Government announces plans to 'flood' housing market - what will it mean for house prices?

The Government has unveiled grand plans to ‘flood’ the market with more houses, announcing new changes to planning rules that will require councils to plan for 30 years of housing growth. It comes after Housing Minister Chris Bishop said he wants to see house prices fall. He’s already getting his wish though, with prices dropping to a point that in some of the country’s biggest cities, homeowners are delisting their properties rather than selling for a discount. So, will flooding the housing market work in a country where owning property is the cornerstone of our economy? Today on The Front Page, Opes Partners economist Ed McKnight joins to give his take on the state of the property market. Follow The Front Page on iHeartRadio, Apple Podcasts, Spotify or wherever you get your podcasts. You can read more about this and other stories in the New Zealand Herald, online at nzherald.co.nz, or tune in to news bulletins across the NZME network. Host: Chelsea DanielsSound Engineer: Paddy FoxProducer: Ethan SillsSee omnystudio.com/listener for privacy information.