PM wouldn't mind Auckland house prices dropping

PM wouldn't mind Auckland house prices dropping

A surprising admission from John Key - he says he wouldn't mind Auckland house prices dropping.

The average house price in the super city hit $1 million today, based on the latest QV figures.

When the Prime Minister was asked if he'd like to see house prices drop below a million dollars, he replied:

"Look it wouldn't worry me if they eased back a wee bit, but I don't think house prices should halve.

"What I think it does say is that there's been quite a lot of pressure on the Auckland housing market. It has been very much a supply deal," says Mr Key.

ACT leader and Epsom MP David Seymour is also keen to see the trend reverse.

"I personally would love to [see the average drop below $1m] because I'd like to buy a house, and there's other people selling them who want them to stay up," he says.

He says house prices are like oil and dairy prices - they go up and they go down.