DEFYING PREDICTIONS
The Economist thinks that New Zealand’s property market is over-valued and in bubble territory similar to that seen in other countries before the GFC. So does Bloomberg Economics. Both think the market is vulnerable to a 30-40% crash like that seen in Ireland and the US between 2007 and 2010.
They are not the only global authorities to weigh in on the property market in recent weeks. In its latest report on New Zealand, the OECD pointed to the housing market as the biggest potential issue for the economy.
New Zealanders tend to take great heed of what international heavyweights have to say. Hence the “crash” talk has taken off again. But local property commentators – from across the spectrum
