Journal Articles

Permanent URI for this collectionhttps://mro.massey.ac.nz/handle/10179/7915

Browse

Author: search.filters.author.Squires GStart date: 2020

Search Results

Now showing 1 - 8 of 8
  • Thumbnail Image
    Item
    The spatial effect of airport proximity on house prices: a quantile regression analysis for the New Zealand market
    (Taylor and Francis Group, 2025-08-19) Squires G; Ngo T; McCord MJ; Lo D; Wang X
    This study contributes to understanding the link between the housing market and airport location proximity, whilst examining the entirety of the house price distribution. The research investigates this association across four key urban areas within New Zealand proximal to an international airport–Auckland, Wellington, Christchurch, and Queenstown. Applying hedonic and quantile regression, the analysis reveals that proximity to airports on house prices has a heterogeneous pricing effect. Results show that distance comprises a positive pricing effect within Auckland and Christchurch, whereas in Wellington and Queenstown the pricing effect is negative. The quantile regression findings further revealed differences between lower and higher priced properties value, given distance and proximity to airports within each city region. The Christchurch region reveals contrasting findings, showing there to be a higher positive pricing effect for higher-priced housing, which gradually decreases when moving down the quantiles. It is argued that this higher positive pricing for higher priced properties is due to particularities in the housing market close to Christchurch Airport.
  • Thumbnail Image
    Item
    House prices, airport location proximity, air traffic volume and the COVID-19 effect
    (Taylor and Francis Group on behalf of the Regional Studies Association, 2023-04-12) Ngo T; Squires G; McCord M; Lo D
    Although house prices and airports are influenced by distinct factors that shape their evolutions, they are also intrinsically connected through the natural and built environment. Standard theory suggests that air-traffic noise and proximity to key economic hubs such as airports are of prime importance to house prices and the housing market. This study contributes to understanding the link between the housing market, airport location proximity and air traffic. The research investigates this association across four key urban areas within New Zealand proximal to an international airport: Auckland, Wellington, Christchurch and Queenstown. Applying a generalized least squares (GLS) regression approach, the analysis reveals that house prices, air-traffic activity and proximity to airports within New Zealand demonstrate a statistically significant effect, and that air traffic volume has a positive effect on house prices. Moreover, the findings reveal a ‘U’-shape relationship between distance to the airport and house prices, suggesting that airport noise and pollution adversely affect house prices, with this effect diminishing with distance, indicating that economic influences and employment may also serve as a positive externality.
  • Thumbnail Image
    Item
    The reverse mortgage market in New Zealand: key drivers of loan determination
    (Taylor and Francis Group, 2024-03-29) Hutchison N; MacGregor B; Ngo T; Squires G; Webber DJ
    This paper examines the drivers of loan principals in the reverse mortgage and equity release market in New Zealand using a hedonic price model (HPM) approach. Our analysis using reverse mortgages data between 2004–2021, sourced from one major reverse mortgage bank, provides four key findings. First, the term of payment for repaid reverse mortgages is positively associated with loan principals, implying that longer repayment terms allow applicants who were able to repay mortgages to borrow more. Second, there is partial evidence to suggest the presence of a positive linear impact of the value of the current property on its loan principal, in line with previous house price modelling studies. Third, older applicants (age 75+) borrow less than younger applicants, which may be due to their repaying ability. Fourth, we confirm a positive effect of interest rates on reverse mortgage amounts but reject the positive association between wider loan-to-value policy restrictions and equity release lending amounts. The results broadly highlight that the house price is more relevant than any individual characteristic of a property in determining loan principals, and that all drivers are relevant in the early stage of the development of the reverse mortgages market in New Zealand.
  • Thumbnail Image
    Item
    Land banking, land price and Ghana’s informal land markets: A relational complexity approach
    (Elsevier Ltd, 2024-06) Sasu A; Javed A; Muhammad I; Squires G
    Land banking practices have received little attention on how such practices shape informal land markets in developing countries. Drawing on a relational complexity framework, this study explores the land banking experience in Ghana’s informal land markets. This research conducted semi-structured interviews with over thirty participants from four communities within the Ghanaian informal land market. The analysis revealed that developers are banking large tracts of land as capital investments through land dispositions. The absence of development on these banked lands has created a situation where developers are gradually influencing land prices. The analysis also shows that developers have created complex ongoing relationships with customary land managers. This coalition relationship has shaped land prices through the displacement of state-mediated statutory powers for land exchanges. The study recommends revisiting of stakeholder discussions on the enforcement and monitoring of the processes required under the Ghanaian Lands Commission guidelines for large-scale land transactions.
