| University | University of Auckland (UOA) |
| Subject | PROPERTY 261: Property Economics |
Course Academic Essay Instruction 2025
Semester 2 (1255)
| Year/Semester : 2025/Semester 2
Subject : Property Economics Topic : Assignment Instructions Issued by : Dr William Cheung (Course Director and Co-lecturer) Dr Sowon Kim (Co-lecturer) |
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1. The Brief
Between 2020 and 2024, New Zealand experienced two concurrent yet seemingly contradictory phenomena in its housing market: a surge in net migration and a sustained decline in house prices. Data from the Real Estate Institute of New Zealand (REINZ) show that the national median house price dropped by $30,000 over the past year, with Auckland’s median falling by 2.8% to $1.04 million, despite stronger buyer interest and increased sales volumes. This decline occurred amid expectations that high immigration would apply upward pressure on property prices, a claim frequently advanced in public discourse.
However, the picture is more complicated. While house prices have generally declined or remained stagnant, rents have continued to climb, particularly in metropolitan areas. Anecdotal and industry reports suggest that skilled migrants are contributing to rent inflation at the upper end of the market, while at the same time, higher interest rates and greater housing stock availability have subdued purchase demand and restrained capital gains. This contradiction raises fundamental questions about the actual influence of immigration on housing dynamics. Traditional arguments assume that more people equal more demand, which in turn leads to higher prices. But empirical evidence from recent years challenges this assumption and points toward a more segmented and temporally uneven impact.
Furthermore, the net effect of immigration is shaped not only by arrivals but also by a growing number of New Zealanders emigrating to Australia and other destinations. These outbound flows have created significant demographic gaps, particularly in provincial towns, which are now experimenting with regional immigration strategies to stabilise shrinking populations.
This essay invites students to critically evaluate the multifaceted relationship between immigration and New Zealand’s housing market, drawing on empirical data, economic modelling, and academic literature. Students are expected to use the DiPasquale and Wheaton (1992) four-quadrant model to examine how immigration influences both the space market (rents, occupancy) and the asset market (house prices and supply). They will assess how immigration interacts with other factors such as interest rates, inventory levels, and investor sentiment, and consider whether immigration alone can account for observed housing trends.
Specifically,
- In your academic essay (2,000–3,000 words), you must:
- Describe the current status of the New Zealand housing market using empirical indicators, covering:
- Housing price trends,
- Rental market developments,
- Net migration flows (inflows and outflows),
- Regional variation in market activity.
- Apply DiPasquale and Wheaton’s (1992) four-quadrant model to explain:
- Why rents are rising while house prices are falling in key regions,
- How migration inflows influence both space and asset markets,
- How the timing and skill composition of immigration matter,
- Critically evaluate the implications of immigration, with attention to:
- Market volatility and the role of policy uncertainty,
- The segmentation of housing demand (e.g. high-income renters),
- The potential of regional immigration policies to offset population loss and revitalise stagnant markets.
Please note that this is an individual assignment and is worth 25% of the final grade.
2. Resources – readings, tutorials and rubric
2.1. Readings and other resources
To assist you with your essay, you are required to read the market analyses and/or policies, then identify the key results from the scholarly journal articles provided and apply these results to the Four Quadrant Model. You must analyse all four quadrants in your essay.
You have also been provided with a number of journal articles that report on housing market research pertinent to the tasks (see the Reference List). Please note that you are required to cite at least 12 sources from this list in total; this includes policy documents, reports, and journal articles in your essay. You can include other journal articles as well as industry and government reports of your choosing that are not on the list, but ensure that you cite these.
You may refer to news media articles, but please reserve these for the Introduction (1.0) and Background (2.1) sections of the essay (see Essay format below). They should not be used in the Literature Review as this section is reserved for peer-reviewed journal articles only. Please also note that media articles (from NZ Herald or Stuff, for example) are not included in the required 12 citations, they are additional.
2.2. Tutorials
A series of tutorials will be available on Monday, 11th September, to give you guidance on how to approach this assignment, how to read/synthesise and evaluate academic literature, and how to write up the different sections. The tutorial details are as follows:
| Tutorial # | Delivery | Tutorial content |
| Tutorial 1 | Pre-recorded | Getting started |
| Tutorial 2 | Pre-recorded | Writing the background, literature review, analysis and discussion sections |
| Tutorial 3 | Pre-recorded | Writing the conclusion, introduction, and abstract sections; choosing a title; editing and proofreading your submission. |
Subject to the authors of the essay assignment last year, there will be some exemplars from students in the last cohort to help you craft your assignment. But please note that last year’s assignment was on a different topic.
