House prices and affordability
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The decade following the global financial crisis (GFC) has witnessed rampant house price appreciation in many cities of the developed world. The metropolitan centres of New Zealand showcase this ph...
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Abstracting from external effects of increased density or new construction, upzoned land should be priced higher than non-upzoned land due to its greater potential floorspace capacity, all else equal.
“Abstracting from external effects of increased density or new construction, upzoned land should be priced higher than non-upzoned land due to its greater potential floorspace capacity (Turner et al., 2017; Greenaway-McGrevy et al., 2021), all else equal.”
From The impact of upzoning on housing construction in Auckland (2023) · cites this paper as Greenaway-McGrevy et al., 2021
The Introduction reports that Auckland relaxed land-use rules to enable more intensive redevelopment and that the change appeared to favor land-intensive housing relative to existing capital-intensive structures. It does not state that upzoned land should be priced higher than otherwise comparable non-upzoned land because of greater potential floorspace capacity. (LLM, conf=0.77)
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Research works printed but not linked: 16
- Armstrong, J., Skilling, H., & Yao, F. (2019). Loan-to-value ratio restrictions and house prices: Micro evidence from New Zealand. Journal of Housing Economics, 44, 88-98.
- Bailey, M. J., Muth, R. F., & Nourse, H. O. (1963). A regression method for real estate price index construction. Journal of the American Statistical Association, 58(304), 933-942.
- Case, K., & Shiller, R. (1987). Prices of single family homes since 1970: New indexes for four cities. New England Economic Review, 45-56.
- Chen, L., Jiang, L., Phang, S.-Y., & Yu, J. (2020). Housing equity and household consumption in retirement: Evidence from the Singapore Life Panel. New Zealand Economic Papers, 55(1), 124-140. https://doi.org/10.1080/00779954. 2020.1842794 · DOI
- Cooper, G. C. K., & Namit, K. (2020). City with a billion dollar view. New Zealand Economic Papers, 55(1), 19-37. https://doi.org/10.1080/00779954.2018.1509110 · DOI
- Fernandez, M. A., Sánchez, G. E., & Bucaram, S. (2020). Price effects of the special housing areas in Auckland. New Zealand Economic Papers, 55(1), 141-154. https://doi.org/10.1080/00779954.2019.1588916 · DOI
- Greenaway-McGrevy, R., Pacheco, G., & Sorensen, K. (2020). The effect of upzoning on house prices and redevelopment premiums in Auckland, New Zealand. Urban Studies. https://doi.org/10.1177/0042098020940602 · DOI
- Greenaway-McGrevy, R., & Phillips, P. C. B. (2016). Hot property in New Zealand: Empirical evidence of housing bubbles in the metropolitan centres. New Zealand Economic Papers, 50(1), 88-113.
- Grimes, A., Sorensen, K., & Young, C. (2020). Repeat sales house price indices: Comparative properties under alterna- tive data generation processes. New Zealand Economic Papers, 55(1), 7-18. https://doi.org/10.1080/00779954.2019. 1612937 · DOI
- Gyourko, J., & Molloy, R. (2015). Chapter 19 -Regulation and housing supply. Handbook of Regional and Urban Economics, 5, 1289-1337. https://doi.org/10.1016/B978-0-444-59531-7.00019-3 · DOI
- Liu, X., Li, Q., Chand, S., & Sharpe, K. (2020). Effects of air quality on house prices: Evidence from China's Huai River Policy. New Zealand Economic Papers, 55(1), 52-65. https://doi.org/10.1080/00779954.2020.1827014 · DOI
- Nunns, P. (2020). The causes and economic consequences of rising regional housing prices in New Zealand. New Zealand Economic Papers, 55(1), 66-104. https://doi.org/10.1080/00779954.2020.1791939 · DOI
- Pavlidis, E., Paya, I., & Skouralis, A. (2020). House prices, (un)affordability and systemic risk. New Zealand Economic Papers, 55(1), 105-123. https://doi.org/10.1080/00779954.2020.1718185 · DOI
- Phillips, P. C. B., Shi, S., & Yu, J. (2015a). Testing for multiple bubbles: Historical episodes of exuberance and collapse in the S&P 500. International Economic Review, 56, 1043-1078.
- Phillips, P. C. B., Shi, S., & Yu, J. (2015b). Testing for multiple bubbles: Limit theory of real-time detectors. International Economic Review, 56, 1079-1134.
- Rherrad, I., Bago, J.-L., & Mokengoy, M. (2020). Real estate bubbles and contagion: New empirical evidence from Canada. New Zealand Economic Papers, 55(1), 38-51. https://doi.org/10.1080/00779954.2020.1791940 Statistics New Zealand. (2020). Household income and housing-cost statistics: Year ended June 2019. Retrieved December 16, 2020. https://www.stats.govt.nz/information-releases/household-income-and-housing-cost-statistics-year-end ed-june-2019 · DOI
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The impact of upzoning on housing construction in Auckland
Greenaway-McGrevy, R., & Phillips, P. C. B. (2023) · Journal of Urban Economics · doi:10.1016/j.jue.2023.103555 · Cited by 70 · see citing works
Self-citationCan zoning reform reduce housing costs? Evidence from rents in Auckland
Greenaway‐McGrevy, R., & So, Y. (2026) · Economic Inquiry · doi:10.1111/ecin.70075
Self-citation
- Authors
- Greenaway-McGrevy, R., & Phillips, P. C. B.
- Affiliations
- University of Auckland, Auckland, New Zealand
- University of Auckland (NZ)
- Venue
- New Zealand Economic Papers
- Publisher
- Informa UK Limited
- Published
- 2021-01-02
- Volume
- 55
- Issue
- 1
- Pages
- 1-6
- ISSN
- 0077-9954 (ISSN-L)
- 1943-4863
- OpenAlex
- W3134079513
- Cited by
- 15
- References
- 0
- Citations by year
- 2026: 2 · 2025: 4 · 2024: 2 · 2023: 2 · 2022: 3 · 2021: 2
- FWCI
- 1.60
- Type
- journal article
- Language
- en
- Open access
- bronze
- doi.org
- Locations
- New Zealand Economic Papers (publishedVersion)
- ePrints Soton (University of Southampton) (acceptedVersion)
- Singapore Management University Institutional Knowledge (InK) (Singapore Management University) (submittedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- ResearchSpace (University of Auckland) (submittedVersion)
- Funders
- University of Auckland (16-UOA-239)
- Kelly Fund
- NSF (SES 18-5086)
- Topics
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Housing Market and Economics
- Social Sciences › Economics, Econometrics and Finance › Finance › Housing, Finance, and Neoliberalism
- Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Monetary Policy and Economic Impact
- Keywords
- housing prices, housing affordability, house price appreciation, 2008 financial crisis, New Zealand housing market, metropolitan housing markets
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