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Final Report of the House Prices Unit: House Price Increases and Housing in New Zealand

Prepared by

The House Prices Unit, Department of the Prime Minister and Cabinet


The House Prices Unit conducted this study from August 2007 to December 2007, with the aim of reaching a better understanding of:

  • The housing market as a national system.
  • The relative importance and size of the influences of house price inflation.
  • What it would take to slow house price inflation and potentially lessen the volatility of New Zealand’s house price cycles or better manage their impacts.
  • The consequences – for the macroeconomy, economic growth and social outcomes – of adjusting policy settings.

The Unit identified the impacts of house price increases across a variety of topics. This report summarises the findings of the Unit’s analysis of the drivers of house price increases and their implications for economic and social outcomes.

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