Governor of the Reserve Bank of New Zealand's (RBNZ), Graeme Wheeler, has warned imbalances in the nation's property market posed a significant risk to financial stability. The RBNZ said on Tuesday that house prices were rising faster than wages and inflation was expected to remain above target for some time. The central bank has long voiced concern about New Zealand’s hot housing market, where it said house prices have increased by 15 percent nationwide over the past year and where house price-to-income ratios in the country’s largest city of Auckland are among the highest in the world. House prices in New Zealand have risen by 15% over the past year and house price-to-income ratios in Auckland are among the highest in the world.
Governor of the Reserve Bank of New Zealand's (RBNZ), Graeme Wheeler, has warned imbalances in the nation's property market posed a significant risk to financial stability. The RBNZ said on Tuesday that house prices were rising faster than wages and inflation was expected to remain above target for some time. House prices in New Zealand have risen by 15% over the past year and house price-to-income ratios in Auckland are among the highest in the world.