'Cycle may only be half-way through'
He spoke at the Bankers Association yesterday, where he said price growth of 13% year-on-year in Auckland was muchless than had been seen in previous property booms.
"I don't believe we're looking at a stressed market where a bubble has grown. There are still strong fundamentals that will continue to drive it up."
During the 1970s, growth rates had reached 40% year-on-year, he said. In the 1990s, it was 30%.
He said: "Maybe we're half-way there, maybe not. The economy is different but let's not get carried away and say values are overheated now because in a year's time you'll be screaming."
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