Accounting firm KPMG says the same conditions exist in New Zealand that prompted Moody's Analytics to warn about Australian banks' over-exposure to housing loans.
The big four Australian banks own the big four New Zealand banks.
The head of KPMGs financial services group, John Kensington, says house prices are overheated in some areas of both countries.
But he says such reports should be taken as a salutory warning, rather than a prediction of disaster.