2.3. Rubric
The rubric provided should be used as a guide to help you understand the evaluation benchmarks in accordance with our expectations of your written work.
Please note that plagiarism (using someone else’s ideas and information without attributing the source of the idea/information to that person) is not acceptable by the University of Auckland under any circumstances.
3. Format and other important information
Your ability to adhere to the required essay format, conventions, word limits, APA 7th referencing style, the use of tables/figures and any other instructions given for the assignment contributes to your final mark.
3.1. Essay format
Download the template from Canvas and use it for your final submission.
Remember the narrative explaining each section should be deleted from the essay template.
The essay format is as follows:
Title: Choose your own title
Abstract and keywords
- Introduction
2.0 Background and literature review
2.1 Background of the New Zealand housing market and policies
2.2 Literature review
3.0 Analysis and Discussion
4.0 Conclusion
3.2. Conventions
Font: Calibri or Arial
Point: 11 point
Line spacing: 1.5
Alignment: Justified
Page numbers: Number each page on the bottom right-hand side of the page.
3.3. Word limit
Minimum word limit: 2,000 words
Maximum word limit: 3,000 words
The word limit excludes the reference list at the end of your essay. Your total word count is required on the last page of your submission (before the reference list)
3.4. Referencing
All external sources used must be referenced in-text and in the reference list – this applies to journal articles, industry and government reports, newspaper articles, tables/figures.
In-text referencing and the reference list must be in APA 7th reference style with the link to the referred materials, if available.
All tables and figures (graphs, diagrams) should be numbered sequentially (e.g. Table 1, Table 2 or Figure 1, Figure 2) and have a brief title to describe the content. If they are derived from external sources (i.e., not created by you), the source/author must be acknowledged with the corresponding table/figure.
The essay template and tutorials will explain how to do this, with directions to the Library and Learning Services for additional information.
4. Submission (Bonus) Policy
Due date: Week 11 – Thursday, 9th October 5PM
Digital copy in pdf format to be submitted online to Canvas
(Please note your submission will automatically go through Turnitin)
To incentivise timely submissions, there will be a bonus of 5 marks for those who submit their assignments on time or earlier.
Assignments submitted:
- Within the first 24 hours, you will not receive a bonus or penalty.
- After the first 24 hours, up to three teaching days (or weekdays during a mid-semester break or study/exam period) will automatically incur a penalty of 20% of the total possible marks.
- More than three days late, up to one week late, will incur a penalty of 50% of the total possible marks.
- More than one week after the specified hand-in date and time will receive no marks. Additional regulations will follow the current study policies for the Department.
- Extended deadline submission is not eligible for this submission bonus.
For reference, you can find the current policies and guidelines at the following link: https://www.auckland.ac.nz/en/business/about-business-school/property/study-options/policies-and-guidelines.html
5. Enquiries
If you have any queries or concerns regarding this assignment, please contact us:
William Cheung (for Analysis): william.cheung@auckland.ac.nz
Edward Yiu (for Analysis): edward.yiu@auckland.ac.nz
6. Readings
Analytical Tools
DiPasquale, D., & Wheaton, W. C. (1992). The markets for real estate assets and space: A conceptual framework. Real Estate Economics, 20(2), 181-198. https://doi.org/10.1111/1540-6229.00579
Leung, C. K. Y., & Wang, W. (2007). An examination of the Chinese housing market through the lens of the DiPasquale-Wheaton model: A graphical attempt. International Real Estate Review, 10(2), 131-165. https://www.gssinst.org/irer/wp-content/uploads/2020/10/vol-10-no-2-an-examination-of-the-chinese-housing-market.pdf
Housing Market Prices and Rent
Ben-Shahar, D., Gabriel, S., & Oliner, S. D. (2020). New research on housing affordability. Regional Science and Urban Economics, 80, 103438. https://doi.org/10.1016/j.regsciurbeco.2019.02.006
Cheung, K. S., Monkkonen, P., & Yiu, C. Y. (2024). The heterogeneous impacts of widespread upzoning: Lessons from Auckland, New Zealand. Urban Studies, 61(5), 943-967. https://doi.org/10.1177/00420980231190281
Gabriel, S., & Painter, G. (2020). Why affordability matters. Regional Science and Urban Economics, 80, 103378. https://doi.org/10.1016/j.regsciurbeco.2018.07.001
