Housing pressures and policies
DOI:
https://doi.org/10.26686/pq.v13i3.4671Keywords:
housing crisis, housing markets, housing policy, new housing supply and demand, net migration, construction sector policies, ‘leaky building’ sagaAbstract
Do we have a housing crisis in New Zealand that is in need of a ‘policy fix’? It depends on where you are and who you are. Imagine, for instance, that you bought a house in Auckland in March 2007 and wanted to sell in March 2017, a decade later. Provided you chose to leave Auckland, you would have done very well financially. Over the decade to March 2017 the typical Auckland house doubled in value: the REINZ house price index (HPI) for the Auckland region showed an increase of 102%. By contrast, the price of the typical house in the Manawatu–Wanganui region increased by only 17%, which was slower than the rate of consumer price inflation of 21% over the same period.
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