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An Australian Housing Model

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  • ROSS A. WILLIAMS

Abstract

A 13‐equation model is developed which captures the essential economic features of the housing industry in Australia. The importance of speculative builders and investors is recognized. Empirical results are presented for two key equations. The asset price of existing dwellings (including land) owned by persons is explained by a portfolio choice or generalized asset adjustment model. This asset price then feeds in as a determinant of new private construction, along with construction costs of new dwellings, financial variables and a measure of demand‐supply imbalance.

Suggested Citation

  • Ross A. Williams, 1984. "An Australian Housing Model," The Economic Record, The Economic Society of Australia, vol. 60(2), pages 143-155, June.
    • Handle: RePEc:bla:ecorec:v:60:y:1984:i:2:p:143-155
    DOI: 10.1111/j.1475-4932.1984.tb00847.x
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    References listed on IDEAS

    as
    1. Bewley, R. A., 1979. "The direct estimation of the equilibrium response in a linear dynamic model," Economics Letters, Elsevier, vol. 3(4), pages 357-361.
    2. Kearl, J R, 1979. "Inflation, Mortgages, and Housing," Journal of Political Economy, University of Chicago Press, vol. 87(5), pages 1115-1138, October.
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    5. repec:bla:ecorec:v:52:y:1976:i:138:p:182-98 is not listed on IDEAS
    6. Roslyn Anstie & Christopher Findlay & Ian Harper, 1983. "The Impact of Inflation and Taxation on Tenure Choice and the Redistributive Effects of Home‐Mortgage Interest Rate ReguIation," The Economic Record, The Economic Society of Australia, vol. 59(2), pages 105-110, June.
    7. Buiter, Willem H, 1980. "Walras' Law and All That: Budget Constraints and Balance Sheet Constraints in Period Models and Continuous Time Models," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 21(1), pages 1-16, February.
    8. repec:bla:ecorec:v:59:y:1983:i:165:p:105-10 is not listed on IDEAS
    9. Polinsky, A Mitchell & Ellwood, David T, 1979. "An Empirical Reconciliation of Micro and Grouped Estimates of the Demand for Housing," The Review of Economics and Statistics, MIT Press, vol. 61(2), pages 199-205, May.
    10. Kenneth W. Clements, 1976. "A Linear Allocation of Spending‐Power System:A Consumer Demand and Portfolio Model," The Economic Record, The Economic Society of Australia, vol. 52(2), pages 182-198, June.
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    Cited by:

    1. Trent Saunders & Peter Tulip, 2020. "A Model of the Australian Housing Market," The Economic Record, The Economic Society of Australia, vol. 96(S1), pages 1-25, June.

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