Ge, J. X. (2009). Determinants of house prices in New Zealand. Pacific Rim Property Research Journal, 15(1), 90-121. https://doi.org/10.1080/14445921.2009.11104273
Greenaway-McGrevy, R., & Phillips, P. C. (2016). Hot property in New Zealand: Empirical evidence of housing bubbles in the metropolitan centres. New Zealand Economic Papers, 50(1), 88-113. https://doi.org/10.1080/00779954.2015.1065903
Greenaway-McGrevy, R., Pacheco, G., & Sorensen, K. (2021). The effect of upzoning on house prices and redevelopment premiums in Auckland, New Zealand. Urban Studies, 58(5), 959-976. https://doi.org/10.1177/0042098020940602
Nunns, P. (2021). The causes and economic consequences of rising regional housing prices in New Zealand. New Zealand Economic Papers, 55(1), 66-104. https://doi.org/10.1080/00779954.2020.1791939
Construction Related
Guan, Y., & Cheung, K. S. (2023). The Costs of Construction and Housing Prices: A Full-Cost Pricing or Tendering Theory? Buildings, 13(7), 1877. https://doi.org/10.3390/buildings13071877
Murphy, L. (2014). ‘Houston, we’ve got a problem’: the political construction of a housing affordability metric in New Zealand. Housing Studies, 29(7), 893-909. https://doi.org/10.1080/02673037.2014.915291
Ramesh, S., Shahzad, W., & Sutrisna, M. (2022). Transaction cost of offsite construction (osc): a New Zealand study. Iop Conference Series Earth and Environmental Science, 1101(4), 042044. https://doi.org/10.1088/1755-1315/1101/4/042044
Samarasinghe, D. A. S. (2021). The housing crisis in Australia and New Zealand: A comparative analysis through policy lenses. International Journal Of Construction Supply Chain Management, 10, 212-223. https://ijcscm.com/menu-script/index.php/ijcscm/article/view/66 21.
Zahirovich-Herbert, V. & Gibler, K.M. (2014). The effect of new residential construction on housing prices, Journal of Housing Economics, 26, 1-18, https://doi.org/10.1016/j.jhe.2014.06.003.
Zhao, L., Mbachu, J., Liu, Z., & Zhang, H. (2019). Modelling residential building costs in New Zealand: time series transfer function approach. https://doi.org/10.20944/preprints201903.0132.v1
Supplementary: Background/Topic Context
Grimes, A. and Hyland, S. (2014). Housing markets and the global financial crisis: the complex dynamics of a credit shock. Contemporary Economic Policy, 33(2), 315-333. https://doi.org/10.1111/coep.12070
Grimes, A., Hyland, S., Coleman, A., Kerr, J., & Collier, A. (2013). A New Zealand regional housing model. https://doi.org/10.29310/wp.2013.02
Gyourko, J., Hartley, J. S., & Krimmel, J. (2021). The local residential land use regulatory environment across US housing markets: Evidence from a new Wharton index. Journal of Urban Economics, 124, 103337. https://doi.org/10.1016/j.jue.2021.103337
Gyourko, J., Saiz, A., & Summers, A. (2008). A new measure of the local regulatory environment for housing markets: The Wharton Residential Land Use Regulatory Index. Urban Studies, 45(3), 693-729. https://doi.org/10.1177/0042098007087341
Lees, K. (2018). Quantifying the costs of land use regulation: evidence from new zealand. New Zealand Economic Papers, 53(3), 245-269. https://doi.org/10.1080/00779954.2018.1473470
Molloy, R. (2020). The effect of housing supply regulation on housing affordability: A review. Regional Science and Urban Economics, 80(C). https://www.aei.org/wp-content/uploads/2017/04/Overview-Talk-Panel-5.pdf
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Property 261_Property Economics Rubrics for essay
| CRITERIA | ADVANCED – ‘A’ | PROFICIENT – ‘B’ | BASIC – ‘C’ | UNSATISFED – ‘D’ |
| Students are expected to: | Meets the criteria ‘advanced’: | Meets the criteria ‘proficient’ | Meets the criteria ‘basic’: | |
| 1.CONVENTIONS AND WRITING SKILLS
Fulfill the convention guidelines set out in instructions; cite 12 journal articles/reports using APA 7th for in-text citations and reference list*; write concisely, using scholarly language, with flow between ideas; no grammatical, spelling or punctuation errors. [Graduate Profile Indicator 6.2] |
Student has consistently adhered to the assignment instruction guidelines; the essay is well-written; APA 7th referencing is used; there is excellent attention to detail, with no or minor mistakes and omissions. | Student has adhered to most of the assignment instruction guidelines, but there are some mistakes, and omissions in referencing and grammar, spelling, and punctuation; parts of the essay lack conciseness and cohesion. | Student has adhered to some assignment instruction guidelines, but there are many mistakes, and omissions in referencing and grammar etc. Parts of the essay are difficult to follow; there are examples of filler text, repetition, colloquial language | Student has ignored most, or all assignment instruction guidelines and created their own essay specifications. The standard of referencing, grammar, spelling, and punctuation is well below expectations. The essay is difficult to comprehend. |
