Annotated Bibliography
ANNOTATION BIBLIOGRAPHY (HOUSING AFFORDABILITY)
Abelson, P. et al., 2005. Explaining House Prices in Australia: 1970-2003. The Economic Record, 81(255), pp.96-103
In the paper of Abelson, et al., they review the fluctuation of Australian house price from 1970 to 2003, aiming at explaining the causes of the changes. Through a long-run equilibrium model, this paper analyses the real monetary determinants of house price in the long run and displays the short-term fluctuation of house price with the help of a short-run asymmetric error correction model. They emphasize the long-term and short-term elements that determined house price via different models and divides the duration into four house price booms. It helps my research topic in that Abelson, et al. raise a number of reasons for the fluctuation of house price in Australia. The principal limitation of this paper is that it only gives priority to the objective factors and ignores the subjective causes for the change in house prices. In conclusion, Abelson, et al. argue that real disposal income and the consumer price index, which are the important explanatory of unemployment rate, equity prices, real mortgage rates as well as the housing stock, have a long-term influence on the real estate price. Besides, they insist that there exists a significant lag in adjustment to equilibrium. I will choose this paper as one of the main references in my research as it makes a detailed analysis of the economic factors influencing the house price.
Australian and New Zealand bank, First home buyers, viewed 2 April 2012, http://www.anz.com/personal/home-loans/first-home-buyers/
Australian and New Zealand bank provides some information about mortgage in its website to assist customers who interested in applying for mortgage. The website includes information about types of borrowing available, its interest rates, and the requirements to borrow. This website is particularly useful as the table and information given in a
Abelson, P. et al., 2005. Explaining House Prices in Australia: 1970-2003. The Economic Record, 81(255), pp.96-103
In the paper of Abelson, et al., they review the fluctuation of Australian house price from 1970 to 2003, aiming at explaining the causes of the changes. Through a long-run equilibrium model, this paper analyses the real monetary determinants of house price in the long run and displays the short-term fluctuation of house price with the help of a short-run asymmetric error correction model. They emphasize the long-term and short-term elements that determined house price via different models and divides the duration into four house price booms. It helps my research topic in that Abelson, et al. raise a number of reasons for the fluctuation of house price in Australia. The principal limitation of this paper is that it only gives priority to the objective factors and ignores the subjective causes for the change in house prices. In conclusion, Abelson, et al. argue that real disposal income and the consumer price index, which are the important explanatory of unemployment rate, equity prices, real mortgage rates as well as the housing stock, have a long-term influence on the real estate price. Besides, they insist that there exists a significant lag in adjustment to equilibrium. I will choose this paper as one of the main references in my research as it makes a detailed analysis of the economic factors influencing the house price.
Australian and New Zealand bank, First home buyers, viewed 2 April 2012, http://www.anz.com/personal/home-loans/first-home-buyers/
Australian and New Zealand bank provides some information about mortgage in its website to assist customers who interested in applying for mortgage. The website includes information about types of borrowing available, its interest rates, and the requirements to borrow. This website is particularly useful as the table and information given in a