NZ's newest label: #1 in global house inflation

NZ's newest label: #1 in global house inflation
NZ is hitting an 'affordability ceiling'. (Image: Deposit photos)
Brent Melville
New Zealand’s economic response to the covid pandemic served to double its housing rate of inflation to 64% over a five-year term, the largest rise of any major economy.The latest research by global realtor Knight Frank shows NZ had been tracking at about 34% since 2016, but that ramped up after the Reserve Bank of New Zealand (RBNZ) cut the official cash rate to a record low of 0.25% last March.Canada’s rate of housing inflation also spiked dramatically after the Bank of Canada did likewise, pushing expected inflation fro...

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