| 10 points maximum | 10 or 9 points | 8 or 7 points | 6 or 5 points | 4 or fewer points |
| 2.ABSTRACT & INTRODUCTION*
In the abstract, provide a summary of your article. In the introduction, articulate the topic area & background, importance of the market change in the NZ context, the thesis(position), introduce theory & define key terms, define scope of essay & describe how essay is organised. [Graduate Profile Indicator 6.2] |
The abstract and introduction include the expected elements for these sections, with supporting evidence in the introduction. | The abstract and introduction include the expected elements with supporting evidence, but some elements lack precision in description and explanation. | The abstract and introduction have some relevant points, with omissions. Elements lack precision in description and explanation and there is insufficient supporting evidence. | The abstract and introduction are vague; the thesis is not clearly stated and there is no or insufficient supporting evidence. |
| 5 points maximum | 5 points | 4 points | 3 points | 2 or fewer points |
| 3.BACKGROUND & LITERATURE REVIEW*
Provide a background to the market change, with an intro and conclusion; and a literature review, with an intro and conclusion, that is a synthesis of scholarly literature on the topic. [Graduate Profile Indicator 6.2] |
The student has provided a comprehensive background showing their understanding of the market change; the literature review is a synthesis of cited works. | The student has made a good attempt at the background and literature review. This section needs more evidence and/or better synthesis of results. | The student has attempted to write a background and literature review. Several elements are omitted. This section needs more evidence and/or better synthesis of results. | The market details lack clarity and the literature review is not a synthesis of cited works, instead a summary of each paper has been presented. |
| 20 points maximum | 20 to 17 points | 16 to 14 points | 13 to 10 points | 9 or fewer points |
| 4.ANALYSIS & DISCUSSION*
Provide an introduction and conclusion to the section; analyse the market change(s) with the correct quadrant(s) with a contextual description and explanation; compare impacts between quadrants; assess direction (and magnitude) of impacts; reconcile the predictions to real-world with explanation reflecting on literature review. [Graduate Profile Indicator 3.2, 4.1, 4.2] |
The student has applied the correct figures, quadrant(s) to logically analyse the market change(s), explain the shifts or movement of the curve in the analytical models, the contextual description is well-thought out; impacts are compared, and predictions on magnitude and direction reconciled, reflecting on the cited evidence. | The student has applied the correct figures, quadrant(s) to analyse the market change(s), the contextual description is adequate; they have made a good attempt to address the additional requirements.
|
The student has applied the correct quadrant(s) to analyse the market change(s) with a minor error, but the contextual description is not clear; they have tried to address the additional requirements, but the rationale lacks precision. | The student has applied the incorrect quadrant(s) to analyse the market change; there are major errors and omissions in the additional requirements showing a lack of understanding of the market changes. |
| 60 points maximum | 60 to 51 points | 50 to 41 points | 40 to 30 points | 29 or fewer points |
| 5.CONCLUSION & RECOMMENDATIONS
Provide a summary of the essay; comment on contribution of the essay to existing knowledge; make future policy recommendations. [Graduate Profile Indicator 6.2] |
The conclusion clearly and concisely articulates the key elements for this section. The policy recommendation(s) is logical, insightful, and founded on evidence. | The conclusion includes the key elements for this section y but lacks precision in one or elements. The policy recommendation(s) is logical and founded on evidence. | The conclusion lacks precision in many elements. The policy recommendation(s) is vague and not founded on evidence. | The conclusion is weak, and some elements of this section have been omitted. |
| 5 points maximum | 5 points | 4 points | 3 points | 2 or fewer points |
| Total: 100 points maximum |
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