There was an equal balance of Australian and New Zealand cities to ensure that the results are not biased towards one country and the research was funded by New Zealand's Ministry of Business, Innovation and Employment as part of its resilient futures programme.
CONCLUSION
Our results demonstrate a weak form of a single housing market. This means that house prices in cities across Australasiawill diverge over time, but are influenced by the same long-term factors.
These differences may be caused by differences in house price responses to land prices, migration responses to houseprices or to land price responses to migration flows. The latter may reflect either geographical or planning constraints.These constraints may affect how much land is available and therefore how land prices respond to population flows (i.e.to migration).
Our findings also have implications for macroeconomic policy. We find little evidence that the countries’ independentmonetary and/or other macro-economic policies have been instrumental in determining long run real house priceoutcomes in either country. In interpreting this finding, recall that our focus is on real house prices, a relative pricevariable. The implication that monetary policy has been ineffective in controlling this relative price variable is consistentwith standard monetary theory, i.e. with the classical dichotomy. 作者: NewLynnHse 时间: 2016-3-29 12:23:26