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When homes earn more than jobs: the rentierization of the Australian housing market

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  • Josh Ryan-Collins
  • Cameron Murray

Abstract

This article develops the concept of housing market ‘rentierization’ to describe the shift in the treatment of housing away from its use as a consumption good to an asset from which economic rent can be extracted. Rentierization encompasses, but goes beyond, the ‘financialisation of housing’ that has been the focus of attention in the recent political economy of housing literature as it involves changes across land and housing market policy, fiscal-policy as well as financial policy spheres. We examine Australia as a canonical example of rentierization, conducting a historical case study that examines the returns to land and housing over the 20th century and trace its roots to developments that preceded the financial liberalization of the 1980s, including the privatization of public housing in the 1960s and 70s.

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  • Josh Ryan-Collins & Cameron Murray, 2023. "When homes earn more than jobs: the rentierization of the Australian housing market," Housing Studies, Taylor & Francis Journals, vol. 38(10), pages 1888-1917, November.
    • Handle: RePEc:taf:chosxx:v:38:y:2023:i:10:p:1888-1917
    DOI: 10.1080/02673037.2021.2004091
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    Cited by:

    1. Konstantin A. Kholodilin & Sebastian Kohl & Florian Müller, 2023. "Government-Made House Price Bubbles? Austerity, Homeownership, Rental, and Credit Liberalization Policies and the “Irrational Exuberance” on Housing Markets," Discussion Papers of DIW Berlin 2061, DIW Berlin, German Institute for Economic Research.
    2. Chunhui Liu & Yaqi Yuan & Xiaoming Qi, 2024. "Who Cashed the Rent Gap? An Alternative Narration of a Shantytown Renovation Project in Nanjing, China," Tijdschrift voor Economische en Sociale Geografie, Royal Dutch Geographical Society KNAG, vol. 115(1), pages 112-125, February.
    3. Rowan Arundel & Jose Manuel Torrado & Ricardo Duque-Calvache, 2024. "The spatial polarization of housing wealth accumulation across Spain," Environment and Planning A, , vol. 56(6), pages 1686-1709, September.

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