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House Prices and Rents: Socio-Economic Impacts and Prospects

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  • Grimes, Arthur
  • Aitken, Andrew

Abstract

We use New Zealand property data at the area unit (suburb) level to examine implied prospects for communities over time, and test whether these derived prospects have explanatory power relating to actual future outcomes. We also use the data to analyse whether disadvantaged communities face particular problems in relation to rental markets. Our results indicate that: capital gains and rental growth expectations historically have appeared reasonable in that they have not been suggestive of asset bubbles or other fad behaviour; derived capital gains and rental growth expectations have explanatory power both over actual future capital gains and actual future rental growth; and lower socio-economic areas face higher rental yields even after controlling for non-socio-economic factors than do high socio-economic areas.

Suggested Citation

  • Grimes, Arthur & Aitken, Andrew, 2007. "House Prices and Rents: Socio-Economic Impacts and Prospects," Motu Working Papers 292836, Motu Economic and Public Policy Research.
    • Handle: RePEc:ags:motuwp:292836
    DOI: 10.22004/ag.econ.292836
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    Cited by:

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    2. Grimes, Arthur & Hyland, Shane, 2013. "Housing Market Dynamics and the GFC: The Complex Dynamics of a Credit Shock," Motu Working Papers 291377, Motu Economic and Public Policy Research.
    3. Grimes, Arthur & Hyland Sean, 2013. "A New Zealand Regional Housing Model," Motu Working Papers 291392, Motu Economic and Public Policy Research.
    4. Eden Hatzvi & Glenn Otto, 2008. "Prices, Rents and Rational Speculative Bubbles in the Sydney Housing Market," The Economic Record, The Economic Society of Australia, vol. 84(267), pages 405-420, December.
    5. Qiao Yu & Tristan Que & Lara J. Cushing & Gregory Pierce & Ke Shen & Mayank Kejriwal & Yuan Yao & Yifang Zhu, 2025. "Equity and reliability of public electric vehicle charging stations in the United States," Nature Communications, Nature, vol. 16(1), pages 1-13, December.

    More about this item

    Keywords

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    JEL classification:

    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand

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