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Housing: Lessons from history

Monday 13th of June 2005
This article was published in the ANZ Market Focus - 13 June 2005

Observation 1: New Zealand’s house price index has trended upward over its 40-year history. Since 1984, inflation adjusted house prices have grown an average 3.4% a year, exceeding output growth per person of 1.6%.

Observation 2: House prices are procyclical. Periods of house pric...

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