See my speech, “Inflation and Changing Public Attitudes“, Reserve Bank Bulletin, December 1995, which made the same points during a period when there was some public dissatisfaction with the failure of house prices to rise! 4  BIS Review 47/2002  addressed by monetary policy.
As always, monetary policy has to be directed towards how the average of the whole economy is evolving, not to what a particular sector is doing. Although we should not allow our perceptions of developments in the housing sector to determine our stance on monetary policy, in our view that does not mean we should remain silent on the subject, and we have not.