ANZ economists have made a bold call.

To round off a week where we've been talking about fast rising house prices, ANZ is predicting the housing market will cool next year.

Their latest property focus report cautions the days of hefty price rises and buyer frenzy are not sustainable.

ANZ economist Liz Kendall told Heather du Plessis-Allan that it is extremely hot on the housing market right now, so it's not hard to imagine a 'less hot' market. 

"We see house price inflation as we move into the new year."

However, she says that the market does have momentum, but it is not sustainable as incomes are not increasing at the same rate as house prices.

"There's an element of 'FOMO' driving the market, and we think at some point common sense will prevail."

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