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Property Management

Business leader warns against rising house debt

Current "haywire" growth in the middle sector of New Zealand's housing market is not sustainable, a Canterbury business leader warned in Blenheim yesterday.

Thursday, December 11th 2003

Canterbury Employers' Chamber of Commerce chief executive Peter Townsend said the country's high household debt levels could cause havoc if interest rates suddenly increased.

"If we're going to play around in the housing market we have to be very careful. If interest rates rise, there could be an avalanche of problems in housing."

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