The median house price was $1 million, up from an already too high level of $600,000 five years ago, he said. "The objective of our housing policies is slower house price inflation and long-term improvements in ownership and affordability. "I think we should set ourselves a target now of looking for a collapse in house prices of at least 40 per cent in Auckland, OK? For the record, I have not discussed the issues raised with Mr Grimes," Smith said. Nick Smith, Building and Housing and Environment Minister, focused more on Grimes' tower suggestion than the 40 per cent house price collapse idea.

Source: New Zealand Herald July 01, 2016 17:04 UTC