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Do spatial effects drive house prices away from the long-run equilibrium?

Liu, Chunlu and Ma, Le 2014, Do spatial effects drive house prices away from the long-run equilibrium?, Pacific Rim Property Research Journal, vol. 20, no. 1, pp. 13-29.

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Title Do spatial effects drive house prices away from the long-run equilibrium?
Author(s) Liu, ChunluORCID iD for Liu, Chunlu orcid.org/0000-0003-1144-4355
Ma, Le
Journal name Pacific Rim Property Research Journal
Volume number 20
Issue number 1
Start page 13
End page 29
Total pages 17
Publisher Pacific Rim Real Estate Association
Place of publication Sydney, NSW
Publication date 2014
ISSN 1444-5921
Keyword(s) long-run equilibrium
panel dynamic regression
spatial panel regression
house price indices
Summary Long-run equilibrium of house prices has been investigated by researchers in multiple countries. The identification of this equilibrium not only provides references against contemporary house price levels, but also contributes to creation of stable-development policies and healthy investment strategies. However, there is little research investigating the factors that drive house prices away from the long-run equilibrium.
Based on a framework of the conventional stationarity test process, this research develops a panel regression model and a spatial regression model to investigate the roles of spatial heterogeneity and correlations on house prices preceding the long-run equilibrium, respectively. Housing data generated from the capital cities in Australia are used to illustrate the models. Spatial effects can have a strong influence in the long-run performance of house prices, while the short-run performance of house prices is not influenced by the spatial effects.
Language eng
Field of Research 129999 Built Environment and Design not elsewhere classified
Socio Economic Objective 970112 Expanding Knowledge in Built Environment and Design
HERDC Research category C1 Refereed article in a scholarly journal
Copyright notice ©2014, Pacific Rim Real Estate Society
Free to Read? Yes
Persistent URL http://hdl.handle.net/10536/DRO/DU:30068025

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.