If this was 1966, Auckland couple Tom Gray and Nicola Reid would most likely be married and live in their own home. It would have cost them about three or four times Tom's annual income, Nicola would have had her first child, and according to the fertility rate of the time, they'd go on to have about three kids. The 26-year-old would almost certainly be a stay-at-home mum — at least while the children were young, and the couple's mortgage would be paid off well before Tom's retirement.

Auckland's average house price has officially cracked the $1 million mark, with politicians demanding a government response to the "scandalous" milestone. However, Prime Minister John Key says the unwelcome figure is simply the sign of a market moving up and down - although he has conceded it would be fine if prices "eased back a wee bit".

In a further effort to slow the mad housing market, the Reserve Bank is going to put limits on how much investors can borrow and has also re-tightened limits on how much banks can lend to people with house deposits under 20 per cent.

Sky-rocketing Auckland house prices are showing signs of slowing down and any talk about hitting a $1 million average is "over inflating" where prices are heading. Barfoot & Thompson figures show the average sale price reached $906,560 in August, up 4.5 per cent compared to July. However, this was an increase of only 2.6 per cent on the average price over the previous three months.

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"Mission Bay's ideal location and mix of city and coastal lifestyles make it a very desirable and high-end suburb. We've seen this demand push prices up across the board, and have also been involved in a greater number of high-value, multi-million dollar property sales," said Andy MacDonald, Barfoot & Thompson Mission Bay branch manager.

The Reserve Bank's head of economics has not ruled out the official cash rate (OCR) falling to zero "but I don't think we're going to get there". In an interview with Radio New Zealand, assistant governor Dr John McDermott, the bank's head of economics was asked what the bank would do to stoke inflation.

More than 60 construction-related Christchurch companies have been liquidated this year, owing creditors an estimated $40 million. Analysis of hundreds of insolvency records found about 160 companies in the building industry registered in Canterbury have gone bust since January 2015.

Many a harassed city-dweller dreams of escaping the rat race to a better, more relaxed life in a beachside town. Some, like businessman Gary Alway do more than dream. Alway cashed up his villa in the Auckland suburb of Mount Albert and headed to Waihi Beach, just north of Tauranga. He'd been in Auckland 20 years, and he'd had enough.