Thanks Roger.
Can you resend the hyperlink? I can't find a page 9 but the following chart from RYM seems to back up your dates where NZ house prices flatlined. But nevertheless mid '97 to late '01 is still well shy of a 7 year period.
Attachment 6148
Also, I have this graph and blurb regarding NZ household debt and disposable income:
Attachment 6147
Source: http://www.rbnz.govt.nz/statistics/k...ousehold_debt/
So both interest rates and the household debt to income ratio are also pretty much currently near their historical lows. Certainly much more affordable now it seems than back in 2008-2009 if you take NZ as a whole.
I think you are right regarding the Auckland perspective. The recent Auckland/Christchurch house-price boom certainly has not been reflected one iota (yet) in the 2 NZ towns I own a house. :(