Interpreting the Changing Meaning of the Peri-Urban Holiday House: The Complex and Paradoxical Nature of Housing Financialisation

Housing, Theory and Society, DOI: 10.1080/14036096.2023.2287133

The University of Auckland Business School Research Paper

Posted: 4 Mar 2024

See all articles by Deborah Levy

Deborah Levy

University of Auckland Business School

Harvey C. Perkins

University of Auckland

Jane Horan

University of Auckland Business School

Date Written: December 26, 2023

Abstract

In recent studies of housing financialisation, a “financial paradox” has been identified in which owner-occupied houses are simultaneously places of ontological security and financial investment. This paradox influences the way owner-occupiers interpret their primary and holiday houses, particularly if the latter are located in sought after high amenity locations. In this paper, we argue that, faced with rapidly increasing residential property prices, many long-term owners reluctantly reconceptualise their understanding of their holiday house as both a recreational and financial asset. Our study uses in-depth interviews with owners of holiday houses on Waiheke Island, Auckland, Aotearoa New Zealand to identify how they are interpreting and managing the normalisation of this paradox. The island is historically popular for holiday houses and is currently experiencing substantial property price increases. It is therefore an ideal place to study the complex and paradoxical nature of housing financialisation and thus potential biases in the housing market.

Keywords: Financialisation, neoliberalism, ontological security, holiday house, home, financial paradox

Suggested Citation

Levy, Deborah and Perkins, Harvey C. and Horan, Jane, Interpreting the Changing Meaning of the Peri-Urban Holiday House: The Complex and Paradoxical Nature of Housing Financialisation (December 26, 2023). Housing, Theory and Society, DOI: 10.1080/14036096.2023.2287133, The University of Auckland Business School Research Paper, Available at SSRN: https://ssrn.com/abstract=4746689

Deborah Levy (Contact Author)

University of Auckland Business School ( email )

12 Grafton Rd
Private Bag 92019
Auckland, 1010
New Zealand

Harvey C. Perkins

University of Auckland ( email )

Sir Owen G Glenn Building, 12 Grafton Road, Auckla
Auckland, 1010

Jane Horan

University of Auckland Business School ( email )

12 Grafton Rd
Private Bag 92019
Auckland, 1010
New Zealand

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