This paper investigates how changes in the central bank policy and retail mortgage rates affected real housing prices in New Zealand during the period 1999–2009. We find that real interest rates are significantly and positively related to real housing prices, indicating that increases in the...

While previous studies investigate the determinants of housing prices when the seller chooses between an English auction and negotiation, this paper allows sellers to choose among negotiation, English auction, and first-price sealed-bid auction (i.e., tender) by employing a sample of 46,600...