In view of the increase in household debt in the last 10 years or so, the increasing tendency for people to own a house for investment purposes, and to enter that investment very highly geared, it is possible that some households are now quite vulnerable.
That vulnerability is also related to the effect that low inflation has nowadays on the funding side of the household balance sheet. In the days of high inflation, most New Zealanders could rely on their nominal incomes also inflating quite rapidly.