Newspaper article The Chronicle (Toowoomba, Australia)

NZ Housing Most Overpriced: OECD

Newspaper article The Chronicle (Toowoomba, Australia)

NZ Housing Most Overpriced: OECD

Article excerpt

PRIME Minister John Key is playing down findings of an OECD report which rates New Zealand houses among the most expensive in the world.

The paper published by the Organisation for Economic Co-operation and Development this month ranks New Zealand's house prices the second worst in the developed world on a price to income ratio, and the most overpriced on a price to rent ratio.

It says that relative to rents, New Zealand house prices are 70 per cent too high.

Mr Key denied this proved the country's housing market was in crisis.

"If you look at what's driving the housing market in New Zealand, it's a combination of factors. One is just buoyancy in the overall economy and high levels of employment ... that are encouraging people to want to go into the housing market," he told Radio New Zealand on Monday.

He said there was no indication this was going to slow.

"If anything, if you look at the budget, it made it quite clear there will be strong growth in the years ahead. …

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