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Kiwis blame investors, migration for housing crisis

New Zealanders blame investors, foreigners and net migration for the housing crisis, with only 11 per cent accepting the Government’s view that lack of supply is the leading cause, according to a survey by the BNZ.

The BNZ Financial Futures survey, which polled 2000 people and was conducted by Colmar Brunton, found that 35 per cent of kiwis rated property investors as the leading cause of the crisis.  About 25 per cent blamed either net migration or foreign investors for the overheated property market.

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What will the end of the housing market boom look like?

Soft Landing

The most palatable scenario is probably a soft landing, where house price growth slowly tapers away and Kiwis’ incomes increase to catch up and make housing more affordable again. There are already some signs that this is happening.

The latest QV Index, which looks at sales over the past three months, shows price increases slowing in 61 per cent of the country.

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Govt reluctant on income-based house loan limits

The Reserve Bank is pushing for powers to impose income-based lending restrictions though it says it would not use them right now. The central bank wants to be able to use debt-to-income (DTI) restrictions which limit the amount people can borrow relative to their income.

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