2021
DOI: 10.1111/1759-3441.12329
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Changes in Amenity Values after COVID‐19 Lockdowns in Auckland, New Zealand

Abstract: In the fight against the COVID-19 pandemic, New Zealand stood out with its ambitious elimination goal and the small death count per capita. The country's strategy included full lockdown measures that were strict by international standards. In this paper we investigate whether New Zealand's strict lockdowns brought significant changes to the dwelling price capitalisation of environmental amenities. Our results show a nuanced landscape. While before the pandemic, Auckland homebuyers were willing to pay a premium… Show more

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Cited by 13 publications
(6 citation statements)
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“…Third, in the aftermath of the global financial crisis, Auckland's housing market entered a boom phase that ended in 2017 but revived in 2020 with changes in monetary policy to mitigate the effects of the COVID‐19 pandemic and lockdowns. This paper does not incorporate these recent factors (Cheung & Fernandez, 2021; Fernandez & Martin, 2021). Fourth, we do not explore interactions with rental or labour markets.…”
Section: Discussionmentioning
confidence: 99%
“…Third, in the aftermath of the global financial crisis, Auckland's housing market entered a boom phase that ended in 2017 but revived in 2020 with changes in monetary policy to mitigate the effects of the COVID‐19 pandemic and lockdowns. This paper does not incorporate these recent factors (Cheung & Fernandez, 2021; Fernandez & Martin, 2021). Fourth, we do not explore interactions with rental or labour markets.…”
Section: Discussionmentioning
confidence: 99%
“…Fourth, we do not explore alternative capital and investment sources which could be accessed to implement the policy package. Fourth, it is yet to be fully understood how the aftermath of the COVID-19 pandemic will affect the affordability situation in New Zealand (Fernandez and Martin, 2021; Cheung and Fernandez, 2021). Finally, by the time of writing, other external factors such as the Ukrainian–Russian war, the interest rate hikes and the rampant inflation had not occurred yet.…”
Section: Discussionmentioning
confidence: 99%
“…These observations are in line with increasing preference for locations away from dense urban centers (Ferreira & Wong, 2022). In particular, there is evidence of a willingness to pay premium prices for locations adjacent to open spaces and beaches, and also a drift toward places further away from the city center, compared with pre-Covid-19 observations (Cheung & Fernandez, 2021).…”
Section: Literature Reviewmentioning
confidence: 91%