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Housing and Housing Finance: The View from Australia and Beyond

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  • Luci Ellis

    (Reserve Bank of Australia)

Abstract

This paper draws together themes from work at the RBA, other national central banks, the BIS and elsewhere on recent developments in housing and housing finance. The general conclusion is that financial and macroeconomic developments have increased the demand for the stock of housing. Because the stock of housing is inherently slow to adjust, this has increased its relative price. Although this is a global trend, individual country institutions have affected outcomes, sometimes in ways that are not obvious. The resulting expansion in both sides of the household balance sheet is an important development for policy-makers to monitor, but it is probably not of itself a cause of financial instability.

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Bibliographic Info

Paper provided by Reserve Bank of Australia in its series RBA Research Discussion Papers with number rdp2006-12.

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Date of creation: Dec 2006
Date of revision:
Handle: RePEc:rba:rbardp:rdp2006-12

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Related research

Keywords: housing; housing finance; economic geography; cross-country;

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Cited by:
  1. Palanisamy, Saravanan & Ramamoorthy, Nagarajan, 2007. "Housing Finance System in India and China - An Exploratory Investigation," MPRA Paper 6454, University Library of Munich, Germany.
  2. Eloisa T. Glindro & Tientip Subhanij & Jessica Szeto & Haibin Zhu, 2011. "Determinants of House Prices in Nine Asia-Pacific Economies," International Journal of Central Banking, International Journal of Central Banking, vol. 7(3), pages 163-204, September.
  3. Kevin Davis, 2011. "The Australian Financial System in the 2000s: Dodging the Bullet," RBA Annual Conference Volume, in: Hugo Gerard & Jonathan Kearns (ed.), The Australian Economy in the 2000s Reserve Bank of Australia.
  4. Luci Ellis, 2010. "The Housing Meltdown: Why Did It Happen in the United States?," International Real Estate Review, Asian Real Estate Society, vol. 13(3), pages 351-394.
  5. Eva Knight & Remy Cottet, 2011. "Australian Residential Housing Market & Hedonic Construction of House Price Indices for Metropolitan," Working Papers 02/2011, University of Sydney Business School, Discipline of Business Analytics, revised Feb 2011.
  6. Shengzu Wang & Patrizia Tumbarello, 2010. "What Drives House Prices in Australia? A Cross-Country Approach," IMF Working Papers 10/291, International Monetary Fund.
  7. David M. Williams, 2010. "Consumption, wealth and credit liberalisation in Australia," Economics Series Working Papers 492, University of Oxford, Department of Economics.
  8. Bank for International Settlements, 2012. "Property markets and financial stability," BIS Papers, Bank for International Settlements, number 64, March.
  9. Mariano Kulish & Anthony Richards & Christian Gillitzer, 2012. "Urban Structure and Housing Prices: Some Evidence from Australian Cities," The Economic Record, The Economic Society of Australia, vol. 88(282), pages 303-322, 09.
  10. Eloisa T Glindro & Tientip Subhanij & Jessica Szeto & Haibin Zhu, 2008. "Are Asia-Pacific Housing Prices Too High For Comfort?," Working Papers 2008-11, Economic Research Department, Bank of Thailand.
  11. Judith Yates, 2011. "Housing in Australia in the 2000s: On the Agenda Too Late?," RBA Annual Conference Volume, in: Hugo Gerard & Jonathan Kearns (ed.), The Australian Economy in the 2000s Reserve Bank of Australia.
  12. Jonathan Kearns & Philip Lowe, 2011. "Australia's Prosperous 2000s: Housing and the Mining Boom," RBA Research Discussion Papers rdp2011-07, Reserve Bank of Australia.
  13. Gan, Quan & Hill, Robert J., 2009. "Measuring housing affordability: Looking beyond the median," Journal of Housing Economics, Elsevier, vol. 18(2), pages 115-125, June.

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