IDEAS home Printed from https://ideas.repec.org/a/eme/ijhmap/v1y2008i4p352-361.html
   My bibliography  Save this article

Housing in Australia as a portfolio investment

Author

Listed:
  • Chyi Lin Lee

Abstract

Purpose - The purpose of this paper is to examine the effectiveness of housing as a property investment vehicle. In this analysis, the performance and diversification benefits of housing over 1996‐2007 are investigated. Design/methodology/approach - Sharpe and Sortino ratios were employed to assess the risk‐adjusted performance of housing and major financial and real estate assets. Correlation analysis was also employed to examine the portfolio diversification benefits of housing. Findings - The study found that housing is an effective property investment vehicle in which it delivers the highest risk‐adjusted returns and reveals negative correlation with major assets. The enhancement of these attractive features is also evident in recent years. Research limitations/implications - This study has implications for investor who seek to include housing as part of their portfolio. The analysis and results are limited by the quality of the data. Originality/value - This study is one of the few studies in housing investment, particularly the housing market in Australia. Additionally, this study is probably the first attempt to assess the downside risk of housing.

Suggested Citation

  • Chyi Lin Lee, 2008. "Housing in Australia as a portfolio investment," International Journal of Housing Markets and Analysis, Emerald Group Publishing Limited, vol. 1(4), pages 352-361, November.
    • Handle: RePEc:eme:ijhmap:v:1:y:2008:i:4:p:352-361
    DOI: 10.1108/17538270810908641
    as

    Download full text from publisher

    File URL: https://www.emerald.com/insight/content/doi/10.1108/17538270810908641/full/html?utm_source=repec&utm_medium=feed&utm_campaign=repec
    Download Restriction: Access to full text is restricted to subscribers
    File URL: https://www.emerald.com/insight/content/doi/10.1108/17538270810908641/full/pdf?utm_source=repec&utm_medium=feed&utm_campaign=repec
    Download Restriction: Access to full text is restricted to subscribers
    File URL: https://libkey.io/10.1108/17538270810908641?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Kingsley Tetteh Baako, 2019. "Determining House Prices in Data-Poor Countries: Evidence from Ghana," International Real Estate Review, Global Social Science Institute, vol. 22(4), pages 571-595.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eme:ijhmap:v:1:y:2008:i:4:p:352-361. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Emerald Support (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.