The global financial crisis and the Australian and New Zealand housing markets |
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Authors: | Laurence Murphy |
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Affiliation: | (1) University of Auckland Business School, The University of Auckland, Owen G Glenn Building, 12 Grafton Road, Auckland, Private Bag 92019, Auckland, 1142, New Zealand |
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Abstract: | The evolution of the US sub-prime mortgage meltdown into a global financial crisis clearly demonstrates the increasingly integrated
nature of mortgage and capital markets. However, notwithstanding the global scale and severity of the recent financial crisis,
the effects of the credit crunch were mediated by nationally constituted housing markets, the activities of local financial
institutions and national housing policies. Adopting an institutional perspective this paper critically examines the manner
in which the financial crisis impacted upon the Australian and New Zealand housing markets. These countries had actively participated
in the liberalisation of mortgage markets and experienced significant house price inflation post-2000 but, in contrast to
the USA and some European experiences, they escaped a severe housing downturn. It is argued that a combination of pre-existing
institutional practices, market conditions and government policies acted to shelter these markets and created the potential
conditions for a new housing boom. While avoiding a deep housing slump, both Australia and New Zealand have to address the
on-going macroeconomic implications of a system predicated on housing inflation and capital gains. |
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