At the national level, housing prices have been stable

2020 ◽  
Keyword(s):  
Housing Prices ◽  
National Level

Modelling housing prices and market fundamentals: evidence from the Sydney housing market

2019 ◽  
Vol 12 (4) ◽  
pp. 746-762 ◽  
Author(s):  
Md Abdullah Al-Masum ◽  
Chyi Lin Lee
Keyword(s):  
Investment Decision ◽  
Housing Prices ◽  
National Level ◽  
Housing Price ◽  
Capital City ◽  
Content Type ◽  
Price Series ◽  
Long Run ◽  
Investment Decision Making ◽  
Market Fundamentals

PurposeHousing prices in Sydney have increased rapidly in the past three decades. This leads to a debate of whether Sydney housing prices have departed from macroeconomic fundamentals. However, little research has been devoted to this area. Therefore, this study aims to fill this gap by examining the long-run association between housing prices and market fundamentals. Further, it also examines the long-run determinants of housing prices in Greater Sydney.Design/methodology/approachThe analysis of this study involves two stages. The first stage is to estimate the presence of long-run relationship between housing prices and market fundamentals with the Johansen and Juselius Cointegration test. Thereafter, the determinants of housing prices in Greater Sydney is assessed by using a vector error correction model.FindingsThe empirical results show that Sydney housing prices are cointegrated with market fundamentals in the long run. In addition, there is evidence to suggest that market fundamentals such as gross disposable income, housing supply, unemployment rate and gross domestic product are the key long-run determinants of Sydney housing prices, reflecting that Sydney housing prices, in general, can be explained by market fundamentals in the long run.Research limitations/implicationsThe findings enable more informed and practical policy and investment decision-making regarding the relation between housing prices and market fundamentals.Originality/valueThis paper is the first study to offer empirical evidence of the degree to which the behaviour of housing prices can be explained by market fundamentals, from a capital city instead of at a national level, using a relatively disaggregated dataset of housing price series for Greater Sydney.

Globalization, place and the life course: Local economies and middle-class transition to adulthood in two Israeli cities

2020 ◽  
Vol 68 (7) ◽  
pp. 912-931
Author(s):  
Guy Shani ◽  
Eyal Bar-Haim
Keyword(s):  
Middle Class ◽  
Life Course ◽  
Transition To Adulthood ◽  
Affordable Housing ◽  
Housing Prices ◽  
National Level ◽  
Economic Sectors ◽  
Local Economies ◽  
Traditional Patterns ◽  
The Life Course

This study explores the ramifications of local economic differences on entering adulthood in the context of globalization. The effect of globalization on patterns of entering adulthood is usually perceived as filtered by particularities at the national level and as differentiated mainly by class. However, economic differentiation within the same country at the regional and municipal level is mostly overlooked. To address this gap, the authors compare the achievement of first homeownership among middle-class households in two Israeli cities differing in the concentration of economic sectors and in housing prices. Utilizing in-depth interviews ( n = 60 [cases]; n = 106 [interviewees]), the study shows how unstable forms of employment and exponentially rising housing prices in one city, and stable employment accompanied by still affordable housing costs in the other, support non-traditional and traditional patterns of entering adulthood respectively. The authors then analyse the Israeli census to confirm different patterns of entering adulthood among educated residents of the two cities. Thus, the study demonstrates how local economies shape different patterns of entering adulthood within the same country and among members of a similar class, suggesting that the relationship between globalization, class and the life course is also mediated by place.

scholarly journals International Real Estate Review

2019 ◽  
Vol 22 (2) ◽  
pp. 197-229
Author(s):  
Hui An ◽  
◽  
Qianmiao Zou ◽  
Ying Zhang ◽  
◽  
...  
Keyword(s):  
Real Estate ◽  
Likelihood Ratio ◽  
Housing Prices ◽  
National Level ◽  
Var Model ◽  
Monthly Data ◽  
Regional Characteristics ◽  
Second Tier ◽  
The Impact ◽  
The City

In recent years, China has uniquely implemented various policies to control housing prices, particularly its property- purchasing limitation policy. This research proposes a vector autoregression (VAR) model with likelihood-ratio (LR) tests to examine the effects of such a policy on housing prices at the national, provincial and city levels in China, with the use of monthly data from 2002 to 2013. The results show that at the national level, the effect of the policy is very significant, and the impact on housing prices is far greater than monetary and credit policies. However, the policy is not applicable at the provincial level. The policy has a significant role at the city level in first-tier cities, but no significant effect in second- tier cities. Overall, property-purchasing limitations inhibit the growth of housing prices to some extent, and the effects show strong regional characteristics, especially at the city level. Policymakers should therefore take into account regional characteristics in the formulation and implementation of a property-purchasing limitation policy.

scholarly journals THE DYNAMIC RELATIONSHIP BETWEEN HOUSE PRICES AND OUTPUT: EVIDENCE FROM US METROPOLITAN AREAS

2015 ◽  
Vol 19 (4) ◽  
pp. 336-345 ◽  
Author(s):  
Nicholas APERGIS ◽  
Beatrice D. SIMO-KENGNE
Keyword(s):  
House Prices ◽  
Housing Prices ◽  
National Level ◽  
House Price ◽  
Personal Income ◽  
Annual Data ◽  
Metropolitan Statistical Area ◽  
Long Run ◽  
Per Capita ◽  
Capita Personal Income

