Bill English is cautioning first-home buyers about committing themselves in the current Auckland market, saying if they are patient, prices might fall soon. "There's a belief that Auckland house prices will go up fast forever. The Unitary Plan, which is about to be presented to the Auckland Council by an independent panel for approval, needed to allow Auckland to grow "faster for longer". Former Reserve Bank economist Arthur Grimes has said house prices in Auckland need to fall by 40 per cent. He said politicians were terrified of saying house prices needed to fall.

Source: New Zealand Herald July 17, 2016 05:57 UTC