Is there long-run equilibrium in the house prices of Australian capital cities?

Ma, Le and Liu, Chunlu 2015, Is there long-run equilibrium in the house prices of Australian capital cities?, International real estate review, vol. 18, no. 4, pp. 503-521.

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Title Is there long-run equilibrium in the house prices of Australian capital cities?
Author(s) Ma, Le
Liu, ChunluORCID iD for Liu, Chunlu orcid.org/0000-0003-1144-4355
Journal name International real estate review
Volume number 18
Issue number 4
Start page 503
End page 521
Total pages 19
Publisher Global Social Science Institute
Place of publication Rockville, Md.
Publication date 2015
ISSN 1029-6131
2154-8919
Keyword(s) convergence
spatial autocorrelation
spatio-temporal regressive model
long-run equilibrium
house price indices
Australia
Summary In order to explore the long-run equilibrium in the house prices of different cities, studies on house price convergence have been conducted by a number of researchers. However, the majority of previous studies have neglected the effects of spatial heterogeneity and autocorrelation on house prices. This research improves on the investigation of house price convergence by developing a spatio-temporal autoregressive model based on a framework of panel regression methods. Both spatial heterogeneity and autocorrelation of house prices in different cities are taken into account. Geographical distance and the scale of development of the urban housing market are used to construct temporal varying spatial measurements. The spatio-temporal model is then applied to investigate the long-run equilibrium in the house prices of Australian capital cities. The results confirm that house prices in Sydney approach a steady state in the long run, whereas house prices in Brisbane, Canberra, Melbourne and Perth are able to do with lower confidence. However, little evidence supports the existence of long-run equilibrium in the house prices of Adelaide, Darwin and Hobart.
Language eng
Field of Research 120201 Building Construction Management and Project Planning
1504 Commercial Services
1402 Applied Economics
Socio Economic Objective 870503 Residential Building Management and Services
HERDC Research category C1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Copyright notice ©2015, Global Social Science Institute
Persistent URL http://hdl.handle.net/10536/DRO/DU:30081006

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