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Commodity house prices
Date Issued
2013
ISSN
0166-0462
Citation
Regional Science and Urban Economics, Nov 2013, vol. 43(6), pp. 875-887.
Type
Peer Reviewed Journal Article
Abstract
This paper studies how commodity price movements have affected the local house prices in commodity-dependent economies, Australia and New Zealand. We build a geographically hierarchical empirical model and find that the commodity prices influence local house prices directly and also indirectly through macroeconomic variables. The impacts of commodity price changes are analogous to “income shocks” rather than “cost shocks”. Regional heterogeneity is also observed in terms of differential dynamic responses of local house prices to energy versus non-energy commodity price movements. The results are robust to alternative approaches. Directions for future research are also discussed.
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