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New housing supply and residential construction costs in Australia : a panel ECM approach

Liu, Junxiao and London, Kerry A. 2011, New housing supply and residential construction costs in Australia : a panel ECM approach, in PRRES 2011 : Proceedings of the 17th Pacific Rim Real Estate Society Annual Conference, Pacific Rim Real Estate Society, [Gold Coast, Qld.], pp. 1-21.

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Title New housing supply and residential construction costs in Australia : a panel ECM approach
Author(s) Liu, Junxiao
London, Kerry A.
Conference name Pacific Rim Real Estate Society Conference (17th : 2011 : Gold Coast, Qld.)
Conference location Gold Coast, Qld.
Conference dates 16-19 Jan. 2011
Title of proceedings PRRES 2011 : Proceedings of the 17th Pacific Rim Real Estate Society Annual Conference
Editor(s) [Unknown]
Publication date 2011
Conference series Pacific Rim Real Estate Society Conference
Start page 1
End page 21
Publisher Pacific Rim Real Estate Society
Place of publication [Gold Coast, Qld.]
Keyword(s) new housing supply
residential construction costs
panel error correction model
Summary The supply of new housing in Australia has been experiencing a low increase rate since the 1990s in conjunction with an increasingly strong housing demand. On the contrary, residential construction costs across Australia?s states maintained dramatic increases simultaneously. Economic theory suggests that new housing supply is correlated to the costs of residential constructions. However, few empirical studies have focused on examining this relationship for Australian housing markets. To comprehensively investigate the relationship between the supply of new housing and residential construction costs a function for new housing supply considering the effects of regional heterogeneities is introduced in this study. By estimating a panel error correction model (ECM) applicable for quantifying the correlation with regional heterogeneities, this research identifies that a causal link and a strong correlation exist in between new housing supply and residential construction costs in Australia.
Notes Reproduced with the kind permission of the copyright owner.
Language eng
Field of Research 120505 Regional Analysis and Development
Socio Economic Objective 870103 Regional Planning
HERDC Research category E1 Full written paper - refereed
Copyright notice ©2011, Junxiao Liu and Kerry A. London
Persistent URL http://hdl.handle.net/10536/DRO/DU:30042332

Document type: Conference Paper
Collections: School of Architecture and Built Environment
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