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dc.contributor.authorWorthington, Andrew C.
dc.contributor.authorHiggs, Helen
dc.contributor.editorAkimov, Alexandr
dc.date.accessioned2020-01-16T08:10:51Z
dc.date.available2020-01-16T08:10:51Z
dc.date.issued2011
dc.identifier.issn1836-8123
dc.identifier.otherRePEc:gri:fpaper:finance:201116
dc.identifier.urihttp://hdl.handle.net/10072/390391
dc.description.abstractThis paper models the macro drivers of Australian housing affordability using aggregate quarterly data over the period September 1985 to June 2010 and an autoregressive distributed lag (ARDL) approach. We employ two alternative measures of relative housing affordability: the Housing Industry Association's Housing Affordability Index and the housing price-earnings multiplier. Six sets of variables are then used to proxy the economic, demographic, financial, social and other factors that influence housing affordability, including conditions relating to housing finance, housing construction activity and costs, economic growth, population, alternative investments and taxation. In the long run, the results indicate that the primary drivers of affordability are housing finance, dwelling approvals and financial assets. Interestingly, economic and population growth only have an influence on affordability in the short run, while taxation related to housing has only a limited impact on affordability in the long run. The findings also indicate the high-speed adjustment following a shock to the short-run equilibrium of deteriorating housing affordability in Australia.
dc.format.extent28 pages
dc.languageEnglish
dc.publisherGriffith University
dc.publisher.placeBrisbane, Australia
dc.relation.ispartofpagefrom1
dc.relation.ispartofpageto28
dc.subject.keywordsG21 - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
dc.subject.keywordsR31 - Housing Supply and Markets
dc.subject.keywordsC22 - Single Equation Models; Single Variables: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models
dc.subject.keywordsR21 - Urban, Rural, Regional, and Transportation Economics: Housing Demand
dc.subject.keywordsHousing affordability
dc.subject.keywordsAffordability drivers
dc.subject.keywordsHousing policy
dc.title2011-16: Macro drivers of Australian housing affordability, 1985-2010: An autoregressive distributed lag approach (Working paper)
dc.typeReport
dc.type.descriptionDiscussion Paper
gro.facultyGriffith Business School
gro.description.notepublicFinance
gro.rights.copyrightCopyright © 2010 by author(s). No part of this paper may be reproduced in any form, or stored in a retrieval system, without prior permission of the author(s).
gro.date.issued2011
gro.hasfulltextFull Text
gro.griffith.authorWorthington, Andrew C.
gro.griffith.authorHiggs, Helen


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