Charts 6 and 7 really speak of convergence. No place remains cheaper long-term. Short-run movements like Auckland 2010-2016 or Wellington 2017-2023 or Canterbury 2021-2024 need to be interpreted in that context. There is often a local policy story, but that local story can't override the forces of spatial equilibrium.
My only data quibble is with Chart 5. Geometric means are subject to the same compositional bias as medians. That decline in the Auckland rent premium over the NZ average will be in part due to more smaller, lower quality dwellings entering the rental stock.
Nice analysis.
Charts 6 and 7 really speak of convergence. No place remains cheaper long-term. Short-run movements like Auckland 2010-2016 or Wellington 2017-2023 or Canterbury 2021-2024 need to be interpreted in that context. There is often a local policy story, but that local story can't override the forces of spatial equilibrium.
My only data quibble is with Chart 5. Geometric means are subject to the same compositional bias as medians. That decline in the Auckland rent premium over the NZ average will be in part due to more smaller, lower quality dwellings entering the rental stock.