New Zealand's housing market has been embracing deeper uncertainties in the recent past, with housing activities showing rapid changes. After an almost uninterrupted thriving for almost two years despite the pandemic, the property market is now exhibiting an obvious slowdown. Buyers have been exiting the market as high prices and rising interest rates bring fresh housing affordability concerns and the fear of overpaying starts to dominate homebuyers' minds with a highly volatile economy. Sellers are also bringing fewer properties into the market as global headwinds create uncertainties. Increasing interest rates, fears of a recession kicking in, geopolitical tensions and hyperination partly triggered by supplychain disruptions are some factors that are driving uncertainties in the property market. Meanwhile, resourcing issues in construction and widespread reporting of house price falls appear to be waning buyers' interest in the housing market. - briey describe the current status of the housing market in New Zealand using the relevant economic indicators, - analyse the impacts of the monetary and urban planning policies proposed by the government using DiPasquale and Wheaton's (1992) fourquadrant model, and - critically review the adequacy of the model in evaluating the policy impacts. Specically, you are required to evaluate the following two policies changes, including: 1. New Zealand's central bank has raised interest rates by 50 basis points to 2.0% in May this year, its fth rate hike in a row as it seeks to get on top of inflation and signalled the cash rate would peak at a higher level than previously forecast. That means New Zealand's ofcial cash rate (OCR; policy interest rate) is tipped to hit its highest level since 2016. 2. The Government have unveiled a new bill to force councils to allow more dense housing by defanging planning laws. The Resource Management (Enabling Housing Supply and Other Matters) Amendment Act 2021 requires councils in New Zealand's largest urban areas to adopt medium density residential standards to boost housing supply and enable more types of housing