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Two countries, sixteen cities, five thousand kilometres : how many housing markets?
Greenaway-McGrevy, Ryan; Grimes, Arthur L.; Holmes, Mark J. - 2016
We examine whether a single housing market exists across 16 cities covering two countries, Australia and New Zealand … single housing market across these cities, then the economic forces that lead to such convergence must be other than … commuting arbitrage forces that have been posited as driving convergence in densely populated countries such as the United …
Persistent link: https://www.econbiz.de/10011883121
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A Simple Model of Housing Rental and Ownership with Policy Simulations
Coleman, Andrew; Scobie, Grant M. - 2009
The housing market is both large and complex. This paper develops a simple model that captures the essential features of the supply and demand for housing, and which is used to evaluate the impact of a range of policy interventions. Increases in the stock of housing would reduce rents and house...
Persistent link: https://www.econbiz.de/10012115614
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New Zealand Housing Markets : Just a Bit-Player in the A-League?
Grimes, Arthur - 2010
House price trends in each of New Zealand and Australia are frequently discussed as national level developments. Sub … prices in Australia. One reason this could occur is if international macroeconomic and asset price trends dominate housing … Zealand and Australia to examine the degree of differentiation across regional housing markets. While some minor regional …
Persistent link: https://www.econbiz.de/10013138402
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The Effect of Upzoning on House Prices and Redevelopment Premiums in Auckland, New Zealand
Greenaway-McGrevy, Ryan - 2020
We study the effects of a large-scale upzoning on house prices and redevelopment premiums in Auckland, New Zealand. Upzoning significantly increases the redevelopment premium, but the overall effect on house prices depends on the economic potential for site redevelopment, with underdeveloped...
Persistent link: https://www.econbiz.de/10012842319
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House prices, disposable income, and permanent and temporary shocks
Fraser, Patricia; Hoesli, Martin; McAlevey, Lynn George - 2009
Using quarterly data over 1973:4-2008:2, two-variable systems of house prices and income are specified for three major house-owning economies: New Zealand (N.Z.), the U.K. and the U.S. After considering differences in price−income relationships over sub-periods, the analysis compares responses...
Persistent link: https://www.econbiz.de/10003971258
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House prices and bubbles in New Zealand
Fraser, Patricia (contributor); Hoesli, Martin (contributor) - 2006
This paper studies actual (real) house prices relative to fundamental (real) house values in New Zealand for the period 1970-2005. We find disparities between actual and fundamental house prices in the early 1970s and 1980s and from 2000 to date. These deviations are found to be substantially...
Persistent link: https://www.econbiz.de/10003394266
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Sustaining the economic expansion in New Zealand
Luu, Corinne - 2015
The NZ economy has performed well over the past few years, having achieved relatively strong GDP and employment growth. However, some constraints to sustaining this momentum beyond the short term are emerging in the fields of skills, housing and urban infrastructure. Skills shortages have risen...
Persistent link: https://www.econbiz.de/10011399572
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Housing Market Dynamics and the GFC : The Complex Dynamics of a Credit Shock
Grimes, Arthur - 2013
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
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The Danger in Using Monetary Policy to Address Housing Affordability : A Lesson from the Great Recession
Erdmann, Kevin - 2020
Loose monetary policy has been widely blamed for high home prices and for the debt-fueled consumption that they funded. Critics, and even Federal Reserve (Fed) policymakers, generally agree that monetary policy should have been tightened sooner. But this is the wrong conclusion. In fact,...
Persistent link: https://www.econbiz.de/10012837615
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Is Infrastructure Productive? Evaluating the Effects of Specific Infrastructure Projects on Firm Productivity within New Zealand
Timmins, Jason Craig - 2006
The paper investigates the feasibility of using a variant of the spatial equilibrium model to estimate the productivity effects of a specific infrastructure project in New Zealand. Policy makers are interested in the marginal effects of infrastructure investment on productivity and an evaluation...
Persistent link: https://www.econbiz.de/10012733363