Investors driving up risk in Auckland housing but no room to raise interest rates, Spencer says

Investors driving up risk in Auckland housing but no room to raise interest rates, Spencer says
Aug. 24 (BusinessDesk) - The growing presence of investors in Auckland's property market is increasing the risks, and is likely to both amplify the housing cycle and worsen the potential damage from a downturn both to the financial system and the broader economy, said Reserve Bank deputy governor Grant Spencer. In a speech to the Northern Club in Auckland, titled "Investors adding to Auckland Housing Market risk", Spencer said housing supply in the city is growing "nowhere near fast enough to make a dent in the existing housing shortage."...