HOUSING AND ECONOMIC ADJUSTMENT

Arthur Grimes, Suzi Kerr and Andrew Aitken

No 293017, Motu Working Papers from Motu Economic and Public Policy Research

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.

Keywords: Consumer/Household Economics; Public Economics (search for similar items in EconPapers)
Pages: 68
Date: 2003-07
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Persistent link: https://EconPapers.repec.org/RePEc:ags:motuwp:293017

DOI: 10.22004/ag.econ.293017

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