6 The list of keywords and the reviewed literature
In our search for relevant literature, we used the following keywords:
Prices, affordability, National Policy Statement, Rural urban boundary, supply elasticity, demand elasticity, supply elasticity, infrastructure, development, growth, property, stock, regulation, greenfield, Loan-to-valuation-ratio (LVR). We use these keywords alongside in conjunction with overarching keywords related to our primary topic in our literature discovery. The overarching keywords include ‘New Zealand’, ‘Auckland’, ‘National Policy Plan’, ‘housing’, ‘house’, ‘property’, ‘urban’ and ‘market(s)’.
Impacts of the factors of supply
| Author and title | Date | |
|---|---|---|
| 1 | PwC. Cost - benefit analysis for a National Policy Statement on Urban Development. | 2020 |
| 2 | ANZ Research. New Zealand Property Focus December 2020: Housing affordability - unlocking the | 2020 |
| 3 | Grimes, A. Impacts of Land Availability, Housing Supply and Planning Infrastructure on New Zealand House Prices. 36 | 2007 |
| 4 | MRCagney, Covec & Beca. Cost benefit analysis of policy options for a National Policy Statement on Urban Development. | 2016 |
| 5 | Saiz, A. The Geographic Determinants of Housing Supply*. Q. J. Econ. 125, 1253–1296 | 2010 |
| 6 | Hyslop, D. R., Le, T., Maré, D., Stillman, S. & Motu. Housing markets and migration – Evidence from New Zealand. 45 | 2019 |
| 7 | Nunns, P. The causes and economic consequences of rising regional housing prices in New Zealand. N. Z. Econ. Pap. 55, 66–104 | 2019 |
Impact of regulations
| Author and title | Date | |
|---|---|---|
| 1 | Lees, K. Quantifying the costs of land use regulation: evidence from New Zealand. N. Z. Econ. Pap. 53, 245–269 | 2019 |
| 2 | Glaeser, E. L. & Gyourko, J. The Impact of Building Restrictions on Housing Affordability. 19 | 2003 |
| 3 | Lees, K. Quantifying the impact of land use regulation: Evidence from New Zealand » The Hub. | 2017 |
| 4 | Norman, D., Martin, S. & Auckland Council Chief Economist Unit. Please, Sir, I want some more. | 2021 |
| 5 | PwC. Cost - benefit analysis for a National Policy Statement on Urban Development. | 2020 |
| 6 | MRCagney, Covec & Beca. Cost benefit analysis of policy options for a National Policy Statement on Urban Development. | 2016 |
| 7 | Cooper, G. C. K. & Namit, K. City with a billion dollar view. N. Z. Econ. Pap. 55, 19–37 | 2021 |
| 8 | Grimes, A. & Aitken, A. Housing Supply, Land Costs and Price Adjustment: Housing Supply, Land Costs and Price Adjustment. Real Estate Econ. 38, 325–353 | 2006 |
| 9 | Greenaway-McGrevy, R. Land Use Regulation, the Redevelopment Premium and House Prices. | 2018 |
| 10 | Parker, C. Housing supply, choice and affordability: Trends, economic drivers, and possible policy interventions. | 2015 |
| 11 | Bertaud, A. Markets, urban planning planning and local democracy. | 2014 |
| 12 | Grimes, A. & Mitchell, I. Impacts of Planning Rules, Regulations, Uncertainty and Delay on Residential Property Development. SSRN Electron. J. | 2015 |
| 13 | Cavalleri, M. C., Cournède, B., Özsöğüt, E. & OECD. How responsive are housing markets in the OECD? National level estimates. vol. 1589 | 2019 |
| 14 | Mayer, C. J. & Somerville, C. T. Land use regulation and new construction. Reg. Sci. Urban Econ. 30, 639–662 | 2000 |
| 15 | Productivity Commission. Housing affordability inquiry: March 2012. | 2012 |
| 16 | Parker, C. AMM modelling of uncompetitive urban land markets. | 2021 |
| 17 | Grimes, A. & Liang, Y. Spatial Determinants of Land Prices: Does Auckland’s Metropolitan Urban Limit Have an Effect? Appl. Spat. Anal. Policy 2, 23–45 | 2009 |
| 18 | MBIE & MfE. National Policy Statement on Urban Development Capacity - Price efficiency indicators technical report: Rural-urban differentials. 75 | 2017 |
| 19 | Martin, S. L. & Norman, D. S. Does the Rural Urban Boundary impose a price premium on land inside it? | 2020 |
| 20 | Zheng, G. & Productivity Comission. The Effect of Auckland’s Metropolitan Urban Limit on Land Prices. 23 | 2013 |
