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Housing price diffusion pattern of Australia's state capital cities

conference contribution
posted on 2006-01-01, 00:00 authored by Z Luo, Chunlu LiuChunlu Liu, David Picken
The ripple effect of house prices within metropolitan areas has recently been recognised by researchers. However, it is very difficult to formulate and measure this effect using conventional house price theories particularly in consideration of the spatial locations of cities. Based on econometrics principles of the cointegration test and the error correction model, this research develops an innovative approach to quantitatively examine the diffusion patterns of house prices in mega-cities of a country. Taking Australia's eight capital cities as an example, the proposed approach is validated in terms of an empirical study. The results show that a 1-1-2-4 diffusion pattern exists within these cities. Sydney is on the top tier with Melbourne in the second; Perth and Adelaide are in the third level and the other four cities lie on the bottom. This research may be applied to predict the regional housing market behavior in a country.

History

Event

Megacities. International Conference (2nd : 2006 : GuangZhou, China)

Pagination

215 - 221

Publisher

GuangZhou University

Location

GuangZhou, China

Place of publication

China

Start date

2006-12-01

End date

2006-12-02

Language

eng

Notes

International Journal of Strategic Property Management

Publication classification

E1 Full written paper - refereed

Editor/Contributor(s)

S Lau

Title of proceedings

Proceedings of the Second Megacities International Conference 2006

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