Table of Contents
1.1. Methodology of literature review
1.2. Description of HPG and its factors
1.3. HPG and housing affordability
2. Impact of the factors of supply
2.2. Impact of the RMA and environmental regulations
2.3. Availability of infrastructure
2.4. Supply chains and construction costs
3. Impact of the factors of demand
3.2. Monetary policy and mortgage rates
3.6. Tax policy, housing subsidies and other interventions
4. Discussion and future research
Figures
Figure 1 IPCC’s uncertainty framework
Figure 2 Example of the uncertainty assessment diagram
Figure 3 Nominal changes in housing prices
Figure 4 House price growth and residential floating mortgage interest rates
Figure 5 International changes in real house price
Figure 6 Real housing cost indices
Figure 7 Residential rental prices
Figure 8 Growth in employment density and real house prices
Figure 9 Building consents and population growth
Figure 10 Distribution of new dwellings in Auckland 2006 - 2018
Figure 11 Timeline of investment in capital stock
Figure 12 Timeline of housing related development
Figure 13 House price to household income median multiple
Figure 14 Housing affordability/mortgage serviceability over time
Figure 15 Housing affordability/mortgage serviceability at different income levels
Figure 16 Homeownership rate in New Zealand
Figure 17 Impact of rigid supply on house prices
Figure 18 Land regulation costs
Figure 19 Land values and distance from viewshaft
Figure 20 Urban boundary limit leads to an increase in residential land prices
Figure 21 Combined impact of RM system and planning regime
Figure 22 Number of dwellings and land values at distance from CBD over time
Figure 23 Impact of processing delays on the likelihood of granting a resource consent
Figure 24 Real PPI – Heavy and civil engineering construction
Tables
Table 1 Evaluation of agreement, strength of evidence and overall confidence
Table 2 Housing supply elasticities
Table 3 Difference in land values across the RUB 30
Table 4 High level housing outcomes of NPS-UD and RMA and the RM reform
Table 5 Likely impact of the features of RM system on land values
Table 6 Direction of impact of interest rates on key variables
Table 7 Price response to a 1 percent increase in population