Standard and Poor's warns against NZ property market over-heating

Thu, 28 Feb 2013

Feb. 28 (BusinessDesk) - New Zealand's banking system is at risk from property prices overheating if the country's exports stop being worth so much or the kiwi dollar falls out of bed, says the international credit rating agency, Standard & Poor's. S&P issued a report on the New Zealand banking sector saying "significant risk remains of a sharp correction in property prices." The rating agency, which assesses country and business credit-worthiness, noted the recent jump in Auckland and Christchurch property prices and suggested New Zealand is...

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