The link between house prices in Auckland and those in other regions was particularly evident in the Auckland-driven upswing of the mid-1990s.
Likewise, in the latest upswing, house price inflation has picked up recently in these regions.
However, during the most recent upswing, house prices in greater Wellington have been flat.
In the United Kingdom and Canada, the contribution of housing investment to growth during the early phase of the upswing appears to have been small or, in the case of Canada, negative.
For most countries for which data are available, the contribution of consumer durables to GDP growth has been roughly in line with previous upswing episodes, or perhaps, slightly stronger as in the United Kingdom.