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Housing Markets and Migration: Evidence from New Zealand

  • Steven Stillman

    ()

    (Motu Economic and Public Policy Research)

  • David C. Maré

    ()

    (Motu Economic and Public Policy Research)

New Zealand's large and volatile external migration flows generate significant year-to-year fluctuations in the demand for residential housing. This paper uses population data from the 1986, 1991, 1996, 2001 and 2006 New Zealand Censuses, house sales price data from Quotable Value New Zealand and rent data from the Department of Building and Housing to examine how population change, international migration, including the return migration of New Zealanders abroad, and internal migration affect rents and sales prices of both apartments and houses in different housing markets in New Zealand. Our analysis focuses on the relationship between the changes in the population in local areas and changes in house sale prices and rents in these areas. Focusing on changes allows us to control for time-invariant unobservable characteristics of local areas that either attract or repel individuals and lead to differential costs of housing.

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File URL: http://motu-www.motu.org.nz/wpapers/08_06.pdf
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Paper provided by Motu Economic and Public Policy Research in its series Working Papers with number 08_06.

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Length: 49 pages
Date of creation: Apr 2008
Date of revision:
Handle: RePEc:mtu:wpaper:08_06
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Web page: http://www.motu.org.nz
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  1. Karl E. Case & Robert J. Shiller, 1988. "The behavior of home buyers in boom and post-boom markets," New England Economic Review, Federal Reserve Bank of Boston, issue Nov, pages 29-46.
  2. Arthur Grimes & David C. Maré & Melanie Morten, 2007. "Adjustment in Local Labour and Housing Markets," Working Papers 07_10, Motu Economic and Public Policy Research.
  3. Case, Karl E & Shiller, Robert J, 1989. "The Efficiency of the Market for Single-Family Homes," American Economic Review, American Economic Association, vol. 79(1), pages 125-37, March.
  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_01, Motu Economic and Public Policy Research.
  5. Christopher F Baum & Mark E. Schaffer & Steven Stillman, 2007. "Enhanced routines for instrumental variables/generalized method of moments estimation and testing," Stata Journal, StataCorp LP, vol. 7(4), pages 465-506, December.
  6. Greulich, Erica & Quigley, John M. & Raphael, Steven, 2005. "The Anatomy of Rent Burdens: Immigration, Growth and Rental Housing," Berkeley Program on Housing and Urban Policy, Working Paper Series qt63t3t356, Berkeley Program on Housing and Urban Policy.
  7. Arthur Grimes & Yun Liang, 2007. "Spatial Determinants of Land Prices in Auckland:Does the Metropolitan Urban Limit Have an Effect?," Working Papers 07_09, Motu Economic and Public Policy Research.
  8. Bartel, Ann P, 1979. "The Migration Decision: What Role Does Job Mobility Play?," American Economic Review, American Economic Association, vol. 69(5), pages 775-86, December.
  9. David C Maré & Steven Stillman, 2009. "The Impact of Immigration on the Labour Market Outcomes of New Zealanders," Working Papers 09_11, Motu Economic and Public Policy Research.
  10. Joseph G. Altonji & David Card, 1991. "The Effects of Immigration on the Labor Market Outcomes of Less-skilled Natives," NBER Chapters, in: Immigration, Trade, and the Labor Market, pages 201-234 National Bureau of Economic Research, Inc.
  11. Edward L. Glaeser & Joseph Gyourko & Raven E. Saks, 2005. "Why Have Housing Prices Gone Up?," American Economic Review, American Economic Association, vol. 95(2), pages 329-333, May.
  12. Karl E. Case & Robert J. Shiller, 2003. "Is There a Bubble in the Housing Market?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 34(2), pages 299-362.
  13. John M. Abowd & Richard B. Freeman, 1991. "Immigration, Trade, and the Labor Market," NBER Books, National Bureau of Economic Research, Inc, number abow91-1, December.
  14. Ottaviano, Gianmarco & Peri, Giovanni, 2007. "The Effects of Immigration on US Wages and Rents: A General Equilibrium Approach," CEPR Discussion Papers 6551, C.E.P.R. Discussion Papers.
  15. Albert Saiz & Susan Wachter, 2011. "Immigration and the Neighborhood," American Economic Journal: Economic Policy, American Economic Association, vol. 3(2), pages 169-88, May.
  16. 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.
  17. Albert Saiz, 2003. "Immigration and housing rents in American cities," Working Papers 03-12, Federal Reserve Bank of Philadelphia.
  18. Arthur Grimes & Andrew Aitken & Suzi Kerr, 2004. "House Price Efficiency: Expectations, Sales, Symmetry," Urban/Regional 0408001, EconWPA.
  19. Andrew Coleman & John Landon-Lane, 2007. "Housing Markets and Migration in New Zealand, 1962-2006," Reserve Bank of New Zealand Discussion Paper Series DP2007/12, Reserve Bank of New Zealand.
  20. Albert Saiz, 2003. "Room in the Kitchen for the Melting Pot: Immigration and Rental Prices," The Review of Economics and Statistics, MIT Press, vol. 85(3), pages 502-521, August.
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