Exploring Australian housing supply volatility

Lee, Chyi Lin and Jin, Xiao-Hua 2011, Exploring Australian housing supply volatility, Pacific rim property research journal, vol. 17, no. 4, pp. 634-651.

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Title Exploring Australian housing supply volatility
Author(s) Lee, Chyi Lin
Jin, Xiao-Hua
Journal name Pacific rim property research journal
Volume number 17
Issue number 4
Start page 634
End page 651
Total pages 18
Publisher Pacific Rim Real Estate Society (PPRES)
Place of publication Sydney, N.S.W.
Publication date 2011-12
ISSN 1444-5921
Keyword(s) housing supply
volatility modelling
GARCH-M
Australia
Summary This study examines the volatility series of housing supply in Australia. A Generalised Autoregressive Conditional Heteroskedasticity-in-Mean (GARCH-M) model is employed to analyse the volatility series of Australian housing supply over the study period of 1974-2010. The results show the volatility of housing starts is negatively linked to housing starts, suggesting that higher uncertainty does lower housing starts. The results also reveal that the uncertainty of housing starts is also captured by the volatilities of interest rates and construction costs. Therefore policy makers should monitor and attempt to minimise the volatility of housing supply. These steps will enhance housing construction activities and increase the availability of housing supply to potential home buyers.
Language eng
Field of Research 120503 Housing Markets, Development, Management
Socio Economic Objective 870104 Residential Construction Planning
HERDC Research category C1 Refereed article in a scholarly journal
HERDC collection year 2011
Copyright notice ©2011, PRRES
Persistent URL http://hdl.handle.net/10536/DRO/DU:30045533

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