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New Zealand regional house prices and macroeconomic shocks

Author

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  • Patricia Fraser
  • Lynn McAlevey

Abstract

A two-part SVAR model for New Zealand (NZ) identifies impacts of common macroeconomic shocks on national and regional city house prices. Results suggest that NZ regional housing market asymmetries exist in terms of responses to, as well as the relative importance of, shocks to key macroeconomic variables. Interest rate and GDP shocks in particular have significant effects on national and city house prices some 5 years later, although responses to the range of identical shocks vary in magnitude and relative importance across cities. This implies that national policies enacted to dampen/stimulate economic activity will impact differently on regional housing markets.

Suggested Citation

  • Patricia Fraser & Lynn McAlevey, 2015. "New Zealand regional house prices and macroeconomic shocks," Journal of Property Research, Taylor & Francis Journals, vol. 32(4), pages 279-300, December.
    • Handle: RePEc:taf:jpropr:v:32:y:2015:i:4:p:279-300
    DOI: 10.1080/09599916.2015.1083606
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    References listed on IDEAS

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    1. David Law & Grant M. Scobie, 2018. "KiwiSaver and the accumulation of net wealth," New Zealand Economic Papers, Taylor & Francis Journals, vol. 52(1), pages 1-20, January.
    2. Steven Stillman & David C. Maré, 2008. "Housing Markets and Migration: Evidence from New Zealand," Working Papers 08_06, Motu Economic and Public Policy Research.
    3. 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.
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    Cited by:

    1. Tsui, Kan Wai Hong & Tan, David & Chow, Clement Kong Wing & Shi, Song, 2019. "Regional airline capacity, tourism demand and housing prices: A case study of New Zealand," Transport Policy, Elsevier, vol. 77(C), pages 8-22.

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