Auckland house values are up by 43.8 per cent on the last boom in 2007 - but a valuer is warning that off-the-plan buyers are not always recovering their money.

In the last year, Auckland house prices were up 16 per cent and it is expected pressures will build up house prices even more.

The NZ dollar hit 97.07 Australian cents overnight with some analysts saying there is nothing to stop it pushing higher to parity.

The NZ dollar has touched a fresh record against the Aussie, after Federal Reserve meeting minutes suggested officials may favour keeping US interest rates lower for longer.

The softness of Japan's rebound shows PM Abe's challenge to revive the economy from two decades of stagnation.

The expected price for smaller Auckland homes is continuing to increase, with Trade Me reporting a 26.5 per cent jump for properties of one and two bedrooms.

Having chugged along through the financial crisis, China's huge expansion in debt now threatens to destabilise the economy.

The NZ dollar has edged closer to its record against the Australian dollar overnight - briefly touching 96.29 Australian cents this morning.

Walt Glazer asks whether Auckland should become the Hong Kong of the South Pacific or remain a Kiwi oasis of security for the future.