Property Investors and immigrants largely to blame for the house price crisis, according to the one roof survey. Labour govt thrown in there as well.
https://www.nzherald.co.nz/nz/oneroo...4JDART6B5UGSY/
Reserves Banks loose monetary policy and constantly falling interest rates don't get a mention and the benefit of a guaranteed 1-3% (more like 7-8%) rise in prices with a tax free capital gain don't seem to get a mention. Property investors are only buying houses while it makes sense. A taxpayer subsidy via the accommodation supplement will have helped as well.
Yes supply issues constraining house supply is also playing a part, RMA, building consents etc..
According to Bascand of the RBNZ almost entirely a supply issue nothing the RBNZ can do about it. What a piece of s**t trying to deflect blame before it blows up when they try and raise interest rates. He can't be that ignorant, although that said according to the survey the general public do not hold the RBNZ responsible at all, so maybe I am wrong.
With immigration down, lots more houses being built, the possibility of interest rate rises (not much though) and recent minor tinkering around interest deductibility the outlook for the housing market might be less optimistic than in previous years. Possibly good news for first home buyers who haven't bought recently. Still pretty screwed at current prices though.