This paper investigates the long-run and short-term dynamics of 351 US metropolitan statistical area housing prices in relation to personal income. We apply a panel cointegration approach on annual data from 1993 to 2011 and find a long-run relationship between local house prices and per capita personal income. The causal direction is then assessed based on an autoregressive distributed lag specification that also accommodates for error-correction. Results from Granger-causality tests reveal the existence of a bi-directional causality between real house prices and real per capita personal income over both long and short-horizons. Our results continue to be robust, when our bivariate system is extended to include additional MSA-level (employment and population) and national-level variables (real stock price and mortgage interest rate). We conclude that changes in personal income can predict house price movements and vice versa.

scholarly journals The Impact of Population Migration on Urban Housing Prices: Evidence from China’s Major Cities

2018 ◽  
Vol 10 (9) ◽  
pp. 3169 ◽  
Author(s):  
Yingchao Lin ◽  
Zhili Ma ◽  
Ke Zhao ◽  
Weiyan Hu ◽  
Jing Wei
Keyword(s):  
Rate Increase ◽  
Housing Prices ◽  
National Level ◽  
Urban Housing ◽  
Regional Level ◽  
Product Diversification ◽  
Population Migration ◽  
Eastern Region ◽  
Inflow Rate ◽  
The Impact

With increasingly high housing prices, the urban housing problem has changed from an economic issue to a livelihood issue in China. Taking 32 major cities in China as an example, this paper employed data from 2007 to 2016 to build a panel data model to empirically study the impact of population migration on urban housing prices. From the two perspectives of the national level and regional level (eastern region, central region and western region), the results of this study showed that (1) on the national level, population inflow had a significant positive correlation with urban housing prices, where a population inflow rate increase of 1% increased urban housing prices by 0.31%; and (2) on the regional level, a population inflow rate increase of 1% increased urban housing prices in the eastern region by 1.34%, but population inflow had no obvious impact on the urban housing prices in the central and western regions. Based on the results, this study suggested addressing housing supply imbalances through housing product diversification and affordable housing system improvement, and addressing construction land supply imbalances by building a perfect system linking land-use planning to population; at the same time, it also suggested building more nationally central cities following the urbanization trend, and taking this as the key to developing urban agglomerations, reasonably decentralizing the population flow, promoting the healthy and stable development of the real-estate market and advancing sustainable urbanization. The above conclusions have practical significance for China and other developing countries to coordinate population and urban development in the process of rapid urbanization.

Estimating the impact of crime risk on housing prices in Malaysia

2019 ◽  
Vol 13 (5) ◽  
pp. 769-789 ◽  
Author(s):  
Woei-Chyuan Wong ◽  
Adilah Azhari ◽  
Nur Adiana Hiau Abdullah ◽  
Chee Yin Yip
Keyword(s):  
Housing Prices ◽  
National Level ◽  
State Level ◽  
Crime Reduction ◽  
Content Type ◽  
Level Data ◽  
Micro Level ◽  
Crime Risk ◽  
The Impact ◽  
Crime Risks

Purpose The purpose of this study is to examine the impact of crime risk on housing prices at a national level in Malaysia during the period from 1988 to 2016. Design/methodology/approach A hedonic regression approach was used to estimate the Malaysian households’ valuation for crime risk. Specifically, the state-level property index on the state-level reported crime rate was regressed while controlling for state-level socioeconomic variables. The macroeconomic panel nature of the data set provides the merit to use a panel dynamic model instead of the traditional static panel data techniques (fixed effects or first difference). Findings Panel dynamic estimators consistently show a negative impact of crime risks on housing prices. The estimated elasticity of housing prices with respect to crime risks ranges from −0.141 to −0.166, in line with existing literature using micro level data. In fact, householders in crime hotspot states are willing to pay more for crime reduction compared to householders in non-hotspot states. The willingness to pay has also increased since the implementation of nationwide crime reduction plans in 2010. Research limitations/implications This is the first study that has examined the Malaysian people’s willingness to pay to reduce crime. This information is important in determining the optimal level of government expenditures for public safety. Originality/value This is the first study to examine the relationship between crime rates and housing prices in Malaysia. This study contributes to the literature by examining the impact of crime rates on housing prices at a national level by using panel dynamic models. The macro level data results are consistent and complement the existing literature based on micro level data.

Pengaruh Budaya Terhadap Akuntansi, Auditing Dan Praktik Akuntansi Internasional

2016 ◽  
Vol 3 (1) ◽  
pp. 78-95
Author(s):  
Priyastiwi Priyastiwi
Keyword(s):  
Cultural Values ◽  
Leadership Style ◽  
Financial Reporting ◽  
National Level ◽  
Deep Understanding ◽  
Cultural Dimensions ◽  
Financial Disclosure ◽  
Cross Cultural Differences ◽  
The Future ◽  
The Impact

The purpose of this article is to provide the basic model of Hofstede and Grays’ cultural values that relates the Hofstede’s cultural dimensions and Gray‘s accounting value. This article reviews some studies that prove the model and develop the research in the future. There are some evidences that link the Hofstede’s cultural values studies with the auditor’s judgment and decisions by developing a framework that categorizes the auditor’s judgments and decisions are most likely influenced by cross-cultural differences. The categories include risk assessment, risk decisions and ethical judgments. Understanding the impact of cultural factors on the practice of accounting and financial disclosure is important to achieve the harmonization of international accounting. Deep understanding about how the local values may affect the accounting practices and their impacts on the financial disclosure are important to ensure the international comparability of financial reporting. Gray’s framework (1988) expects how the culture may affect accounting practices at the national level. One area of the future studies will examine the impact of cultural dimensions to the values of accounting, auditing and decision making. Key word : Motivation, leadership style, job satisfaction, performance

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