These are the most overvalued housing markets in the G10

New Zealand has the most overvalued housing market in the G10, according to new research from Goldman Sachs.

The U.S.-based investment bank looked at real estate markets across these economies in a new report release this week.

Goldman’s analysis included metrics such as the ratio of house prices to rent, the ratio of house prices to household income and house prices adjusted for inflation.

Click through the gallery to see what other real estate markets were determined to be overvalued.

Most overvalued housing markets in the G10

No. 6: United Kingdom
(Wikimedia Commons)

Most overvalued housing markets in the G10

No. 5: Norway
(AFP)

Most overvalued housing markets in the G10

No. 4: Australia
(Flickr/Corey Leopold)

Most overvalued housing markets in the G10

No. 3: Sweden
(Getty)

Most overvalued housing markets in the G10

No. 2: Canada (Getty)

Most overvalued housing markets in the G10

No. 1: New Zealand
(Francisco Anzola/Flickr)