PHOTO: Reserve Bank Governor Adrian Orr. Source: 1 NEWS
It follows the release of Real Estate Institute data showing the median house price in Auckland and Wellington has jumped by $100,000 in the last month alone – the largest monthly increase in 25 years.
However, the Governor told 1 NEWS the wider issue “didn’t suddenly just arrive.”
“This is in my lifetime, I think the fifth house price cycle,” he explained.
Asked why the issue has continued to grow, Orr blamed the market being weighted towards housing investment, as well as inaction at a central level.
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