27.03.2012 - NZ: Rapid house price rises 'unsustainable'
The rapid rises in house prices in the Auckland and Christchurch markets are unsustainable, says Westpac. The bank released a report on the housing market today saying increasing values in those areas were due to a shortage of homes and that the rest of the country was unlikely to see such large rises. "We expect higher interest rates and a burst of construction activity to curtail the market in years to come," Westpac chief economist Dominick Stephens said...............................................Full Article: Source
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