An intra-city analysis of house price convergence and spatial dependence

Bashar, Omar H. M. N. 2020, An intra-city analysis of house price convergence and spatial dependence, Journal of Real Estate Finance and Economics, doi: 10.1007/s11146-020-09799-w.

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Title An intra-city analysis of house price convergence and spatial dependence
Author(s) Bashar, Omar H. M. N.ORCID iD for Bashar, Omar H. M. N. orcid.org/0000-0003-3704-1298
Journal name Journal of Real Estate Finance and Economics
Total pages 22
Publisher Springer New York
Place of publication New York, N.Y.
Publication date 2020-10-08
ISSN 0895-5638
1573-045X
Keyword(s) Social Sciences
Business, Finance
Economics
Urban Studies
Business & Economics
House price
beta-Convergence
Spatial analysis
Melbourne
Australia
CROSS-SECTION
DYNAMICS
MARKETS
GROWTH
STATES
Summary This paper seeks to test the intra-city convergence of house prices using the comprehensive suburban house price and census data for a key Australian city. It applies the regression-based β-convergence test combined with spatial econometric models to examine the conditional convergence of house prices across 300+ suburbs in the Melbourne metropolitan area. This paper finds evidence of house price convergence when the econometric model controls for spatial effects and a few other suburban characteristics, such as population size, economic profile, education and employment profile, and crime rate. However, the convergence rate is found to be decelerated in the post-GFC periods. The estimation results suggest a faster convergence rate for units/apartments than for freestanding houses. There is also evidence of spatial effects, implying that house price growth in Melbourne suburbs is spilling over into the neighboring suburbs. These findings are expected to shed new light on understanding the residential real estate market and price dynamics within a city in the context of a developed nation and help design relevant housing policies.
Language eng
DOI 10.1007/s11146-020-09799-w
Indigenous content off
Field of Research 1402 Applied Economics
1502 Banking, Finance and Investment
1504 Commercial Services
HERDC Research category C1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Copyright notice ©2020, Springer Science+Business Media
Persistent URL http://hdl.handle.net/10536/DRO/DU:30143344

Document type: Journal Article
Collections: Faculty of Business and Law
Department of Economics
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