PHOTO: Reserve Bank Governor Adrian Orr. Source: 1 NEWS
Reserve Bank Governor Adrian Orr says successive governments and the Reserve Bank itself has not done enough to address the housing crisis.
It follows the release of Real Estate Institute data showing the median house price in Auckland and Wellington has jumped by $100,000 in the last month alone – the largest monthly increase in 25 years.
However, the Governor told 1 NEWS the wider issue “didn’t suddenly just arrive.”
“This is in my lifetime, I think the fifth house price cycle,” he explained.
Asked why the issue has continued to grow, Orr blamed the market being weighted towards housing investment, as well as inaction at a central level.
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