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Effects of Housing Allowances on Housing Prices in Australia: A Cointegration Analysis

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Author Info
Chowdhury, Mamta (University of Western Sydney, Blacktown)
Mallik, Girijasankar (University of Western Sydney, Campbelltown)
Abstract

This paper investigates the impact of the housing allowance for first homebuyers provided by the Federal government, together with nominal interest rate and employment on housing prices in Australia using cointegration analysis and an error correction model. Granger causality is also tested. Results show that the growth rates in average house prices for established houses and for project homes are Granger caused jointly by employment growth and interest rate increases. The cointegration analysis shows that housing prices are positively affected by falling interest rates and rising employment. The recent housing allowance is found to have a positive and significant effect on housing prices in Australia.

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Publisher Info
Article provided by Queensland University of Technology (QUT), School of Economics and Finance in its journal Economic Analysis and Policy (EAP).

Volume (Year): 34 (2004)
Issue (Month): 1 (March)
Pages: 37-51
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Handle: RePEc:eap:articl:v:34:y:2004:i:1:p:37-51

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Related research
Keywords: Homes; Housing;

Find related papers by JEL classification:
R31 - Urban, Rural, and Regional Economics - - Production Analysis and Firm Location - - - Housing Supply and Markets
R38 - Urban, Rural, and Regional Economics - - Production Analysis and Firm Location - - - Government Policies; Regulatory Policies

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. N. Gregory Mankiw & David N. Weil, 1990. "The Baby Boom, The Baby Bust, and the Housing Market," NBER Working Papers 2794, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  2. Engle, Robert F. & Yoo, Byung Sam, 1987. "Forecasting and testing in co-integrated systems," Journal of Econometrics, Elsevier, vol. 35(1), pages 143-159, May. [Downloadable!] (restricted)
  3. Bover, Olympia & Muellbauer, John & Murphy, Anthony, 1988. "Housing, Wages and UK Labour Markets," CEPR Discussion Papers 268, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Williams, David M, 2009. "House prices and financial liberalisation in Australia," MPRA Paper 15212, University Library of Munich, Germany. [Downloadable!]
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