Housing swallows New Zealand’s economy

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Last month I presented the below chart showing how the value of Australia’s dwelling stock had hit $8.3 trillion in March 2021 – 4.2 times the size of Australia’s GDP:

Australian housing to GDP

Australian housing values dwarf the economy.

If you think that’s alarming, check out the below chart for New Zealand showing that the value of its housing stock has surged to 5.0 times the nation’s GDP:

NZ housing values to GDP

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.