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Australian Capital City Real House Prices, 1979-1993

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  • Steven C. Bourassa
  • Patric H. Hendershott

Abstract

Real house prices have increased by 35 per cent in Australian capital cities during the last 15 years, with Brisbane, Canberra, and Sydney experiencing rises of 48 to 61 per cent and Adelaide, Melbourne and Perth having increases of 20 per cent or less. This article estimates a single model for the six cities to explain the divergent real price behaviour over time and space. It is concluded that the fundamental forces driving real house prices are the growth rate in real wage income (primarily due to employment growth) and the growth in population caused by net overseas migration. Copyright 1995 The University of Melbourne, Melbourne Institute of Applied Economic and Social Research.

Suggested Citation

  • Steven C. Bourassa & Patric H. Hendershott, 1995. "Australian Capital City Real House Prices, 1979-1993," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 28(3), pages 16-26.
  • Handle: RePEc:bla:ausecr:v:28:y:1995:i:3:p:16-26
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    File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1467-8462.1995.tb00990.x
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    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Right in the long run?
      by Don Arthur in Club Troppo on 2009-03-29 18:01:14

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    Cited by:

    1. Xin Janet Ge & Brendan Williams, 2015. "House Price Determinants in Sydney," ERES eres2015_230, European Real Estate Society (ERES).
    2. repec:eee:pacfin:v:44:y:2017:i:c:p:113-126 is not listed on IDEAS
    3. Luci Ellis & Laura Berger-Thomson, 2004. "Housing Construction Cycles and Interest Rates," Econometric Society 2004 Australasian Meetings 335, Econometric Society.
    4. Renée A. Fry & Vance L. Martin & Nicholas Voukelatos, 2010. "Overvaluation in Australian Housing and Equity Markets: Wealth Effects or Monetary Policy?," The Economic Record, The Economic Society of Australia, vol. 86(275), pages 465-485, December.
    5. Patrick Wilson & Michael White & Neil Dunse & Chee Cheong & Ralf Zurbruegg, 2011. "Modelling Price Movements in Housing Micro Markets," Urban Studies, Urban Studies Journal Limited, vol. 48(9), pages 1853-1874, July.
    6. Angela Black & Patricia Fraser & Martin Hoesli, 2005. "House Prices, Fundamentals and Inflation," FAME Research Paper Series rp129, International Center for Financial Asset Management and Engineering.
    7. Abdul Aziz, Ahmad Faizal, 2011. "Causality of Residential Properties Price Movements in Malaysia," MPRA Paper 47682, University Library of Munich, Germany.
    8. Chyi Lin Lee, 2009. "Housing price volatility and its determinants," International Journal of Housing Markets and Analysis, Emerald Group Publishing, vol. 2(3), pages 293-308, August.

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