I like to refer back to this post from 2007 every couple of years to check how NZ's unaffordable housing is tracking.
Article on stuff this morning stating houses have doubled in the last 10 years:
https://www.stuff.co.nz/money/350176...an-it-continue
Before the OCR hikes NZ looked on track to get to the 1.6m by 2026.
QV only has the average house price at 950K~ish now though so some way off right now.
Between the flood of migrants and (eventually) decreasing interest rates still a chance to get to 1.6m. Most economists seem to think housing on the rebound this year.
The housing ponzi scheme still going strong.