The country might be far off the beaten track but dinner-table chat about house prices is as common in New Zealand as it is in the UK, US or Japan.

Double-digit rises in property prices for each of the past five years have propelled the cost of a three-bedroom home in Auckland suburbs beyond NZ$350,000 (US$217,000, €179,000, £124,000). While the buoyant market has been good news for many homeowners, it has created serious imbalances for the economy.