So before the change point, more of the rise in housing stock value was due to the rise in the real value of the improvements on the house.
After the change point, the rise was more about revaluation of existing assets, and specifically increases in the value of the underlying land. We know land values have increased hugely in our cities over the last decade.
Incidentally this fits in perfectly with the argument that land supply is the main culprit when it comes to housing affordability.
Well, yeah. With each official valuation the value of improvements as a proportion of the the overall valuation of my central Auckland residential property decreases. But I’m guessing that location (ie: land) has been the primary driver of residential property prices since way before 2001.
Also, what form of demand would cause an increase in Auckland land prices so tremendously out of proportion to population increases in the past five years? If demand for land is driving up prices, where is that demand coming from? It doesn’t seem to be related to external or internal migration. I think this relates to David’s point about the difficulty of planning housing supply when the demand indicators available to you don’t tell you anything useful.
Kia ora. Thank you for popping by.
Indeed. And thanks also to David for participating so usefully in the discussion of his post. Y'all are good.
Authority X said it was supply constriction due to RMA restriction. I am sure they did.
It's surprising how often this is offered as a received truth.
This is why I don’t think supply-side solutions are going to do much – the supply-side solutions are couched in terms of supplying the demand from local people, but we have no idea how big the supply would need to grow to deal with the demand from sources invisible to the New Zealand economy.
Totally agree. We also have no idea how this demand could change over time. It could treble over a year due to some policy change in any one of the very large countries in the world.
Yes, this occurred to me after David posted the first of this stuff in comments on earlier posts: what nature of demand are we even planning for?
it treats all input fields as potential dogging sites.
I see what you did there.
Anyway, Phil Clairmont was all over this decades ago…
So this is what porn images look like through mostly animal-trained networks; what I haven’t seen yet is a porn-trained network looking at non-porn pics. Cocks everywhere!
Shit, I hadn't thought of that. That would be even weirder ...
Tiger (original pic by Ali Little) in one of the less dog-prone models.
Gee, that's nice.
And yes, people are Deep Dreaming videos ...
That’s okay! It’s only “a little bit longer”.
If we’ve been rolled on re-patenting, I’m told it’s an additional seven years that Pharmac can’t access a generic.