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A panel error correction approach to explore spatial correlation patterns of the dominant housing market in Australian capital cities

Ma, Le and Liu, Chunlu 2013, A panel error correction approach to explore spatial correlation patterns of the dominant housing market in Australian capital cities, International journal of housing markets and analysis, vol. 6, no. 4, pp. 405-421.

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Title A panel error correction approach to explore spatial correlation patterns of the dominant housing market in Australian capital cities
Author(s) Ma, Le
Liu, Chunlu
Journal name International journal of housing markets and analysis
Volume number 6
Issue number 4
Start page 405
End page 421
Total pages 17
Publisher Emerald Group Publishing
Place of publication Bingley, England
Publication date 2013
ISSN 1753-8270
1753-8289
Keyword(s) panel regression
dominant housing market
spatial correlation patterns
house price indices
housing
Australia
Summary Purpose - A panel error correction model has been developed to investigate the spatial correlation patterns among house prices. This paper aims to identify a dominant housing market in the ripple down process. Design/methodology/approach - Seemingly unrelated regression estimators are adapted to deal with the contemporary correlations and heterogeneity across cities. Impulse response functions are subsequently implemented to simulate the spatial correlation patterns. The newly developed approach is then applied to the Australian capital city house price indices. Findings - The results suggest that Melbourne should be recognised as the dominant housing market. Four levels were classified within the Australian house price interconnections, namely: Melbourne; Adelaide, Canberra, Perth and Sydney; Brisbane and Hobart; and Darwin. Originality/value - This research develops a panel regression framework in addressing the spatial correlation patterns of house prices across cities. The ripple-down process of house price dynamics across cities was explored by capturing both the contemporary correlations and heterogeneity, and by identifying the dominant housing market.
Language eng
Field of Research 120201 Building Construction Management and Project Planning
Socio Economic Objective 870503 Residential Building Management and Services
HERDC Research category C1 Refereed article in a scholarly journal
Copyright notice ©2013, Emerald Publishing Group
Persistent URL http://hdl.handle.net/10536/DRO/DU:30057804

Document type: Journal Article
Collections: School of Architecture and Built Environment
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Every reasonable effort has been made to ensure that permission has been obtained for items included in DRO. If you believe that your rights have been infringed by this repository, please contact drosupport@deakin.edu.au.