The Inexorable Rise in House Prices in Australia since 1970: Unique or Not?
Australian Economic Review, 2016, vol. 49, issue 3, 317-327
The period since 1970 has seen a very significant rise in house prices and rents in real terms in Australia. The geographical variance in house prices in the United States over the same period provides an insight into the rising value attached to amenity and the impact of supply constraints in explaining the rise. Financial deregulation and low interest rates are the key factors that, after 1991, boosted prices but at the same time limited rent growth. These factors are a one-off and not a guide to the future. The decline in home-ownership rates requires a more nuanced debate.
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