Which way will the property market go now?

[RTM]

The problem NZ has is that although NZ house prices are falling and interest rates are rising, house prices here are still far too high, along with rents. We therefore have a deep structural problem which will see badly needed skilled workers and younger people going elsewhere. The only way to correct this imbalance is via further steep falls in house prices. And these falls must be very steep indeed at this point.

Yes....either that or multiple years of high inflation and flat house prices.....
Not sure it's going to be politically acceptable to either/any party to let the price collapse.
Our financial structure that has let house prices gains enjoy more or less tax free capital gains over the years is coming home to roost.
Interesting times ahead.