Banker warns on home boom
The country's top banker says people hoping to get rich on the booming house market could be in for a shock.
Friday, September 5th 2003, 2:44AM
by The Landlord
He said investors hoping to cash in could be left out of pocket by a "correction" in prices.Reserve Bank Governor Alan Bollard talked down the residential property market yesterday when he announced his decision to leave official interest rates unchanged.
He said house buyers, particularly investors, could be heading for disappointment.
"Some people have expectations about returns from investment in the housing market that they probably won't realise," Dr Bollard said.
House prices are rising at their fastest pace in almost 10 years.
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