House price affordability, the global financial crisis and the (ir)relevance of mortgage rates

dc.contributor.authorSquires G
dc.contributor.authorWebber DJ
dc.description.abstractAlthough house prices and wages are both influenced by distinct factors that shape their own evolutions, they are also intrinsically connected through house price affordability. Further, macroeconomic policies centred around adjustments in the mortgage rate are of prime importance in ensuring that the housing market does not overheat. This study contributes to the understanding of the link between housing market affordability and mortgage rates by investigating this association across regions of New Zealand using quarterly data between 2000 and 2017. Applications of trajectory regression reveal that the global financial crisis affected regional house price affordability asymmetrically and there was no statistically significant correlation between house price affordability and mortgage rates.
dc.format.extent405 - 420
dc.identifier.citationRegional Studies, Regional Science, 2019, 6 (1), pp. 405 - 420
dc.publisherTaylor and Francis Group on behalf of the Regional Studies Association
dc.relation.isPartOfRegional Studies, Regional Science
dc.rights© 2019 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group This is an Open Access article distributed under the terms of the Creative Commons Attribution License (, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
dc.subject.anzsrc1205 Urban and Regional Planning
dc.subject.anzsrc1402 Applied Economics
dc.subject.anzsrc1604 Human Geography
dc.titleHouse price affordability, the global financial crisis and the (ir)relevance of mortgage rates
dc.typeJournal article
pubs.notesNot known
pubs.organisational-group/Massey University
pubs.organisational-group/Massey University/Massey Business School
pubs.organisational-group/Massey University/Massey Business School/School of Economics and Finance
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