New Zealand Finance Minister Bill English has told Business Leaders at Auckland’s Mood of the Boardroom breakfast yesterday that by international measures, Australia’s and New Zealand housing markets are “still way overpriced” even going as far to say they are higher than China.

“By any international measure, our housing market it still way overpriced. Ours and Australia’s are even more expensive than China’s. Is it going to stay that way? I would like to hear the case as to why it would,” English said.

» NZ housing ’still way overpriced’ says English - The New Zealand Herald, 1st July 2010.

Figures from the Reserve Bank of New Zealand show the number of mortgage approvals in the first quarter of 2010 was down a record 30 percent over the same time last year. The overall value of loan approvals fell 25.2 percent to just $578.2 million.

» Home loan approvals take record tumble - NZ Herald, 15th April 2010.

» NZ Housing Bubble said to be on verge of collapse - Who Crashed the Economy?, 8th March 2010.

New Zealand’s over heated property market is set to fall according to a news report on stuff.co.nz and following a surge of listings as homeowners and investors run for the exit.

The Chief Executive of property website realestate.co.nz, Alistair Helm, reports there were 15,129 homes listed for sale in February, an increase of 47% over January, saying the surge in listings was “exceptional”. This, coupled with fewer homes being sold is creating a huge inventory of properties.

According to Mr Helm, it would take 48 weeks to clear all the homes listed on realestate.co.nz. In December the was 34 weeks of inventory.

New Zealander’s appetite for debt is drying up. In March 2007, household debt was rising by $2.1 billion a month. In the months of November 2009 to January 2010, household debt is accumulating by $400million a month.

» House prices set to slide - Stuff.co.nz, 7th March 2010.