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    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.
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    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.
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    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.
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    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.
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