Even this government may be starting to take the situation seriously: "Bill English: Skyrocketing house prices can't go on forever" http://www.nzherald.co.nz/nz/news/ar...ectid=11399536
This comes after the Reserve Bank Governor gave his own warning: "The more that house prices get out of line with historic relativities, the greater the risk of a sharp correction, leading to financial instability."
Not 1987 - and nobody wants another 1987* - but still salutary comments nevertheless. And being a financial company, it is difficult to see how HNZ would not be affected by any financial instability.
*Actually not true...those who cash up prior to a downturn will seize the opportunity to buy oversold assets.