New Zealand's on track for stronger economic growth but it could take a while to flow through to house prices.
Westpac is forecasting New Zealand will outpace Australia's growth over the next few years.
But New Zealand will still face a higher unemployment rate and lower wage growth, and the recovery's likely to be felt in some regions much sooner than others.
Former Finance Minister Steven Joyce told Mike Hosking property will be the last sector to see a turnaround.
He says New Zealand saw property prices go up 40% during the boom, compared to a 30% rise in Australia.
Joyce says it’ll be an export-led recovery – something we haven't had for a while.
He says with an export-led recovery, Auckland feels it later than other regions, which is what we're seeing now.
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The Mike Hosking Breakfast