The Geography of Housing Affordability and Housing Investment Opportunity: A Case Study of Melbourne

Muharem H. Karamujic
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Muharem H. Karamujic: University of Sarajevo

Chapter 6 in Housing Affordability and Housing Investment Opportunity in Australia, 2015, pp 137-163 from Palgrave Macmillan

Abstract: Abstract Due to its importance, the housing sector has always been the topic of much discussion. In recent times, it is even more so due to the GFC of 2007/09/10 and a possibility of a double-dip recession in 2015/16.1 With respect to the housing sector, if anything, the GFC has highlighted the need for additional research on understanding how housing markets work. While a pre-GFC increase in house prices was shared with many other countries (Kim and Renaud, 2009), there has been no material GFC instigated correction in house prices in Australia. In fact, quite the opposite happened in that post-GFC house prices continued rising This is especially evident in Melbourne where, according to the ABS (2010), in the year to September 2010 quarter (from the corresponding quarter of the previous year), established house prices increased the most among all the capital cities (18.8 per cent).2 Though impressive, the house price increase in Melbourne for the year to September 2010 quarter was lower than the increases recorded in the previous three-quarters: 24.3 per cent in the year to June 2010 quarter, 27 per cent in the year to March 2010 quarter and 19.5 per cent in the year to December 2009 quarter.

Keywords: House Price; Housing Market; Housing Affordability; Productivity Commission; Housing Investment (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-51793-7_6

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DOI: 10.1057/9781137517937_6

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