Will gloomy house price prediction shake up the market?

Westpac Bank last week forecast that New Zealand house prices would drop by 15 per cent over the next two years – striking the gloomiest note we’ve heard so far from any of New Zealand’s banks. This comes after years of sharp increases, but there’s still some doubt as to whether this will be enough to help those desperate to get onto the property ladder.   So just how broken is New Zealand’s housing market? And what does this mean for first-home buyers who have long been at the bottom of the food chain?    Today, independent economist and regular OneRoof contributor Tony Alexander joins Damien to discuss recent house price drops and what the predictions means for the market.  Follow The Front Page on iHeartRadio or wherever you get your podcasts. You can read more about this and other stories in the New Zealand Herald, online at nzherald.co.nz, or tune in to news bulletins across the NZME network. Host / Producer: Damien VenutoProducer / Editor: Shaun D Wilson Executive Producer: Ethan Sills See omnystudio.com/listener for privacy information.