Most owners are not impacted by "crash prices and keep them low" because they have experienced enormous capital growth. Auckland prices have doubled in the las

Most owners are not impacted by "crash prices and keep them low" because they have experienced enormous capital growth. Auckland prices have doubled in the last four years; a 50% crash would leave almost everyone in the property market before then no worse off. Speculators can move their investments, but they have to accept the loss in order to do that. An increase in wages without fixing the underlying drivers for property price growth will not support owner occupiers or first time buyers at all, because property price growth will match or exceed that growth. Crash prices, keep them low and stable after, it will be rough and unpopular for a while but will eventually be the best outcome.