Bill English: Auckland housing market 'risk to NZ'

The Auckland housing market remains a risk to the New Zealand economy, Finance Minister Bill English says. "The longer it goes rising at 20 to 25 per cent a year, the more of a risk it becomes," the minister told reporters this afternoon. "You've got the median house prices about nine times the average income. That can't last." Mr English made the comments after making a speech to a social housing conference in Wellington.