New Zealand's homes top an 'obscene' $900 billion combined valueSIMON MAUDE/FAIRFAX NZ Auckland's North Shore is out of reach for first home buyers. The runaway property boom has driven the combined value of all homes to over $900 billion for the first time, according to Reserve Bank figures. He found New Zealand's was 3.2 times GDP, behind only Australia, but ahead of the United Kingdom, Canada and the United States. At the end of December, the Reserve banks figures indicated New Zealand homes were worth a combined $873b. "The housing stock should not be worth more than 1.2 times GDP to 1.5 times screaming tops, but nowhere near this 3.6 getting close to four times GDP," Pavletich said.

Source: Stuff July 12, 2016 05:15 UTC