Liu, J and London, K (2011) Analysing the relationship between new housing supply and residential construction costs with the regional heterogeneities. Construction Economics and Building, 11(3), pp. 58-67. ISSN 2204-9029
Abstract
New housing supply in Australia has been experiencing a low rate of increase in conjunction with a dramatic increase in residential construction costs since the 1990s. This study aims to estimate the relationship between new housing supply and residential construction costs with the regional heterogeneities. Based on a panel error correction model, it can be identified that there is a causal link as well as a significant correlation between new housing supply and construction costs in the Australian sub-national housing construction markets. The model developed in this research assists policy makers to better understand the nature of the supply side of the housing sector and then enact appropriate policies to improve the new housing supply in Australia.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | new housing supply; regional heterogeneities; residential construction costs |
| Index terms: | error correction model, housing, estimate, Australia, residential construction, construction cost, markets |
| Subjects: | statistical analysis, Geography, financial and cost management, construction type, economic analysis, construction integration |
| Topics: | Geographical Context, Business Strategy, Construction Technology, Research Practice, Cost Management |
| Descriptive scope: | 3 PCA |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here