"House prices are a key driver of household spending. Recently, house price inflation has been weak, influencing our forecasts for household consumption and residential investment," the RBNZ says.
The HPI adjusts for changes in the composition of sales each month so is considered a better indicator of overall price movements than either median or average prices.
It shows that nationally, housing prices increased by 2.0% overall in July compared to June, are 1.4% higher than they were in April, and 9.4% higher than they were in July last year.
I agree - something will probably break, and when it does it'll be very very ugly.