Japan's program of monetary stimulus, fiscal stimulus, and structural reforms hasn't created as much growth as proponents hoped it would.

ECB reluctance to adopt full-scale quantitative-easing policies is prompting German comparisons with Japan's stagnation over the past 15 years.

House sales fell 13 per cent in July as winter cooled the appetite of house hunters, but the national median price is still up $31,000 from a year earlier.

Rising interest rates, LVR restrictions and the onset of winter have taken the heat out of the housing market, according to just released QV figures.

Auckland's biggest real estate agency, Barfoot & Thompson, said their house sale volumes fell in July, blaming winter and the election.