The value of New Zealand's residential real estate has been put at nearly $1 trillion in a new report and Labour says that's evidence of an economy "built on shifting sands".
Finance spokesman Grant Robertson is citing the latest Core Logic Monthly Property Market report.
"It has the residential real estate stock valued at $998 billion, including $225 billion in home loans," he said on Wednesday.
"This is eight times the total value of our stock market - our economy is unbalanced and any increase in interest rates or external shock could have serious consequences."
Mr Robertson says the "ballooning and unsustainable" property market is the result of a housing shortage that the Government isn't addressing.
"We have an economy that is built on the shifting sands of high household debt, record levels of immigration and an overvalued property market."