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Housing And Economic Adjustment

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Listed:
  • Grimes, Arthur
  • Kerr, Suzi
  • Aitken, Andrew

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 QVNZsourced database for house prices and house sales, and a range of explanatory variables constructed consistently across TLA and Regional Council levels.

Suggested Citation

  • Grimes, Arthur & Kerr, Suzi & Aitken, Andrew, 2003. "Housing And Economic Adjustment," Motu Working Papers 293017, Motu Economic and Public Policy Research.
    • Handle: RePEc:ags:motuwp:293017
    DOI: 10.22004/ag.econ.293017
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    1. is not listed on IDEAS
    2. Fabling, Richard & Grimes, Arthur, 2005. "Insolvency and economic development: Regional variation and adjustment," Journal of Economics and Business, Elsevier, vol. 57(4), pages 339-359.
    3. Grimes, Arthur & Kerr, Suzi & Aitken, Andrew, 2004. "Bi-Directional Impacts of Economic, Social and Environmental Changes and the New Zealand Housing Market," Motu Working Papers 292986, 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," Motu Working Papers 04_01, Motu Economic and Public Policy Research.
    5. Grimes, Arthur & Aitken, Andrew, 2004. "What’s the Beef with House Prices? Economic Shocks and Local Housing Markets," Motu Working Papers 292995, Motu Economic and Public Policy Research.
    6. Suzi Kerr & Andrew Aitken & Arthur Grimes, 2004. "Land Taxes and Revenue Needs as Communities Grow and," Public Economics 0403001, University Library of Munich, Germany.
    7. David C. Maré & Michelle Poland, 2005. "Defining Geographic Communities," Motu Working Papers 05_09, Motu Economic and Public Policy Research.
    8. 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.
    9. Mare, David, 2005. "Indirect Effects of Active Labour Market Policies," Motu Working Papers 292900, Motu Economic and Public Policy Research.
    10. Grimes, Arthur, 2005. "Regional and industry cycles in Australasia: Implications for a common currency," Journal of Asian Economics, Elsevier, vol. 16(3), pages 380-397, June.
    11. Arthur Grimes & Robert Sourell & Andrew Aitken, 2005. "Regional Variation in Rental Costsfor Larger Households," Urban/Regional 0509014, University Library of Munich, Germany.
    12. Grimes, Arthur & Aitken, Andrew & Kerr, Suzi, 2004. "House Price Efficiency: Expectations, Sales, Symmetry," Motu Working Papers 292987, Motu Economic and Public Policy Research.
    13. International Monetary Fund, 2007. "New Zealand: Selected Issues," IMF Staff Country Reports 2007/151, International Monetary Fund.
    14. Arthur Grimes, 2006. "Intra & inter-regional industry shocks: A new metric with application to Australasian currency union," New Zealand Economic Papers, Taylor & Francis Journals, vol. 40(1), pages 23-44.
    15. Hall, Viv & McDermott, John & Tremewan, James, 2006. "The Ups and Downs of New Zealand House Prices," Motu Working Papers 292874, Motu Economic and Public Policy Research.
    16. Roger Bowden, 2004. "McHouse prices, capital hoovering, and real exchange rate exposures," New Zealand Economic Papers, Taylor & Francis Journals, vol. 38(1), pages 119-139.

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