Showing 1 - 10 of 31
We analyse the multiple channels of influence that GFC-induced credit restrictions had on New Zealand’s subnational housing markets. Our model isolates dynamics caused by impacts on the supply and the demand sides of the market. These dynamics are compared to those caused by a migration shock,...
Persistent link: https://www.econbiz.de/10010856277
We analyse the multiple channels of influence that GFC-induced credit restrictions had on New Zealand's subnational housing markets. Our model isolates dynamics caused by impacts on the supply and the demand sides of the market. These dynamics are compared to those caused by a migration shock, a...
Persistent link: https://www.econbiz.de/10013074556
The New Zealand Regional Housing Model (NZRHM) includes estimated equations for four key housing market variables: house prices, housing supply (new dwelling consents), residential vacant land (lot) prices, and average rents. Long run (cointegration) relationships and short run (error...
Persistent link: https://www.econbiz.de/10010856283
The extent to which exogenous international agricultural price fluctuations are internalised by rural communities is of major interest for policy-makers concerned with regional economic performance. So too is the link between rural sector performance and urban outcomes, especially in...
Persistent link: https://www.econbiz.de/10010712599
An efficient housing market is of critical importance for individual welfare and for a well-functioning economy. We test the efficiency of this market by estimating the factors that determine both the long-run and the dynamic paths of regional house prices. Our tests use a new quarterly regional...
Persistent link: https://www.econbiz.de/10005407861
An efficient housing market is of critical importance for individual welfare and for a well-functioning economy. We test the efficiency of this market by estimating the factors that determine both the long-run and the dynamic paths of regional house prices. Our tests use a new quarterly regional...
Persistent link: https://www.econbiz.de/10005413349
House price trends in each of New Zealand and Australia are frequently discussed as national level developments. Sub-national developments are also important, especially where regions display idiosyncratic trends driven either by demand factors (differential income patterns) or by supply factors...
Persistent link: https://www.econbiz.de/10008642391
The 1990s saw a significant sell-off of state houses in New Zealand, while the 2000s saw a material rebuilding of the state house inventory. We provide in-depth documentation of a rich spatially-defined dataset of the stock, acquisition and disposal of New Zealand’s state houses since the...
Persistent link: https://www.econbiz.de/10010856284
Dwelling prices are determined in the long run by the total costs of a development, where costs include regulatory costs, including costs of delay and uncertainty. We outline a conceptual framework for the development process and then develop a real options model of housing development that...
Persistent link: https://www.econbiz.de/10011123653
We examine whether a single housing market exists across 16 cities covering two countries, Australia and New Zealand. Distances between almost all of these cities are vastly greater than commuting distances. For instance, Perth is over 2,000 kilometres (kms) from its nearest large city...
Persistent link: https://www.econbiz.de/10011790013