EMERGING RISKS: THE DYNAMICS OF THE HOME OWNERSHIP MARKET IN NEW ZEALAND, 1990-2004

Lawrence Murphy

ERES from European Real Estate Society (ERES)

Abstract: The New Zealand housing system has experienced significant structural changes since 1990. The state's role in financing marginal home ownership declined dramatically and the liberalisation of the financial system has had profound impacts on the operation of the mortgage market. Significantly, while house prices have increased substantially and housing assets have assumed a greater significance in household wealth, home ownership has declined and there is increasing debate concerning the problem of housing affordability. This paper examines the nature of change in the housing market and provides a detailed analysis of house prices for four major metropolitan regions (Nominal and real year-on-year growth and rates of return). Notwithstanding the continued popular belief that home ownership constitutes a safe investment, it is argued that home ownership in New Zealand has entered a hitherto uncharted phase of development characterised by a new regime of risks.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2006-01-01
References: Add references at CitEc
Citations:

Downloads: (external link)
https://eres.architexturez.net/doc/oai-eres-id-eres2006-277 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:arz:wpaper:eres2006_277

Access Statistics for this paper

More papers in ERES from European Real Estate Society (ERES) Contact information at EDIRC.
Bibliographic data for series maintained by Architexturez Imprints ().