The majority were not having their views reflected in popular discussion.
A small percentage of people responding to the latest quarterly BNZ confidence survey were pleased at the way house prices were rising.
Of the 564 people who replied, 218 were happy, 186 were unhappy and 160 were indifferent.
Mr Alexander said a net 6% were pleased. The last time he asked the questions, back in March 2014, a net 14% of respondents were happy.
"In fact, during the period from June 2013 until March 2014, a small majority were happy about house prices rising every month except the first survey which produced a dead-even outcome.''
There were no price forecasts coming from the survey result, beyond the implication there were plenty of people who liked house prices rising and might take actions to either keep them rising or to prevent them from falling, he said.
There were three categories of comment regarding housing markets.
First, most of what was encountered would be moaning about the speed with which house prices were rising and how some groups were being negatively affected. There would be little about those doing well from the rises, beyond tall poppy bashing along the lines of such people being speculators and rich.
"In New Zealand, it is not socially acceptable to be rich so calling someone rich is an insult here.''
Attention was always on the most negative aspects of whatever was happening in fairly much anything people discussed. It was human nature, Mr Alexander.
Second, there would be discussions about what "should happen'' and how things "should be''.
Such discussions were great for helping to formulate policy. But they would not give much useful insight into where house prices were going to go or what was moving them.
In particular, just because someone was angry about house prices rising did not meant they had any insight to offer into actual price movements during the past six years.
"I deal in the third area of discussion. That which 'is' and that which I believe 'will be'. No bemoaning the winners and losers. No whinging about how the world should be fairies and fluffy pink unicorns.''
Mr Alexander outlined 18 things that were happening in the country's housing market including: Strong population growth was exceeding housing supply; interest rates were at a record low; people were living longer; older people were splitting up and needing two houses; the population was ageing, requiring more houses as bedrooms sat empty; council rules made building a new house expensive; Kiwis like expensive bespoke houses rather than little boxes on a hillsides; Kiwis seemed to suck at building houses which passed inspections and did not leak; there was a shortage of skilled trades people needed to build extra houses; few people seriously believed the Government and the Reserve Bank had the tools to flatten house prices, let alone cause them to correct to more "affordable'' levels; and Auckland was changing from looking like many Invercargills in one place to being a globally connected world city.
The Government's National Policy Statement on Urban Development would not make a difference. For most, it was not relevant. Prices kept rising, Mr Alexander said.
From now, prices would keep rising. However, in two to three years, some regions would have experienced excess construction compared to population growth - or shrinkage - and some developers and investors would suffer losses.
Auckland would plateau through the combined effects of prices being "really, really high'', mildly easing migration, higher annual supply growth and possibly slightly higher interest rates from 2019.
Before then, the Reserve Bank would try to put the hammer down, he said.
In the past, that would have been done by taking mortgage rates to 11%, causing major pain for exporters and an eventual recession.
The central bank could not do that now, so instead there would be more controls aimed not at restricting credit demand but at curtailing its supply - the pre-1980s approach. Timing of such an approach was uncertain but it could come before the end of the year.
Mr Alexander would still be a buyer in the current market with the anticipation of his stance turning to no at some point in 2018.
