The differential effects of exchange rate fluctuations on local housing price growth: evidence from Australia

Jun Sung Kim and Liang Wang

Regional Studies, 2024, vol. 58, issue 1, 135-150

Abstract: We investigate whether real exchange rate fluctuations contribute to the fluctuations in housing prices differently across local housing markets through the differential compositions of immigrants. We first develop a new measure of the immigrant-weighted local real exchange rate, which varies across areas and over time within Australia. Using this measure and a fixed-effect instrumental variables approach, we find that the growth in local real exchange rate positively affects housing price growth. This positive relationship is mainly driven by urban metropolitan areas.

Date: 2024
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DOI: 10.1080/00343404.2023.2187044

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