A housing analyst says research predicting a housing crash fails to look at the bigger picture.

Bloomberg research says New Zealand has one of the most unsustainable housing markets in the world, and is at risk of a correction.

OneRoof property commentator Ashley Church believes there's no threat of a housing crash.

He says the market is at a predictable part of a cycle, which has happened four times in the last 40 years.

"So we've got a pretty clear idea of how this tracks. The market settles down first in Auckland and then for the rest of the country, ti stays flat for about 40 years and then starts to increase up again."

He says this report is consistent with the recent OECD report, but that neither one necessarily knows the idiosyncrasies of the New Zealand market.

"While I understand why they might have come to those conclusions based on the data that was in front of them, they ignore the bigger picture and certainly ignore 40 years of property cycles that are pretty predictable."