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To give more context for non-Kiwi's: New Zealanders have traditionally valued houses above all else, treating them as their retirement plans. We don't have capital gains tax or stamp duty, so house flipping has been a valuable side-business for many.

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It's great to offer context, but you should realize that this isn't some neutral interesting fact. It's a direct contributor to the problem.

When large numbers of politically powerful middle and upper class voters make plans dependent on their home prices growing faster than the rate of general inflation politicians figure out a way to make that happen. Homes can't be both affordable and a great investment for very long, the two goals are in direct opposition.

This, kind of. Though it's not just NZ, a majority in the U.K. aspires to home ownership as well, from what I can observe.

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