IDEAS home Printed from https://ideas.repec.org/a/taf/jpropr/v32y2015i4p279-300.html
   My bibliography  Save this article

New Zealand regional house prices and macroeconomic shocks

Author

Listed:
  • 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
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/09599916.2015.1083606
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/09599916.2015.1083606?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    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.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    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.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Dr Max Nathan, 2013. "The wider economic impacts of high-skilled migrants: a survey of the literature," National Institute of Economic and Social Research (NIESR) Discussion Papers 413, National Institute of Economic and Social Research.
    2. Hideaki Hirata & M. Ayhan Kose & Christopher Otrok & Marco E Terrones, 2013. "Global House Price Fluctuations: Synchronization and Determinants," NBER International Seminar on Macroeconomics, University of Chicago Press, vol. 9(1), pages 119-166.
    3. Sanchis-Guarner, Rosa, 2023. "Decomposing the impact of immigration on house prices," Regional Science and Urban Economics, Elsevier, vol. 100(C).
    4. Cesa-Bianchi, Ambrogio, 2013. "Housing cycles and macroeconomic fluctuations: A global perspective," Journal of International Money and Finance, Elsevier, vol. 37(C), pages 215-238.
    5. Hippolyte d’Albis & Ekrame Boubtane & Dramane Coulibaly, 2019. "International Migration and Regional Housing Markets: Evidence from France," International Regional Science Review, , vol. 42(2), pages 147-180, March.
    6. Bill Cochrane & Jacques Poot, 2019. "The Effects of Immigration on Local Housing Markets," Working Papers in Economics 19/07, University of Waikato.
    7. Gihleb, Rania & Giuntella, Osea & Lonsky, Jakub, 2023. "Dreaming of leaving the nest? Immigration status and the living arrangements of DACAmented," European Economic Review, Elsevier, vol. 156(C).
    8. Mark Skidmore, 2014. "Housing Affordability: Lessons from the United States," Treasury Working Paper Series 14/11, New Zealand Treasury.
    9. Chao Li & John Gibson & Geua Boe-Gibson, 2022. "Rising immigration and falling native-born home ownership: a spatial econometric analysis for New Zealand," New Zealand Economic Papers, Taylor & Francis Journals, vol. 56(3), pages 318-325, September.
    10. Rivera, Luis & Rojas-Romagosa, Hugo, 2009. "Human Capital Formation and the Linkage between Trade and Poverty: The Cases of Costa Rica and Nicaragua," Conference papers 331887, Purdue University, Center for Global Trade Analysis, Global Trade Analysis Project.
    11. Accetturo, Antonio & Manaresi, Francesco & Mocetti, Sauro & Olivieri, Elisabetta, 2014. "Don't stand so close to me: The urban impact of immigration," Regional Science and Urban Economics, Elsevier, vol. 45(C), pages 45-56.
    12. Sanchis-Guarner, Rosa, 2014. "First-come first-served: identifying the demand effect of immigration inflows on house prices," LSE Research Online Documents on Economics 58341, London School of Economics and Political Science, LSE Library.
    13. Stijn Claessens & M. Ayhan Kose & Marco E. Terrones, 2011. "Financial Cycles: What? How? When?," NBER International Seminar on Macroeconomics, University of Chicago Press, vol. 7(1), pages 303-344.
    14. Claessens, Stijn & Kose, M. Ayhan & Terrones, Marco E., 2012. "How do business and financial cycles interact?," Journal of International Economics, Elsevier, vol. 87(1), pages 178-190.
    15. Yuan Chang, 2016. "Financial Soundness Indicator, Financial Cycle, Credit Cycle and Business Cycle£­Evidence from Taiwan," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 8(4), pages 166-182, April.
    16. Nathan, Max, 2013. "The Wider Economic Impacts of High-Skilled Migrants: A Survey of the Literature," IZA Discussion Papers 7653, Institute of Labor Economics (IZA).
    17. Smith, Christie & Thoenissen, Christoph, 2019. "Skilled migration and business cycle dynamics," Journal of Economic Dynamics and Control, Elsevier, vol. 109(C).
    18. Hippolyte d’Albis & Ekrame Boubtane & Dramane Coulibaly, 2019. "International Migration and Regional Housing Markets: Evidence from France," International Regional Science Review, , vol. 42(2), pages 147-180, March.
    19. Morteza Moallemi & Daniel Melser, 2020. "The impact of immigration on housing prices in Australia," Papers in Regional Science, Wiley Blackwell, vol. 99(3), pages 773-786, June.
    20. 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.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:jpropr:v:32:y:2015:i:4:p:279-300. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/RJPR20 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.