The Reserve Bank thinks the Government could do more to help take the heat out of the property market.
Deputy Governor Grant Spencer has warned of the dangers a severe correction in the housing market could pose to the financial system and the economy.
He said taking the hear out of the property market is a "team effort,"
The Reserve Bank is planning to lift the deposit requirements for investors by the end of the year.
But Mr Spencer said the Government could take another look at the capital gains taxes. he has also suggested the Government review its existing migration policies.