Yes outside those employed in the property sector our love affair with local property looks problematic ....
-Huge debt to household income (the debt which is mostly held by foreign nationals , NZ very poor savers)
-low investment in new NZ businesses..... IPO's etc..
-Huge earthquake risks to our million dollar pads .....Again Insurance costs to foreign balance sheets (ongoing increase premiums)
Really when you look at NZ are so called Rock star economy is heavily biassed on other countries though TOURISM # 1
and Debt fueled property market ... we have is a low income economy + High living costs .. add in are aging population
+ muti year property bubble ....
thinking we will have some much tougher years ahead as a nation
fundamentally on the wrong road........ incomes Vs Debt
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