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dc.contributor.authorPhelps, Christopher
dc.contributor.authorHarris, Mark
dc.contributor.authorViforJ, Rachel
dc.contributor.authorRowley, Steven
dc.contributor.authorWood, Gavin
dc.date.accessioned2021-11-17T04:46:49Z
dc.date.available2021-11-17T04:46:49Z
dc.date.issued2021
dc.identifier.citationPhelps, C. and Harris, M.N. and Ong, R. and Rowley, S. and Wood, G.A. 2021. Within-city dwelling price growth and convergence: trends from Australia’s large cities. International Journal of Housing Policy. 21 (1): pp. 103-126.
dc.identifier.urihttp://hdl.handle.net/20.500.11937/86426
dc.identifier.doi10.1080/19491247.2020.1851635
dc.description.abstract

Within Australia’s larger cities, we observe differences in price dynamics across different sub-periods over the period 2001–2016. A combination of housing market cycles, policy reforms and different new supply configurations offers potential explanations. Neighbourhood dwelling prices within all cities and dwelling types converged during a 2001–2006 sub-period that coincided with strong housing price growth. Shifts in monetary policy as well as tax and housing policy reforms drove this convergence by boosting demand from first homebuyers and investors. Divergence had overtaken convergence in most cities and market segments by the final 2011–2016 sub-period. We argue that falling interest rates were responsible. The findings highlight how price indices based on movements in central measures of the price distribution can offer a poor guide to housing affordability trends at different points in a city’s neighbourhood price distribution. They also suggest that monetary policy has differential effects across market segments. These effects are markedly different in periods when monetary policy is relaxed rather than tightened, and have important implications for first homebuyer accessibility and the ability of existing homeowners to trade up.

dc.languageEnglish
dc.publisherROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
dc.relation.sponsoredbyhttp://purl.org/au-research/grants/arc/FT200100422
dc.subjectScience & Technology
dc.subjectSocial Sciences
dc.subjectLife Sciences & Biomedicine
dc.subjectEnvironmental Studies
dc.subjectRegional & Urban Planning
dc.subjectUrban Studies
dc.subjectEnvironmental Sciences & Ecology
dc.subjectPublic Administration
dc.subjectWithin-city dwelling price growth
dc.subjectconvergence
dc.subjectdivergence
dc.subjectAustralia
dc.subjecthousing affordability
dc.subjectHOUSE PRICES
dc.subjectWELFARE
dc.subjectMARKET
dc.subjectWEALTH
dc.titleWithin-city dwelling price growth and convergence: trends from Australia’s large cities
dc.typeJournal Article
dcterms.source.volume21
dcterms.source.number1
dcterms.source.startPage103
dcterms.source.endPage126
dcterms.source.issn1949-1247
dcterms.source.titleInternational Journal of Housing Policy
dc.date.updated2021-11-17T04:46:48Z
curtin.departmentSchool of Accounting, Economics and Finance
curtin.accessStatusFulltext not available
curtin.facultyFaculty of Business and Law
curtin.contributor.orcidRowley, Steven [0000-0002-2399-1885]
curtin.contributor.orcidPhelps, Christopher [0000-0002-9437-1595]
curtin.contributor.orcidHarris, Mark [0000-0002-1804-4357]
curtin.contributor.orcidViforJ, Rachel [0000-0001-8557-8802]
curtin.contributor.researcheridHarris, Mark [O-5084-2015]
curtin.contributor.researcheridViforJ, Rachel [C-1097-2008]
dcterms.source.eissn1949-1255
curtin.contributor.scopusauthoridRowley, Steven [7006249092]
curtin.contributor.scopusauthoridHarris, Mark [35561581200] [55310794400]
curtin.contributor.scopusauthoridViforJ, Rachel [18133832500]
curtin.contributor.scopusauthoridWood, Gavin [7401951115]


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