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Ethnic Diversity and Housing Market Resilience after Natural Disasters in Australia

Version 2 2024-06-05, 09:14
Version 1 2023-06-22, 05:19
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posted on 2024-06-05, 09:14 authored by Ameeta JainAmeeta Jain, Li Qiang
Ethnic Diversity and Housing Market Resilience after Natural Disasters in Australia

History

Pagination

1-65

Language

eng

Research statement

Background Natural disasters such as floods, droughts, storms, cyclones, and bushfires which have plagued Australia repeatedly have widespread consequences on the livelihood and wellbeing of not just the people living in disaster-prone areas but also the entire country. The study found that ethnically diverse LGAs initially experienced smaller negative changes in house price and liquidity in natural disasters. The researchers found that ethnically diverse LGAs in major metropolitan areas experience faster and stronger recovery in most cases. The findings vary by disaster type, metrics of ethnic diversity used, and housing market indicators. Contribution Our research finds that ethnic diversity does positively impact on housing market resilience. In some ways this is an affirmation of the economic value of the federal immigration policy, suggesting that Australia should continue on this trajectory. A caveat to any such policy can direct increased ethnically diverse migration to LGAs where such diversity is lacking to bring all the benefits of such diversity. The findings suggest a new pathway for the management of post disaster relief and reconstruction. We suggest that disaster relief efforts would be most efficiently utilised in those regions that are likely to be more resilient. Significance • We propose an empirical definition of housing market resilience as (1) dampened initial response to natural disasters and economic shocks, and (2) fast recovery after disasters to the pre-disaster levels.

Publication classification

A6 Research report/technical paper

Editor/Contributor(s)

Li Q

Publisher

Australian Property Institute

Place of publication

Canberra, A.C.T.

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