Figure 3.3 New Zealand house sales by buyer type (number of dwellings, s.a.)  4  BIS central bankers’ speeches  The declining affordability of New Zealand housing and increasing investor presence have seen a downward trend in the share of households owning their own home. This ratio has fallen steadily since the early 1990s, reaching 64.8 percent at the 2013 Census.
The liquidity measures that we took early in the crisis can be interpreted in this light. At that time, central banks had to substitute for the sudden disappearance of interbank market activity by acting themselves as a money market intermediary when necessary.