WELLINGTON (Reuters) – The Reserve Bank of New Zealand (RBNZ) will consider the government’s suggestion to take into account house prices when formulating monetary policy, Governor Adrian Orr said on Tuesday.

He was responding to a letter from Finance Minister Grant Robertson, who sought the central bank’s help in stabilising New Zealand’s booming property market.

“There are many long-term, structural issues at play,” Orr said, adding that monetary and financial regulatory policy alone could not tackle the challenge.