The study analyses a range of approaches to measuring housing affordability in the Australian private rental market. In particular, it compares traditional consumption-based measures of housing affordability with a new measure of housing affordability based on the Canadian core housing need model, which includes the suitability of the dwelling for the household’s needs as well as its cost. The ...

This paper studies the linkages between housing and consumption in the United States taking into account regional variation. We estimate national and regional housing factors from a comprehensive set of US price and quantity data available at mixed frequencies and over different time spans. Our housing factors pick up the common components in the data and are less affected by the idiosyncratic ...

This study examines the time series behaviour of housing prices series for 69 cities in China. The general housing price index, the index of newly constructed buildings and the price index of second hand buildings from 2005:7 to 2010:12 are examined. The univariate fractionally integrated models are employed in order to determine whether shocks to the variables have transitory or permanent effe...

This paper addresses the question of how changes in stock market wealth and housing wealth affect consumption expenditure in Australia. We approach the problem using a panel of Australian states, for which we construct data on housing and stock market wealth. We estimate the link between consumption and the components of wealth using panel-data estimation techniques, including fixed-effects ins...

The Housing Market Evolutionary System (HoMES) is the updated housing market module for the Integrated Land Use, Transportation, Environment (ILUTE) model system. HoMES is a disaggregate, agent-based microsimulation of the owner, location choices and valuations, the endogenous supply of housing by type and location, and the endogenous determination of sale prices and rents. The new model offers...

Over the past decade, Asia-Pacific economies have made significant progress in developing private housing markets and market-based systems for financing home purchases. However, development has been uneven across countries due to the heterogeneity in market infrastructure and economic development. This special feature documents structural characteristics of national housing markets in Asia, foc...

Housing wealth is the largest source of household wealth, but we know little about the distribution of housing wealth and how institutions have shaped this distribution. Subsidies for homeownership, privatisation of social housing and mortgage finance liberalisation are likely to have influenced the distribution of housing wealth in recent decades. To examine their impact, we describe housing w...

This paper draws upon the findings of two empirical research studies examining how the dynamics of a vibrant Australian housing market impact upon young people’s housing and often lead to homelessness for the most vulnerable, particularly care leavers. Largely excluded from home ownership; ineligible for social housing and forced to rely upon a highly competitive private rental market, many Aus...

Housing reform in China has proceeded on two tracks: privatization of public housing and development of a new private housing sector. During this period of transition, rents have remained relatively low in the remaining public housing, and purchase prices offered to occupants of public housing have been well below market prices. Although these rents and prices are partly based on known formulas...

Recent years have seen large swings in house prices in many countries. Motivated by housing price variations, proposals for taxing capital gains (nominal or real) on housing have repeatedly been put forth. The idea seems to be that such taxes would curb the redistribution occurring between those owning houses and those trying to get into the market for owner-occupied housing. Our paper shows th...