Quote Originally Posted by unhuman View Post
https://www.nbr.co.nz/story/treasury...udget-forecast

“The key reason we expect house price inflation to slow is rising interest rates. The higher OCR will translate to higher mortgage rates, reducing demand for housing. House prices are forecast to fall slightly on an annual basis over 2023 and 2024, shortly after interest rates peak.”

Treasury didn't get the memo that rock bottom interest rates are only a bit part in housing hyper inflation.
Geoff Bascand ex RBNZ said

"But they could not be expected to "fix" the housing market. "We can lean against house prices by increasing the cost and restricting the availability of credit, but we cannot alter the supply of land or buildings and should not be held responsible for the housing market.""

Although it looks like treasury and Tony Alexander do not agree with this statement.

The "leaders" at the RBNZ are doing all they can to deflect any responsibility for runaway house prices. They aren't solely responsible but I would have thought largely responsible. Do really strong "leaders" not accept the consequences of their actions?