NZ heading towards housing 'oversupply' : BNZ

NZ heading towards housing 'oversupply' : BNZ
Brent Melville
The breakneck speed of New Zealand housing construction, combined with slowing population growth, has seen the backlog of housing drop to roughly 12,000 a year, about a quarter of the estimated 44,000 houses still needed as recently as 12 months ago.BNZ Bank head of research Stephen Toplis said NZ is well down the road to overcorrecting housing supply and some areas could well be facing an oversupply in the near term.In its latest economic update, the bank suggests the current building pace can’t be sustained because of weaker population...

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