An Empirical Study of the Determinants of Sydney's Dwelling Price

Publisher:
Pacific Rim Real Estate Society
Publication Type:
Journal Article
Citation:
Pacific Rim Property Research Journal, 2007, 13 (4), pp. 493 - 509
Issue Date:
2007-01
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Australian dwelling prices have increased substantially since the early 1990s, making housing less affordable for many potential home buyers. This study aims to identify the main determinant factors that drove the dwelling prices upwards in Sydney from 1992 to 2006. The findings suggest that real household income, dwelling completions, speculative investment and real interest rate are the main variables influencing the increase of dwelling prices in Sydney. Amongst the findings is that there is a need for policy makers to improve the supply of dwellings to accommodate the growing demand of housing in Sydney.
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