Rights statement: The final, definitive version of this article has been published in the Journal, Urban Studies, 52 (9), 2015, © SAGE Publications Ltd, 2015 by SAGE Publications Ltd at the Urban Studies page: http://usj.sagepub.com/ on SAGE Journals Online: http://online.sagepub.com/
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Research output: Contribution to Journal/Magazine › Journal article › peer-review
Research output: Contribution to Journal/Magazine › Journal article › peer-review
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TY - JOUR
T1 - Synchronisation and commonalities in metropolitan housing market cycles
AU - Akimov, Alexey
AU - Stevenson, Simon
AU - Young, James
N1 - The final, definitive version of this article has been published in the Journal, Urban Studies, 52 (9), 2015, © SAGE Publications Ltd, 2015 by SAGE Publications Ltd at the Urban Studies page: http://usj.sagepub.com/ on SAGE Journals Online: http://online.sagepub.com/
PY - 2015/7
Y1 - 2015/7
N2 - This paper examines the degree of commonalities present in the cyclical behaviour of the eight largest metropolitan housing markets in Australia. Using two techniques originally in the business cycle literature we consider the degree of synchronisation present and secondly decompose the series’ into their permanent and cyclical components. Both empirical approaches reveal similar results. Sydney and Melbourne are closely related to each other and are relatively segmented from the smaller metropolitan areas. In contrast, there is substantial evidence of commonalities in the cyclical behaviour of the remaining cities, especially those on the Eastern and Southern coasts of Australia.
AB - This paper examines the degree of commonalities present in the cyclical behaviour of the eight largest metropolitan housing markets in Australia. Using two techniques originally in the business cycle literature we consider the degree of synchronisation present and secondly decompose the series’ into their permanent and cyclical components. Both empirical approaches reveal similar results. Sydney and Melbourne are closely related to each other and are relatively segmented from the smaller metropolitan areas. In contrast, there is substantial evidence of commonalities in the cyclical behaviour of the remaining cities, especially those on the Eastern and Southern coasts of Australia.
KW - Common Cycles
KW - Metropolitan Housing Markets
KW - House Price Diffusion
KW - Permanent and Transitory Components
KW - Decomposing Cycles and Trends
U2 - 10.1177/0042098014535643
DO - 10.1177/0042098014535643
M3 - Journal article
VL - 52
SP - 1665
EP - 1682
JO - Urban Studies
JF - Urban Studies
SN - 0042-0980
IS - 9
ER -