| 21 | Torshizian, E. Are We Limiting Regional Development by Imposing Planning Permissions? in | 2015 |
| 22 | Bassett, M., Malpass, L., & New Zealand Initiative (Organisation). Priced out: how New Zealand lost its housing affordability. | 2020 |
| 23 | Fernandez, M. A., RIMU, & Auckland Council. Better together?: wetlands, parks and housing prices in Auckland. | 2020 |
| 24 | Kallergis, A. et al. Housing Affordability in a Global Perspective. | 2018 |
| 25 | Torshizian, E. Impact of urban expansions on relative land prices. 20 | 18 |
| 26 | Norman, D. & Martin, S. Low density housing close to city centre. | 2021 |
| 27 | Saiz, A. The Geographic Determinants of Housing Supply*. Q. J. Econ. 125, 1253–1296 | 2010 |
| 28 | Nunns, P. The causes and economic consequences of rising regional housing prices in New Zealand. N. Z. Econ. Pap. 55, 66–104 | 2019 |
| 29 | Ministry for Environment, Reforming the resource management system: Cabinet paper | 2020 |
Impact of the RMA and environmental regulations
| Author and title | Date | |
|---|---|---|
| 1 | Torshizian, E. Are We Limiting Regional Development by Imposing Planning Permissions? in | 2015 |
| 2 | Nunns, P. The causes and economic consequences of rising regional housing prices in New Zealand. N. Z. Econ. Pap. 55, 66–104 | 2021 |
| 3 | Resource Economics, Principal Economics & Sapere. Reforms to the Resource Management System: an analysis of expected impacts on Māori, the housing market and the natural environment. | 2021 |
| 4 | NZIER. Big city life? Challenges and trade-offs for Auckland city. | 2014 |
| 5 | Grimes, A. Understanding Housing Affordability.pdf. | 2015 |
| 6 | MRCagney, Covec & Beca. Cost benefit analysis of policy options for a National Policy Statement on Urban Development. | 2016 |
Availability of infrastructure
| Author and title | Date | |
|---|---|---|
| 1 | McEwan, E. Will it Really Improve Housing Affordability in New Zealand? | 2018 |
| 2 | Productivity Commission. Better urban planning: Final report. | 2017 |
| 3 | Johnson, A., Howden-Chapman, P. & Eaqub, S. A stocktake of New Zealand’s housing. | 2018 |
| 4 | Brebner, M. Auckland’s Housing Affordability Problem. | 2014 |
| 5 | Grimes, A. & Liang, Y. Spatial Determinants of Land Prices: Does Auckland’s Metropolitan Urban Limit Have an Effect? | 2009 |
| 6 | Martin, S. L. & Norman, D. S. Does the Rural Urban Boundary impose a price premium on land inside it? | 2020 |
| 7 | Bassett, M., Malpass, L., & New Zealand Initiative (Organisation). Priced out: how New Zealand lost its housing affordability. | 2020 |
| 8 | Skidmore, M. Housing Affordability: Lessons from the United States. | 2014 |
| 9 | Albouy, D. What are Cities Worth? Land Rents, Local Productivity, and the Capitalization of Amenity Values. Natl. Bur. Econ. Res. | 2009 |
| 10 | Grimes, A. & Mitchell, I. Impacts of Planning Rules, Regulations, Uncertainty and Delay on Residential Property Development. SSRN Electron. J. | 2015 |
| 11 | Productivity Commission. Housing affordability inquiry: March 2012. | 2012 |
| 12 | MRCagney, Covec & Beca. Cost benefit analysis of policy options for a National Policy Statement on Urban Development. | 2016 |
| 13 | BERL. Business land availability and assessment methodologies. A report for the Ministry of Business, Innovation and Employment and the Ministry for the Environment. | 2016 |
| 14 | Parker, C. Housing supply, choice and affordability: Trends, economic drivers, and possible policy interventions. | 2015 |
| 15 | Principal Economics. Economic Impact of Efficient Infrastructure Decisions. | 2021 |
| 16 | Reddell, M., Sleeman, C. & RBNZ. Some perspectives on past recessions. | 2008 |
Supply chains and the construction costs
| Author and title | Date | |
|---|---|---|
| 1 | Productivity Commission. Housing affordability inquiry: March 2012. | 2012 |
| 2 | Bassett, M., Malpass, L., & New Zealand Initiative (Organisation). Priced out: how New Zealand lost its housing affordability. | 2020 |
