An economist is rejecting claims the housing market will bust in the next two years.

Goldman Sachs says the market has a 40 percent chance of taking a dive, however, the bank defines a bust as a price drop of only five-percent or more after adjustment for inflation.

ANZ chief economist Cameron Bagrie told Mike Hosking the claims are trumped up.

"It's a country mile from a bust. Look, if you want to get technical about it, the Auckland property market in real terms is probably down about 5 percent in the last six months," he said.

He said large market corrections are usually triggered by significant global events.

LISTEN ABOVE AS CAMERON BAGRIE SPEAKS WITH MIKE HOSKING