PL EN


2008 | 12 | 4 | 237-250
Article title

Identifying House Price Diffusion Patterns Among Australian State Capital Cities

Content
Title variants
LT
Nekilnojamojo Turto Kainų Kitimo Modelių Tarp Australijos Pagrindinių Miestų Nustatymas
Languages of publication
Abstracts
EN
Prior research supports the proposition that house price diffusion shows a ripple effect along the spatial dimension. That is, house price changes in one region would reflect in subsequent house price changes in other regions, showing certain linkages among regions. Using the vector autoregression model and the impulse response function, this study investigates house price diffusion among Australia's state capital cities, examining the response of one market to the innovation of other markets and determining the lagged terms for the maximum absolute value of the other markets' responses. The results show that the most important subnational markets in Australia do not point to Sydney, rather towards Canberra and Hobart, while the Darwin market plays a role of buffer. The safest markets are Sydney and Melbourne. This study helps to predict house price movement trends in eight capital cities.
LT
Ankstesnių tyrimų duomenimis, nekilnojamojo turto kainų kitimas sukelia bangų efektą atsižvelgiant į erdvinį matmenį. Tai yra nekilnojamojo turto kainų kitimus viename regione rodytų paskesnis nekilnojamojo turto kainų kitimas kituose regionuose. Taip ryškėja tam tikri glaudūs ryšiai tarp regionų. Taikant vektorinį autoregresinį modelį ir impulso perdavimo funkciją, šioje studijoje tiriama nekilnojamojo turto kainų kitimas tarp pagrindinių Australijos miestų, nagrinėjant vienos rinkos reakciją į kitų rinkų naujoves bei nustatant uždelstus terminus kitų rinkų reakcijų maksimaliai absoliutinei vertei. Rezultatai rodo, kad svarbiausios Australijos vidaus rinkos nėra orientuotos į Sidnėjų, bet labiau į Kanberą ir Hobartą. Darvino rinka atlieka buferio vaidmenį. Saugiausios rinkos yra Sidnėjus ir Melburnas. Ši studija padeda numatyti nekilnojamojo turto kainų judėjimo tendencijas aštuoniuose pagrindiniuose Australijos miestuose.
Publisher
Year
Volume
12
Issue
4
Pages
237-250
Physical description
Contributors
author
  • School of Architecture and Building, Deakin University, Waterfront Campus, 1 Gheringhap Street, Geelong, Vic 3217, Australia
  • Dongguan Construction Engineering Evaluation Consulting CO. LTD, Dongguan, Guangdong 523112, China
author
  • School of Architecture and Building, Deakin University, Waterfront Campus, 1 Gheringhap Street, Geelong, Vic 3217, Australia
author
  • School of Architecture and Building, Deakin University, Waterfront Campus, 1 Gheringhap Street, Geelong, Vic 3217, Australia
References
  • Abelson, P. and Chung, D. (2004)Housing prices in Australia: 1970 to 2003.Department of Economics, Macquarie University, Sydney.
  • Abelson, P., Joyeux, R., Milunovich, G. and Chung, D. (2005) Explaining house price in Australia: 1970-2003,Economic Record, 81(s1), pp. S96-S103.
  • ABS (2008)House price indexes: eight capital cities.[Online] Australian Bureau of Statistics. Available at:www.abs.gov.au/ausstats/abs@.nsf/productsbytitle/A50B6B8CF85F0474CA25722900179E3F?OpenDocument
  • Alexander, C. and Barrow, M. (1994) Seasonality and cointegration of regional house prices in the UK,Urban Studies, 31(10), pp. 1667-1689.
  • Ashworth, J. and Parker, S. C. (1997) Modelling regional house prices in the UK,Scottish Journal of Political Economy, 44(3), pp. 225-246.
  • Asteriou, D. (2005)Applied Econometrics: A Modern Approach Using Eviews and Microfit.Palgrave Macmillan, New York.
  • Chen, M. C. and Patel, K. (1998) House price dynamics and Granger causality: An analysis of Taipei new dwelling market,Journal of the Asian Real Estate Society, 1(1), pp. 101-126.
  • Clapp, J. M. and Tirtiroglu, D. (1994) Positive feedback trading and diffusion of asset price change: Evidence from housing transaction,Journal of Econometric Behaviour and Organization, 24(3), pp. 337-355.
  • Cook, S. (2005) Detecting long-run relationships in regional house prices in the UK,International Review of Applied Economics, 19(1), pp. 107-118.
  • DeJong, D. N., Nankervis, J.C., Savin, N.E. and Whiteman, C.H. (1992) The power problems of unit root test in time series with autoregressive errors,Journal of Econometrics, 53(1-3), pp. 323-343.
  • Dicky, D. A. and Fuller, W.A. (1979) Distribution of the estimators for autoregressive time series with a unit root,Journal of the American Statistical Association, 74(336), pp. 427-431.
  • Grasa, A. A. (1989)Econometric Model Section: A New Approach.Kluwer Academic, Boston.
  • Greene, W. H. (2000)Econometric Analysis.Prentice-Hall, New Jersey.
  • Gujarati, D. N. (2003)Basic Econometrics.Gary Burke, New York.
  • Luo, Z. Q., Liu, C. and Picken, D. (2007) Housing price diffusion pattern of Australia's state capital cities,International Journal of Strategic Property Management, 11(4), pp. 227-242.
  • Lutkepohl, H. (1993)Introduction to Multiple Time Series Analysis.Springer-Verlag, Berlin.
  • MacDonald, R. and Taylor, M. P. (1993) Regional house prices in Britain: Long-run relationships and short-run dynamics,Scottish Journal of Political Economy, 40(1), pp. 43-55.
  • Maddala, G.S. and Kim, I.N. (1998)Unit Root, Cointegration, and Structural Change.Cambridge University Press, United Kingdom.
  • Meen, G. (1996) Spatial aggregation, spatial dependence and predictability in the UK housing market,Housing Studies, 11(3), pp. 345-372.
  • Meen, G. (1999) Regional house prices and the ripple effect: A new interpretation,Housing Studies, 14(6), pp. 733-753.
  • Phillips, P.C.B. and Perron, P. (1988) Testing for a unit root in time series regression,Biometrica, 75(2), pp. 335-346.
  • Pollakowski, H.O. and Ray, T.S. (1997) Housing price diffusion patterns at different aggregation levels: An examination of housing market efficiency,Journal of Housing Research, 8(1), pp. 107-124.
  • Sims, C. (1980) Macroeconomics and reality,Econometrica, 48(1), pp. 1-48.
  • Stevenson, S. (2004) House price diffusion and inter-regional and cross-border house price dynamics,Journal of Property Research, 21(4), pp. 301-320.
  • Tirtiroglu, D. (1992) Efficiency in housing markets: Temporal and spatial dimensions,Journal of Housing Economics, 2(3), pp. 276-292.
  • Tu, Y. (2000) Segmentation of Australia housing market: 1989-98,Journal of Property Research, 17(4), pp. 311-327.
Document Type
Publication order reference
YADDA identifier
bwmeta1.element.cejsh-article-doi-10-3846-1648-715X-2008-12-237-250
JavaScript is turned off in your web browser. Turn it on to take full advantage of this site, then refresh the page.