Auckland's housing market 'has mind of its own'
There are fresh concerns about our economic outlook, with new figures showing house prices across the country are rising at their fastest rate since 2007.
Property values are 10 percent higher than they were a year ago, and they're being driven by the Auckland housing bubble.
Financial advisor Martin Hawes this morning joined Paul Henry to talk about the continued unsustainable rise in house prices.
"It's that 10 percent figure across the country, but the real concern is Auckland which is nearer to 20 percent," says Mr Hawes.
He explains how if things continue to move in this direction, in two years, "we're looking at the average house price in the old Auckland City Council area to be at $1.5 million and if it's [the same] at five years, then it's actually near enough to $2.5 million".
Watch the video for the full interview with Martin Hawes.