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Final Housing Affordability Report assignment代寫

    Why is this inquiry important?
    The Government has asked the Commission to evaluate the factors influencing the affordability of housing
    in New Zealand (both rental and owner-occupied) and to examine potential opportunities to increase
    affordability.
    The context of this inquiry is the recognition that stability of the home environment is important for social
    cohesion and family stability. There is a concern that real (inflation-adjusted) house prices in New Zealand
    are markedly higher than they were a decade ago and that this has been associated with general declines in
    housing affordability and home ownership rates. These declines have contributed to increased demand for
    rental accommodation and additional pressure on the social housing sector.
    The aim of this report is to suggest policy improvements that could enhance the performance of the
    housing market and the effectiveness with which it meets the needs of New Zealanders. This would be
    important at any time, but is particularly so in the aftermath of a house price boom between 2001 and 2007
    that was unprecedented in recent history and one of the longest and steepest since data began (Figure
    0.1). Real house prices almost doubled over this period, which equates to an average increase of 12% per
    year. The boom has started to unwind but house prices remain above long-term levels.
    Figure 0.1
    House prices, real and nominal
    Source: Quotable Value and Statistics New Zealand
    Notes:
    1.
    Real house prices are measured as the ratio of actual house prices to the CPI.
    Although unprecedented in history, New Zealand’s recent house price boom occurred more or less at the
    same time as rapid house price expansions in a majority of OECD countries. Indeed, co-movements in real
    house prices have been unusually strong internationally over the 2000s, suggesting a significant role for
    global factors in propagating this period of real house appreciation (Box 1).
    Box 1
    Box 1 What drove the surge in New Zealand house prices in the 2000s?
    The sharp rise in house prices in New Zealand during the 2000s reflected a number of cumulative
    demand-side factors against a degree of stickiness in housing supply. Internationally, a range of
    influences came together to encourage a strong increase in credit growth, much of which increased
    effective demand for housing in a number of OECD countries:
    ? In conjunction with loose monetary policy in the United States, high savings from some Asian and
    6
    Housing Affordability
    The house price boom was more widely dispersed across the country than previous house price expansions.
    However, there were important exceptions to this trend – in the Queenstown Lakes District and
    metropolitan areas in Auckland and Wellington, houses were among the most expensive in the country in
    the early 2000s, but these regions still experienced strong real house price appreciations over the boom. In
    Auckland – home to around one third of New Zealand’s population and 31% and 41% of its housing stock
    by number and value respectively – this continued a well-established trend of strong real house price
    increases relative to the rest of the country. As a consequence, the distribution of house prices in Auckland
    is now markedly different to that in the rest of New Zealand, particularly at the lower end of the Auckland
    housing market. For example, between 1995 and 2011, the gap between lower-quartile house prices in
    Auckland vis-à-vis the rest of the country increased by over 260% in real terms. The analogous figures for
    median and upper-quartile house prices are 230% and 150% respectively (Figure 0.2).
    1 The OCR troughed at 4.75% at the beginning of 2002, but rates were under 6.00% from May 2001 to July 2004.

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