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作者

来源

HOUSING STUDIES,Vol.32,Issue5,P.693-710

语言

英文

关键字

Homeownership; housing finance; New Zealand; HOME-OWNERSHIP; BORROWING CONSTRAINTS; CONSUMPTION; AUSTRALIA; IMPACTS; POLICY

作者单位

[Bourassa, Steven C.] Florida Atlantic Univ, Sch Urban & Reg Planning, Boca Raton, FL 33431 USA. [Bourassa, Steven C.] Florida Atlantic Univ, Sch Publ Adm, Boca Raton, FL 33431 USA. [Shi, Song] Massey Univ, Sch Econ & Finance, Palmerston North, New Zealand. [Shi, Song] Univ Technol Sydney, Fac Design Architecture & Bldg, Sydney, NSW, Australia. Shi, S (reprint author), Massey Univ, Sch Econ & Finance, Palmerston North, New Zealand.; Shi, S (reprint author), Univ Technol Sydney, Fac Design Architecture & Bldg, Sydney, NSW, Australia. E-Mail: s.shi@massey.ac.nz

摘要

Homeownership is an important component of the New Zealand lifestyle. In recent decades, however, the ownership rate has been declining and the reasons are poorly understood. This paper explains the decline using a decomposition technique that has been applied in other contexts. We find that borrowing constraints and ethnicity have been particularly important contributors to the decline. Rapidly rising house prices clearly have played a major role in the inability of income to keep up with prices and the increased impact of borrowing constraints. We also show that the increased down payment requirements imposed by the Reserve Bank of New Zealand in 2013 are unlikely to have affected the ownership rate.