| 3 | Johnson, A., Howden-Chapman, P. & Eaqub, S. A stocktake of New Zealand’s housing. | 2018 |
| 4 | Denne, T., Nunns, P., Wright, L., Donovan, P. & MRCagney. Signals of Under-Capacity: the practicalities of monitoring Price Signals under the National Policy Statement on Urban Development Capacity. | 2016 |
| 5 | Parker, C. Housing supply, choice and affordability: Trends, economic drivers, and possible policy interventions. | 2015 |
| 6 | Grimes, A. Impacts of Land Availability, Housing Supply and Planning Infrastructure on New Zealand House Prices. 36 | 2007 |
| 7 | Samarasinghe, D. A. S. Building Materials Supply Chains: An Evaluative Study of the New Zealand Residential Consturction. | 2014 |
| 8 | Skidmore, M. Housing Affordability: Lessons from the United States. 29 | 2014 |
| 9 | Brebner, M. Auckland’s Housing Affordability Problem. 35 | 2014 |
| 10 | Grimes, A. & Aitken, A. What’s the Beef with House Prices? Economic Shocks and Local Housing Markets. 29 | 2004 |
| 11 | Reddell, M., Sleeman, C. & RBNZ. Some perspectives on past recessions. 71, 17 | 2008 |
Affordability
| Author and title | Date | |
|---|---|---|
| 1 | Robinson, M., Scobie, G. M. & Hallinan, B. Affordability of Housing: Concepts, Measurement and Evidence. 51 | 2006 |
| 2 | Bull, G. § Housing Choice. | 2003 |
| 3 | Urban Reform Institute. Demographia International Housing Affordability 2021 Edition. 16 | 2021 |
| 4 | Torshizian, E. Effects of Crowding, Density and Deprivation on Residential Satisfaction. 286 | 2017 |
| 5 | Grimes, A. & Aitken, A. Housing Supply, Land Costs and Price Adjustment: Housing Supply, Land Costs and Price Adjustment. Real Estate Econ. 38, 325–353 | 2006 |
| 6 | Torshizian, E. & Meade, R. Estimating demand for competition analysis. 34 | 2020 |
| 7 | Khaled, M. & NZIER. New Zealand’s love affair with houses and cars. | 2005 |
| 8 | Torshizian, E. Affordability Decompositions for Auckland. 25 | 2016 |
| 9 | Reddell, M., Sleeman, C. & RBNZ. Some perspectives on past recessions. 71, 17 | 2008 |
Monetary policy and mortgage rates
| Author and title | Date | |
|---|---|---|
| 1 | Denne, T., Nunns, P., Wright, L., Donovan, P. Signals of Under-Capacity: the practicalities of monitoring Price Signals under the National Policy Statement on Urban Development Capacity. Covec Ltd. | 2016 |
| 2 | Parker, C. Housing supply, choice and affordability: Trends, economic drivers, and possible policy interventions. | 2015 |
| 3 | Torshizian, E. Affordability Decompositions for Auckland. 25 | 2016 |
| 4 | Koveshnikova, O. Determinants and Dynamics of New Zealand Housing Prices: National- and Regional- Level Analyses. 68 | 2017 |
| 5 | Grimes, A. & Aitken, A. What’s the Beef with House Prices? Economic Shocks and Local Housing Markets. 29 | 2004 |
| 6 | Fraser, P. & McAlevey, L. New Zealand regional house prices and macroeconomic shocks. J. Prop. Res. 32, 279–300 | 2015 |
| 7 | Productivity Commission. Housing affordability inquiry: March 2012. | 2012 |
| 8 | Shi, S. Monthly House Price Indices and Their Applications in New Zealand. 12 | 2009 |
| 9 | Shi, S., Jou, J.-B. & Tripe, D. Policy Rate, Mortgage Rate and Housing Prices: Evidence from New Zealand. 51 | 2013 |
| 10 | Thorns, D. Housing booms and changes to New Zealand housing affordability: the policy challenge. J. Asian Public Policy 2, 171–189 | 2009 |
| 11 | Yang, Y. & Rehm, M. Housing prices and speculation dynamics: a study of Auckland housing market. J. Prop. Res. 1–19 | 2021 |
| 12 | Murphy, L. The global financial crisis and the Australian and New Zealand housing markets. J. Hous. Built Environ. 26, 335–351 | 2011 |
| 13 | Parker, C. AMM modelling of uncompetitive urban land markets. | 2021 |
| 14 | Armstrong, J., Skilling, H. & Yao, F. Loan-to-value ratio restrictions and house prices: Micro evidence from New Zealand. J. Hous. Econ. 44, 88–98 | 2019 |
Population and migration
| Author and title | Date | |
|---|---|---|
