Reserve Bank of New Zealand Governor Orr is speaking on housing issues.

  • Says house prices have become more unsustainable over the past 12 months
  • house prices and housing affordability are affected by both supply and demand factors
  • says unsustainable level of house prices poses monetary and financial stability challenges
  • Orr says he expects to see an easing in house prices in the medium term

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Note that the RBNZ have already begun levying macroprudential measures to try to calm the house price upward spiral in NZ.