Population growth, construction costs are not responsible for high property prices

Housing market over the past 20 years assessed by the Treasury, Department of Housing, RBNZ.

Population growth and construction costs played a more modest role in high house prices.

The surge in house prices over the past two decades had more to do with low global interest rates, the tax system and restrictions on land supply than with population growth or costs. construction, according to a joint document released today.

The document, published by the Housing Technical Working Group – a

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