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BNZ economist Craig Ebert says NZ housing market is over-valued by 25pct

Posted on 20 July 2012

BNZ economist Craig Ebert says our housing market is over-valued by 25% because of artificially low interest rates and to ignore this imbalance ‘would be irresponsible’. Those propounding that the Reserve Bank should maintain very loose, even looser, policy, on account of the slow CPI, should take another look at New Zealand’s housing statistics.
These suggest a major imbalance is still stalking the NZ economy – one that might only be redressed by less interest rate stimulus, not more. Namely, that NZ house prices, having never really shaken the bubble they formed over 2004-07, are threatening to blow bigger again………………………………………..Full Article: Source


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