Auckland house prices unsustainable: RBNZ
In today’s monetary policy statement, Reserve Bank Governor Graeme Wheeler said that house prices in Auckland continue to increase rapidly and are becoming more unsustainable.
He then told media, at the post-MPS briefing, that Auckland’s house price-to-income ratio is now 9, while it is 4.5 around the rest of the country
This puts Auckland house prices in a grouping of cities that are among a dozen of the most expensive cities to buy property in in the world.
Wheeler also that said an ANZ survey late last year showed investor expectations were that Auckland house prices would rise by about 12% every year over the next five years.
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