Handle9:

Current interest rates are well within historical norms. Continuously denying there’s a problem and sayng it’s all fine is disingenuous.

Current interest rates are historical norms? If so, there is supposedly no problem? Actually the OCR is 5.5% so interest rates are above historical norms. However those that have a mortgage  or bought since 2020 have enjoyed super low rates, so the average interest rate for the last few years is fine, and they will ease in time. FHB's are buying heavily now. Thats good news for them. Those that bought at silly interest rates and paid high in a market frenzy took the risk, knowing that interest rates wont stay low. But yes they will return to historical norms, they still have the same house and will in time be paying normal interest rates. Well they are now, averaging the super low and todays high, they will ease to normal. House prices are easing, thats what the public want, its happening. The only casualties are those that bought in the market frenzy, but they still have the same house, they  are paying normal interest rates on average. 

IMO its more or less fine. House prices wont go back to pre pandemic, but because NZ doesnt build enough, they would have continued upwards anyway had there been no pandemic, as has always been the case in past decades. The vast majority of mortgage holders, were mortgage holders pre pandemic. Rates went down, great, now up, on average its fine.