RBNZ has no control over high house prices

Fri, 13 Nov 2020

The Reserve Bank says it’s not responsible for soaring house prices and it can’t control them.“I know there’s a lot of emotion around house prices,” chief economist Yuong Ha told BusinessDesk. But, “house prices are not something we can control, even though people try to put that on us.”He made the comments just before the Real Estate Institute of NZ’s said its house price index, a measure of the changing value of property in the market, increased 13.5 percent year-on-year.Stoking the fireThe RBNZ...

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