Seems like Auckland just like Dublin

http://www.davidmcwilliams.ie/2014/0...-estate-agents

Interesting concept about only lending against the average house price for the last 20 years instead of the latest -

Abstract: The way to stop house prices rising dramatically from here is to stop credit going to housing, because ultimately credit drives asset prices. This can be achieved by preventing banks from lending excessively against property. If we were to lend against the average house price over the past 20 years, rather than the last price rise, it would prevent the inbuilt dynamic which links banks to credit to house prices kicking off again.