The Treasury and GEN present a lunch time knowledge sharing session:

Dominick Stephens, Deputy Secretary and Chief Economic Adviser of The Treasury will present on:

House prices, interest rates and land supply: the implications of uncompetitive urban land markets.

House prices have risen 30% over the past year despite near-zero net migration and booming construction activity. This challenges the notion that New Zealand house prices are mainly a story about dwelling supply versus population. Dominick proposes that the main driver of house prices over the past twenty years has been a decline in global interest rates in the context of restricted urban land supply. The presentation will be a non-technical introduction into how the competitiveness of urban land markets affects the determination of house prices, and a discussion of the policy implications