What's interesting in our neighbourhood, historically, houses have doubled in value every ten-twelve years.... but, since 2017, they've risen less than 35%. Unless there's going to be a massive jump in values over the next 3-5 years, that doubling certainly won't be happening.What do you imagine would have happened if the min wage was still fixed $15.75, would it have been deflationary? Would property values and rents have stayed at 2017 levels?
Also, rents have doubled around every 15-18 years historically, but, again since 2017, they've only risen less than 15%.... at the current rate, it would take over 40 years for them to double.
That's why the talk of a housing crisis has moved away from housing affordability (the housing affordability index was just under 10 in 2023 to just over 6 now) and rents to homelessness and social housing.
NZ has gone from the fourth least affordable housing market in the OECD (4th out of 37 countries) in 2023 to the 35th out of 37th.... a fact ignored by most commentators on the left.