Trying to measure NZ’s housing undersupply

In July, Kiwibank published a report asserting that New Zealand has a housing shortage of 130,000 homes. 130,000?! That’s a big number, representing almost 7% of the current stock of dwellings. Yet we’ve got house prices that are falling in Auckland and, around the rest of the country, are generally not rising at a rate that is fast enough to signify such a shortage of housing.