The global financial crisis and the Australian and New Zealand housing markets

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dc.contributor.author Murphy, Laurence en
dc.date.accessioned 2012-03-08T19:48:50Z en
dc.date.issued 2011 en
dc.identifier.citation Journal of Housing and the Built Environment 26(3):335-351 2011 en
dc.identifier.issn 1566-4910 en
dc.identifier.uri http://hdl.handle.net/2292/13499 en
dc.description.abstract The evolution of the US sub-prime mortgage meltdown into a global financial crisis clearly demonstrates the increasingly integrated nature of mortgage and capital markets. However, notwithstanding the global scale and severity of the recent financial crisis, the effects of the credit crunch were mediated by nationally constituted housing markets, the activities of local financial institutions and national housing policies. Adopting an institutional perspective this paper critically examines the manner in which the financial crisis impacted upon the Australian and New Zealand housing markets. These countries had actively participated in the liberalisation of mortgage markets and experienced significant house price inflation post-2000 but, in contrast to the USA and some European experiences, they escaped a severe housing downturn. It is argued that a combination of pre-existing institutional practices, market conditions and government policies acted to shelter these markets and created the potential conditions for a new housing boom. While avoiding a deep housing slump, both Australia and New Zealand have to address the on-going macroeconomic implications of a system predicated on housing inflation and capital gains. en
dc.language EN en
dc.publisher Springer en
dc.relation.ispartofseries Journal of Housing and the Built Environment en
dc.rights Items in ResearchSpace are protected by copyright, with all rights reserved, unless otherwise indicated. Previously published items are made available in accordance with the copyright policy of the publisher. Details obtained from http://www.sherpa.ac.uk/romeo/issn/1566-4910/ en
dc.rights.uri https://researchspace.auckland.ac.nz/docs/uoa-docs/rights.htm en
dc.subject Global financial crisis en
dc.subject Australia and New Zealand en
dc.subject Mortgage liberalisation en
dc.subject Mortgage institutions en
dc.subject MORTGAGE en
dc.subject PERSPECTIVE en
dc.subject CITIES en
dc.subject HOME en
dc.title The global financial crisis and the Australian and New Zealand housing markets en
dc.type Journal Article en
dc.identifier.doi 10.1007/s10901-011-9226-9 en
pubs.issue 3 en
pubs.begin-page 335 en
pubs.volume 26 en
dc.rights.holder Copyright: Springer en
pubs.end-page 351 en
dc.rights.accessrights http://purl.org/eprint/accessRights/RestrictedAccess en
pubs.subtype Article en
pubs.elements-id 221801 en
pubs.org-id Science en
pubs.org-id School of Environment en
pubs.record-created-at-source-date 2012-02-16 en


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