Wheeler has recognised that debt-to-income limits is a good idea. Trouble is, the damage has been done, compounded by a Government that looked the other way while the housing shortage became a national embarrassment.
Wheeler is about to publish a consultation paper on debt-to-income limits. There's no suggestion they will be introduced any time soon, and in a way - why bother now? The damage has been done. But it's good he's thinking about it for next time.
According to the RBNZ, if mortgage rates were to increase to 7 per cent around 4 per cent of borrowers would be under severe financial stress.
Meanwhile, The Reserve Bank Financial Stability Report says the housing market is the number one risk factor in the economy.
Wheeler says the rate of housing building "remains insufficient to meet population growth and address housing shortages".
Prices steady
Peter Thompson, managing director of Barfoot & Thompson says the median sale price at the firm for May was $846,000.
Its new listings were down 6.6 per cent (to 1734) compared to the average number for the previous three months and 9 per cent lower than they were in May last year.
Total listings at 4298 were up a little on last month's and 40 per cent higher than at the same time last year.