Rumours of a renewed housing bubble greatly exaggerated

This week's BNZ Capital Markets Outlook states that, like the Reserve (RBNZ), it has its reservations about the longevity of the recent recovery in house prices, particularly in the face of low listing numbers.

"The likely lift in listings through spring, and into the peak sales period of February/March, will constrain price growth, we think," it says.

House prices also remain very high in relation to incomes, it adds.

The Westpac Weekly Commentary offers comments in a similar vein, suggesting that for now the rumours of a renewed housing bubble are "greatly exaggerated".