John Key's making reassuring noises about Auckland's housing situation despite new figures that show buying a home in the city has never been less affordable.

The Prime Minister's told Newstalk ZB's Mike Hosking the buoyancy in the housing market reflects the buoyancy in the economy.

He says there's an enormous amount of supply coming on.

"You drive around Auckland now and the land that's been released, the building activity that's been undertaken - yeah, I mean, we're in a period where there's buoyancy in the economy, low interest rates, net migration's strong, a feeling that New Zealand's doing well."

John Key says the Auckland property market's doing well on the back of that.