| 1 | Badcock, B. Global exposure and Auckland’s housing market1. Urban Policy Res. 22, 59–68 | 2004 |
| 2 | PCE. Submission on the proposed National Policy Statements on Urban Development and Highly Productive Land. | 2019 |
| 3 | Koveshnikova, O. Determinants and Dynamics of New Zealand Housing Prices: National- and Regional- Level Analyses. 68 | 2017 |
| 4 | Johnson, A., Howden-Chapman, P. & Eaqub, S. A stocktake of New Zealand’s housing. | 2018 |
| 5 | Coleman, A. & Landon-Lane, J. Housing Markets and Migration in New Zealand, 1962-2006. 62 | 2007 |
| 6 | Stillman, S. & Maré, D. C. Housing Markets and Migration: Evidence from New Zealand. | 2008 |
| 7 | Maré, D. C., Grimes, A. & Morten, M. Adjustment in local labour and housing markets. | 2009 |
| 8 | Ge, X. J. Determinants of House Prices in New Zealand. Pac. Rim Prop. Res. J. 15, 90–121 | 2009 |
| 9 | Chanpiwat, N. Estimating the impact of immigration on housing prices and housing affordability in New Zealand. 38 | 2013 |
| 10 | McDonald, C. & RBNZ. Migration and the housing market. 20 | 2013 |
| 11 | Hyslop, D. R., Le, T., Maré, D., Stillman, S. & Motu. Housing markets and migration – Evidence from New Zealand. 45 | 2019 |
| 12 | Nunns, P. The causes and economic consequences of rising regional housing prices in New Zealand. N. Z. Econ. Pap. 55, 66–104 | 2019 |
| 13 | Reddell, M., Sleeman, C. & RBNZ. Some perspectives on past recessions. 71, 17 | 2008 |
Household size
| Author and title | Date | |
|---|---|---|
| 1 | Torshizian, E. & Grimes, A. Household Crowding Measures: A Comparison and External Test of Validity. J. Happiness Stud. 22, 1925–1951 | 2020 |
| 2 | Productivity Commission. Housing affordability inquiry: March 2012. | 2012 |
| 3 | Denne, T., Nunns, P., Wright, L., Donovan, P. & MRCagney. Signals of Under-Capacity: the practicalities of monitoring Price Signals under the National Policy Statement on Urban Development Capacity. 160 | 2016 |
| 4 | Badcock, B. Global exposure and Auckland’s housing market1. Urban Policy Res. 22, 59–68 | 2004 |
| 5 | Goodyear, R. K. & Stats NZ. Housing in Aotearoa, 2020. | 2020 |
| 6 | Morrison, P. & Torshizian, E. Demographics and the compact city. Presented to NZ Association of Economists conference, Wellington, July. | 2017 |
| 7 | Torshizian, E. Effects of Crowding, Density and Deprivation on Residential Satisfaction. 286 | 2017 |
Availability of finance
| Author and title | Date | |
|---|---|---|
| 1 | Badcock, B. Global exposure and Auckland’s housing market1. Urban Policy Res. 22, 59–68 | 2004 |
| 2 | Greenaway-Mcgrevy, R. & Phillips, P. C. B. Hot property in New Zealand: Empirical evidence of housing bubbles in the metropolitan centres. 35 | 2016 |
| 3 | Murphy, L. ‘Houston, we’ve got a problem’: The Political Construction of a Housing Affordability Metric in New Zealand. Hous. Stud. 29, 893–909 | 2014 |
| 4 | Murphy, L. The global financial crisis and the Australian and New Zealand housing markets. J. Hous. Built Environ. 26, 335–351 | 2011 |
| 5 | Bassett, M., Malpass, L. Priced out: how New Zealand lost its housing affordability. New Zealand Initiative. | 2020 |
| 6 | NZIER. The home affordability challenge. | 2014 |
Tax policy, housing subsidies and other interventions
| Author and title | Date | |
|---|---|---|
| 1 | Yang, Y. & Rehm, M. Housing prices and speculation dynamics: a study of Auckland housing market. J. Prop. Res. 1–19 | 2021 |
| 2 | Coleman, A. & Grimes, A. Fiscal, Distributional and Efficiency Impacts of Land and Property Taxes. 72 | 2009 |
| 3 | Bassett, M., Malpass, L., & New Zealand Initiative (Organisation). Priced out: how New Zealand lost its housing affordability. | 2020 |
| 4 | Price, G. How has the LVR restriction affected the housing market: a counterfactual analysis. Reserve Bank N. Z. Anal. Note Ser. 20 | 2014 |
| 5 | Armstrong, J., Skilling, H. & Yao, F. Loan-to-value ratio restrictions and house prices: Micro evidence from New Zealand. J. Hous. Econ. 44, 88–98 | 2019 |
| 6 | New Zealand Tax Working Group. Future of tax: final report. | 2019 |