Examining Critical Factors Affecting the Housing Price in New Zealand: A Causal Loop Diagram Model

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aut.relation.journalJournal of Housing and the Built Environment
dc.contributor.authorAlbsoul, Hadeel
dc.contributor.authorDoan, Dat Tien
dc.contributor.authorAigwi, Itohan Esther
dc.contributor.authorNaismith, Nicola
dc.contributor.authorGhaffarianhoseini, Amirhosein
dc.contributor.authorGhaffarianhoseini, Ali
dc.date.accessioned2024-10-07T20:53:26Z
dc.date.available2024-10-07T20:53:26Z
dc.date.issued2023-12-26
dc.description.abstractThe New Zealand housing market has become a public concern due to the significant surge in housing prices. The steep increase in housing prices has presented significant difficulties for individuals seeking homeownership, particularly for first-home buyers. Therefore, this research aims to identify the crucial factors of the New Zealand housing price system and their influence on housing prices. The system dynamics (SD) methodology was applied to organise the cause and effect variables into a causal loop diagram (CLD) illustrating the structure and interaction of the primary feedback mechanisms within the complex system of housing prices. Accordingly, population growth, macroeconomic stability, investment demand, monetary policy, and construction costs are key contributing factors to promoting affordable housing prices and increasing homeownership rates in New Zealand. The construction costs, including the land cost, are the most significant of all the factors. Hence, there is a call to prioritise optimising construction resources. This research’s developed model was validated by exploring experts’ views on the model’s components and system dynamics. The findings provide relevant stakeholders in New Zealand’s residential construction sector with solutions and guidelines for coping with supply and demand fluctuations and reducing economic cycles on material price and workforce development.
dc.identifier.citationJournal of Housing and the Built Environment, ISSN: 1566-4910 (Print); 1573-7772 (Online), Springer Science and Business Media LLC. doi: 10.1007/s10901-023-10095-1
dc.identifier.doi10.1007/s10901-023-10095-1
dc.identifier.issn1566-4910
dc.identifier.issn1573-7772
dc.identifier.urihttp://hdl.handle.net/10292/18111
dc.languageen
dc.publisherSpringer Science and Business Media LLC
dc.relation.urihttps://link.springer.com/article/10.1007/s10901-023-10095-1
dc.rightsThis version of the article has been accepted for publication, after peer review (when applicable) and is subject to Springer Nature’s AM terms of use, but is not the Version of Record and does not reflect post-acceptance improvements, or any corrections. The Version of Record is available online at: https://dx.doi.org/10.1007/s10901-023-10095-1
dc.rights.accessrightsOpenAccess
dc.subject1205 Urban and Regional Planning
dc.subjectUrban & Regional Planning
dc.subject3301 Architecture
dc.subject3304 Urban and regional planning
dc.subject4406 Human geography
dc.titleExamining Critical Factors Affecting the Housing Price in New Zealand: A Causal Loop Diagram Model
dc.typeJournal Article
pubs.elements-id533769
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