Those in the charge of the Reserve Bank have admitted a distinct lack of sleep, up all night worrying about the out-of-control Auckland property market.
They've said it poses a risk to the country's financial stability – so what are the chances of a doomsday scenario playing out?
You don't have to look too far to find a very real and recent example. In Ireland in 2009, 50 percent was wiped off property values. Banks were overexposed and went broke, the Government bailed them out and then they went into receivership.
So, could it happen here?
Financial advisor Martin Hawes appeared on Paul Henry this morning to discuss the potential of a property market meltdown.
Watch the video for the full story.
