Goldman Sachs on G10 housing markets - New Zealand the most at risk

Bloomberg with a piece on Goldman Sachs assessment on G10 housing markets

Goldman Sachs report looks at housing markets in the G-10 countries (those with the 10 most-traded currencies in the world)

Finds they are most elevated in small, open economies such as New Zealand
GS said there is about a 40 percent chance of a housing "bust" in New Zealand over the next two years (a bust is house prices falling five percent or more after adjustment for inflation)
house prices in New Zealand appear the most over-valued, followed by Canada, Sweden, Australia and Norway