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Convergence among the sub-markets in Australian regional building and construction sector

Liu, Junxiao and London, Kerry A. 2010, Convergence among the sub-markets in Australian regional building and construction sector, Australasian journal of construction economics and building, vol. 10, no. 4, pp. 11-33.

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Title Convergence among the sub-markets in Australian regional building and construction sector
Author(s) Liu, Junxiao
London, Kerry A.
Journal name Australasian journal of construction economics and building
Volume number 10
Issue number 4
Start page 11
End page 33
Total pages 13
Publisher Australian Institute of Quantity Surveyors
Place of publication Deakin West, A.C.T.
Publication date 2010
ISSN 1835-6354
1837-9133
Keyword(s) construction prices
convergence
vector error correction model
Summary Studies on market convergence are well considered in the literature. However, the majority of the previous research focused on housing markets and few studies have concentrated on construction markets. Owing to a simultaneously dramatic increase in the construction prices of the sub-markets in the building construction sector in Australia, this paper aims to identify the convergence among these markets, involving house construction market, other-residential building construction market, and non-residential building construction market. To achieve it the Granger causality test and generalized response function depending on the vector error correction model with the quarterly data of Australia’s eight states from 1998 to 2010 will be applied. Based upon the econometric tests, the price diffusion patterns among these construction markets have been identified. Research on the convergences of construction markets not only helps construction firms perform well in business operations and arbitrage activities, but also provides policy makers with useful information for enacting effective construction policies for national perspectives and approaches to infrastructure planning.
Language eng
Field of Research 120505 Regional Analysis and Development
Socio Economic Objective 870103 Regional Planning
HERDC Research category C1 Refereed article in a scholarly journal
HERDC collection year 2010
Copyright notice ©2010, Australian Institute of Quantity Surveyors
Persistent URL http://hdl.handle.net/10536/DRO/DU:30033332

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