New Zealand's on track for stronger economic growth, but it could take a while to flow through to house prices

Westpac is forecasting New Zealand will outpace Australia's growth over the next few years.

But New Zealand will still face a higher unemployment rate and lower wage growth, and the recovery's likely to be felt in some regions much sooner than others.

Former Finance Minister Steven Joyce says property will be the last sector to see a turnaround.

He says New Zealand saw property prices go up 40-percent during the boom, compared to a 30-percent rise in Australia.