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Housing and Economic Adjustment

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Author Info

  • Arthur Grimes

    ()
    (Motu Economic and Public Policy Research)

  • Suzi Kerr

    ()
    (Motu Economic and Public Policy Research)

  • Andrew Aitken

    ()
    (Motu Economic and Public Policy Research)

Abstract

Housing is the most important component of wealth for many New Zealanders. Its location is fixed and its value is influenced by economic and other factors specific to that location. Hence when people live in owner-occupied homes their wealth is strongly associated with their local economic conditions. Housing is also a major factor in influencing migration decisions and, hence, regional mobility. To shed light on the behaviour of the New Zealand housing market, we examine the dynamic and long run responses of house values across spatial communities and across time to economic variables that impact on the local economy. We use a specially constructed QVNZ-sourced database for house prices and house sales, and a range of explanatory variables constructed consistently across TLA and Regional Council levels.

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Bibliographic Info

Paper provided by Motu Economic and Public Policy Research in its series Working Papers with number 03_09.

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Length: 68 pages
Date of creation: Jul 2003
Date of revision:
Handle: RePEc:mtu:wpaper:03_09

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References

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  1. Karl E. Case & Christopher J. Mayer, 1995. "Housing Price Dynamics Within a Metropolitan Area," NBER Working Papers 5182, National Bureau of Economic Research, Inc.
  2. David Genesove & Christopher Mayer, 2001. "Loss Aversion and Seller Behavior: Evidence from the Housing Market," NBER Working Papers 8143, National Bureau of Economic Research, Inc.
  3. Edward L. Glaeser & Joseph Gyourko, 2002. "The Impact of Zoning on Housing Affordability," NBER Working Papers 8835, National Bureau of Economic Research, Inc.
  4. N. Gregory Mankiw & David N. Weil, 1988. "The Baby Boom, The Baby Bust, and the Housing Market," NBER Working Papers 2794, National Bureau of Economic Research, Inc.
  5. Dennis R. Capozza & Patric H. Hendershott & Charlotte Mack & Christopher J. Mayer, 2002. "Determinants of Real House Price Dynamics," NBER Working Papers 9262, National Bureau of Economic Research, Inc.
  6. Dubin, Robin A., 1992. "Spatial autocorrelation and neighborhood quality," Regional Science and Urban Economics, Elsevier, vol. 22(3), pages 433-452, September.
  7. Pain, Nigel & Westaway, Peter, 1997. "Modelling structural change in the UK housing market: A comparison of alternative house price models," Economic Modelling, Elsevier, vol. 14(4), pages 587-610, October.
  8. Can, Ayse, 1992. "Specification and estimation of hedonic housing price models," Regional Science and Urban Economics, Elsevier, vol. 22(3), pages 453-474, September.
  9. Ralph Lattimore, 2003. "Long Run Trends in New Zealand Industry Assistance," Working Papers 03_11, Motu Economic and Public Policy Research.
  10. Brendan O'Donovan & David Rae, 1997. "The determinants of house prices in New Zealand: An aggregate and regional analysis," New Zealand Economic Papers, Taylor & Francis Journals, vol. 31(2), pages 175-198.
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Citations

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Cited by:
  1. David C. Maré & Michelle Poland, 2005. "Defining Geographic Communities," Working Papers 05_09, Motu Economic and Public Policy Research.
  2. Richard Fabling & Arthur Grimes, 2004. "Insolvency and Economic Development:Regional Variation and Adjustment," Development and Comp Systems 0404006, EconWPA.
  3. David C. Maré, 2005. "Indirect Effects of Active Labour Market Policies," Working Papers 05_01, Motu Economic and Public Policy Research.
  4. Suzi Kerr & Andrew Aitken & Arthur Grimes, 2004. "Land Taxes and Revenue Needs as Communities Grow and Decline: Evidence from New Zealand," Working Papers 04_02, Motu Economic and Public Policy Research.
  5. Arthur Grimes, 2005. "Intra & Inter-Regional Industry Shocks: A New Metric with an Application to Australasian Currency Union," Macroeconomics 0509019, EconWPA.
  6. Phil Briggs, 2007. "Lessons learned from the Economics Department's research work on household balance sheets and related issues," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 70, December.
  7. Arthur Grimes & Andrew Aitken, 2005. "What’s the Beef with House Prices? Economic Shocks and Local Housing Markets," Urban/Regional 0509011, EconWPA.
  8. Viv B. Hall & John McDermott, 2006. "The Ups and Downs of New Zealand House Prices," Working Papers 06_03, Motu Economic and Public Policy Research.
  9. Arthur Grimes, 2005. "Regional and Industry Cycles in Australasia: Implications for a Common Currency," Macroeconomics 0509020, EconWPA.
  10. Arthur Grimes & Robert Sourell & Andrew Aitken, 2005. "Regional Variation in Rental Costs for Larger Households," Working Papers 05_02, Motu Economic and Public Policy Research.
  11. Suzi Kerr & Andrew Aitken & Arthur Grimes, 2004. "Land Taxes and Revenue Needs as Communities Grow and," Public Economics 0403001, EconWPA.
  12. Arthur Grimes & Suzi Kerr & Andrew Aitken, 2005. "Bi-Directional Impacts of Economic, Social and Environmental Changes and the New Zealand Housing Market," Urban/Regional 0509012, EconWPA.
  13. Arthur Grimes & Andrew Aitken & Suzi Kerr, 2004. "House Price Efficiency: Expectations, Sales, Symmetry," Urban/Regional 0408001, EconWPA.

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