time” as Treasury released its latest set of economic forecasts showing a nightmare scenario of house prices rising at about twice the rate of wages for the next five years. Treasury’s Half Year Economic and Fiscal Update expects house prices to grow about four times faster than wages next year and about five times faster than the economy as a whole, rising 8.5 per cent in just twelve months. Wages are expected to rise just 2.3 per cent over t...

Bank warns of 'painful correction' unless house prices stabilise or start to fall Newshub 15/12/2020 Dan Satherley © Video - Newshub Nation; Image - ANZ/Getty Related video: Reserve Bank 'asking for trouble' with cheap lending, 'completely out of touch' - economist Shamubeel Eaqub. One of the country's biggest banks is calling for "big, bold, urgent" action to stop house prices rocketing even further, saying a "managed supply-induced decline in house prices" would be better than the possible alternative - a "painful correction".  House prices in New Zealand have lifted a...

STUFF Prime Minister Jacinda Ardern speaks on rising house prices and reacts to calls for the Government to intervene in the Reserve Bank's decision making. New Zealanders need to be willing to accept house price falls if the country wants to find a solution to the housing crisis, ANZ economists say. In the bank’s latest Property Focus report, the economists said that while practical measures to address housing supply were essential, so too was a change in expectations. “Political buy-in for a fundamental change within the housing market is needed. Allowing the market to function more f...