  • Thumbnail Image
    Item
    Grand Ideas or Delusions of Grandeur? Placing big thinkers and essential theories in property economics research
    (30/03/2022) Squires G
    Purpose: This article is looking to reflect on the various important touchstones of “grand theory” and “big thinkers” that can be framed when engaging empirical evidence in property economics research. Design/methodology/approach: The paper is reflexive in nature, using experiential reflection to consider theory in property economics. The importance of “methodology” is emphasised rather than “method”. Findings: Using reflexive mode, the paper does not have “findings” as such: if the views expressed are accepted, then a research agenda to better understand property economics research is implied. Research limitations/implications: The nature of reflection is that it follows from the writer's experiential processes and interpretations. The reader may come from a different stance. Broadly accepting the propositions, there is a call for property economics research to be formulated in reason and logic, particularly as humans do not reason from facts alone. Such reasoned thinking could for example be in the property economic concepts of space and place, contracts and justice, capital and financialisation. Practical implications: To engage with such theory would provide some depth of philosophical roots for property as a discipline. Elevating property as a “real-world” discipline rather than simply an applied mathematics discipline. Social implications: The paper enables an understanding of how property economics research can benefit from more ontology and more inductive reasoning. Originality/value: The paper reflects the views and experience of the author based on over 15 years of research in property economics.
  • Thumbnail Image
    Item
    Editorial: Housing affordability – can we put the housing wealth genie back in the bottle?
    (Emerald Publishing Limited, 23/01/2020) Squires G; White D
  • Thumbnail Image
    Item
    The connectedness of house price affordability and rental price affordability measures
    (Emerald, 22/04/2022) Squires G; Webber D; Trinh H; Javed A
    Purpose: The purpose of this paper is to examine the relationship between house price affordability (HPA) and rental price affordability (RPA) in New Zealand. The cointegration of HPA and RPA is of particular focus given rising house prices and rising rents. Design/methodology/approach: The study examines the lead-lad correlation between HPA and RPA. The method uses a generalised least square technique and the development of an ordinary least squares model. Findings: The study shows that there is an existence of cointegration and unidirectional statistical causality effects between HPA and RPA across 11 regions in New Zealand. Furthermore, Auckland, Wellington and Canterbury are the three regions in which the results detect the most extreme effects amongst HPA and RPA compared to other places in the country. Extended empirical work shows interesting results that there are lead-lag effects of HPA and RPA on each other and on mortgage rates at the national scale. These effects are consistent for both methods but are changed at individual lead-lag variables and amongst different regions. Originality/value: The study empirically provides useful insight for both academia and practitioners. Particularly in examining the long-run effects, cointegration and forecasting of the volatile interactions between HPA and RPA.
  • Thumbnail Image
    Item
    Locked Out: Generational inequalities of housing tenure and housing type
    (Emerald, 12/07/2022) Lowies B; Squires G; Rossini P; McGreal S
    Purpose: The purpose of this paper is to first explore whether Australia and the main metropolitan areas demonstrate significant differences in tenure and property type between generational groups. Second, whether the millennial generation is more likely to rent rather than own. Third, if such variation in tenure and property type by millennials is one of individual choice and lifestyle or the impact of housing market inefficiencies. Design/methodology/approach: This paper employs a comparative research approach using secondary data from the Australian Bureau of Statistics (ABS) to consider housing tenure and type distributions across generations as well as through cross-city analysis. Findings: The results show that home ownership is still the dominant tenure in Australia, but private rental is of increasing significance, becoming the tenure of choice for Millennials. Owner occupation is shown to remain and high and stable levels for older generations and while lower in percentage terms for Generation X; this generation exhibits the highest growth rate for ownership. Significant differences are shown in tenure patterns across Australia. Originality/value: The significance of this paper is the focus on the analysis of generational differences in housing tenure and type, initially for Australia and subsequently by major metropolitan areas over three inter-census periods (2006, 2011 and 2016). It enhances the understanding of how policies favouring ageing in place can contradict other policies on housing affordability with specific impact on Millennials as different generations are respectively unequally locked-out and locked-in to housing wealth.