New Zealand bank moves to cool Auckland property market

New Zealand's central bank announced measures to cool Auckland's red-hot property market Wednesday, saying a potential real-estate bubble posed a significant risk to the economy.

House prices in the South Pacific nation's largest city have skyrocketed in recent years, resulting in Auckland being named as the world's ninth least affordable major city in an international survey released this year.

Reserve Bank of New Zealand Governor Graeme Wheeler said the median house price in Auckland was up 60 percent since 2008, including a rise of almost 17 percent in the past year alone.

He said the boom contrasted with the rest of New Zealand, where prices have edged up just 3.2 percent in the past 12 months.

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