Urbanisation and housing finance nexus: Evidence from Australia

被引:8
作者
Bangura, Mustapha [1 ]
Lee, Chyi Lin [2 ,3 ]
机构
[1] Univ Technol Sydney, POB 123 Broadway, Ultimo, NSW 2007, Australia
[2] Univ New South Wales UNSW, Kensington, NSW 2052, Australia
[3] UNSW Sydney, Fac Built Environm, Construct Management & Property, Kensington, NSW 2052, Australia
关键词
Urbanisation; Housing demand; Housing finance; Asymmetric effects; NARDL model; Loan commitment; REAL-ESTATE INVESTMENT; URBAN MIGRATION; FINANCIALIZATION; IMMIGRATION; DEMAND; TRENDS; PULL; PUSH;
D O I
10.1016/j.habitatint.2023.102897
中图分类号
F0 [经济学]; F1 [世界各国经济概况、经济史、经济地理]; C [社会科学总论];
学科分类号
0201 ; 020105 ; 03 ; 0303 ;
摘要
The rapid urbanisation being experienced in major cities across the globe has occasioned greater housing demand and brought to the fore the importance of understanding housing finance systems to support the housing market. However, current literature on the nexus between urbanisation and housing finance is limited. Further, existing literature about housing finance is aggregated and assumed symmetric effects. We used a NARDL model to examine the asymmetric effects of housing variables on loan commitment over 1980Q2 to 2022Q2 and docu-mented the following findings. First, we decoupled the housing finance market into owner-occupier and housing investment and found asymmetric effects of key housing variables on loan commitment for each of these sub -markets. Second, urbanisation has a telling effect on loan commitment for owner-occupier but not for investors. Third, the asymmetric results highlighted the importance of promoting economic prosperity and reducing the housing lending rate to boost loan commitment for both owner-occupier and housing investment by varying magnitudes. However, increasing the approval rate of private dwellings and boosting the household savings ratio can enhance loan commitment for owner-occupiers but not investors. These findings could aid the formulation of more targeted housing finance policies, in turn, helping develop a more resilient housing market especially in countries with high urbanisation rates.
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页数:11
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