A Submarket Analysis of Immigration on House Prices in Greater Auckland

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dc.contributor.advisor Young, J en
dc.contributor.author Wu, Di en
dc.date.accessioned 2017-06-13T23:50:22Z en
dc.date.issued 2017 en
dc.identifier.uri http://hdl.handle.net/2292/33487 en
dc.description Full text is available to authenticated members of The University of Auckland only. en
dc.description.abstract This study examines the impacts of external immigrant inflows on both aggregated and disaggregated markets in New Zealand. To estimate the overall influence, the hedonic model formulated by Rosen (1974) was employed based on the national transaction records from 1996 to 2013. The empirical results demonstrated a positive relationship between long-term arrivals and house price appreciations, which is consistent with the existing literature. On disaggregated submarkets, unlike previous studies, this thesis investigated how selected area units responded to a specific external regulation change. The difference-in-difference (DID) technique developed from basic hedonic modelling was adopted, which enabled the capture of both overall and marginal changes, and allowed a comparison of two outcomes occurring before and after the intervention. The Chinese ethnic group was chosen as a research subject because of the sector’s unique behaviour and outstanding performance in the local housing market. The DID estimation documented marginal changes in selected Chinese area units as a response to the sudden alterations to immigration policy in 2002. The empirical results showed that the new regulation had limited impact on Chinese-dominant area units where the local house price temporarily dropped within a lagged term. In the higher-end market, which was likely the target segment of wealthy Chinese immigrants, house prices showed an immediate decline after the announcement. However, this effect diminished after 18 months. The findings of this study suggest that constraining residential house prices solely by immigration control can only achieve limited results for certain market segmentations and in certain geographic areas. To achieve long-term sustainable results, other forms of market controls should be considered by the regulators. en
dc.publisher ResearchSpace@Auckland en
dc.relation.ispartof Masters Thesis - University of Auckland en
dc.relation.isreferencedby UoA99264921993002091 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. en
dc.rights Restricted Item. Available to authenticated members of The University of Auckland. en
dc.rights.uri https://researchspace.auckland.ac.nz/docs/uoa-docs/rights.htm en
dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/nz/ en
dc.title A Submarket Analysis of Immigration on House Prices in Greater Auckland en
dc.type Thesis en
thesis.degree.discipline Property en
thesis.degree.grantor The University of Auckland en
thesis.degree.level Masters en
dc.rights.holder Copyright: The author en
pubs.elements-id 629892 en
pubs.record-created-at-source-date 2017-06-14 en

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