Housing price diffusion pattern of Australia's state capital cities

Luo, Zhen Qiang, Liu, Chunlu and Picken, David 2007, Housing price diffusion pattern of Australia's state capital cities, International journal of strategic property management, vol. 11, no. 4, pp. 227-242.

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Title Housing price diffusion pattern of Australia's state capital cities
Author(s) Luo, Zhen Qiang
Liu, Chunlu
Picken, David
Journal name International journal of strategic property management
Volume number 11
Issue number 4
Start page 227
End page 242
Publisher Leidykla Technika
Place of publication Vilnius, Lithuania
Publication date 2007-12
ISSN 1648-715X
1648-9179
Keyword(s) ripple effect
house price diffusion
regional house prices
cointegration
Summary The ripple effect of house prices within metropolitan areas has recently been recognised by researchers. However, it is very difficult to formulate and measure this effect using conventional house price theories particularly in consideration of the spatial locations of cities. Based on econometrics principles of the cointegration test and the error correction model, this research develops an innovative approach to quantitatively examine the diffusion patterns of house prices in mega-cities of a country. Taking Australia's eight capital cities as an example, the proposed approach is validated in terms of an empirical study. The results show that a 1-1-2-4 diffusion pattern exists within these cities. Sydney is on the top tier with Melbourne in the second; Perth and Adelaide are in the third level and the other four cities lie on the bottom. This research may be applied to predict the regional housing market behavior in a country.
Language eng
Field of Research 150403 Real Estate and Valuation Services
HERDC Research category C1 Refereed article in a scholarly journal
Copyright notice ©2007, Vilnius Gediminas Technical University
Persistent URL http://hdl.handle.net/10536/DRO/DU:30007409

Document type: Journal Article
Collection: School of Architecture and Built Environment
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