South African house-price dynamics

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dc.contributor.advisorBarr, Grahamen_ZA
dc.contributor.authorHutchings, Bradleyen_ZA
dc.date.accessioned2014-07-31T12:28:23Z
dc.date.available2014-07-31T12:28:23Z
dc.date.issued2007en_ZA
dc.descriptionIncludes abstract.
dc.descriptionIncludes bibliographical references (leaves 29-32).
dc.description.abstractMotivated by concerns that a speculative price bubble may have formed in the South African house market, this paper examines South African house-price dynamics over a three-decade period spanning 1976 to 2005. Estimation of error-correction models reveals that real changes in the prices of medium- and large-sized South African homes are associated with short-run changes in economic growth, real mortgage rates and sovereign risk. Empirical analysis suggests that the real prices of small-sized homes are not associated with real mortgage rates in the short run. Estimation of the house-price models also revealed that property prices exhibit mean reversion in the long run, although adjustment to long-run equilibrium (governed by economic growth, real mortgage rates and sovereign risk) is slow.en_ZA
dc.identifier.apacitationHutchings, B. (2007). <i>South African house-price dynamics</i>. (Thesis). University of Cape Town ,Faculty of Commerce ,School of Economics. Retrieved from http://hdl.handle.net/11427/5799en_ZA
dc.identifier.chicagocitationHutchings, Bradley. <i>"South African house-price dynamics."</i> Thesis., University of Cape Town ,Faculty of Commerce ,School of Economics, 2007. http://hdl.handle.net/11427/5799en_ZA
dc.identifier.citationHutchings, B. 2007. South African house-price dynamics. University of Cape Town.en_ZA
dc.identifier.ris TY - Thesis / Dissertation AU - Hutchings, Bradley AB - Motivated by concerns that a speculative price bubble may have formed in the South African house market, this paper examines South African house-price dynamics over a three-decade period spanning 1976 to 2005. Estimation of error-correction models reveals that real changes in the prices of medium- and large-sized South African homes are associated with short-run changes in economic growth, real mortgage rates and sovereign risk. Empirical analysis suggests that the real prices of small-sized homes are not associated with real mortgage rates in the short run. Estimation of the house-price models also revealed that property prices exhibit mean reversion in the long run, although adjustment to long-run equilibrium (governed by economic growth, real mortgage rates and sovereign risk) is slow. DA - 2007 DB - OpenUCT DP - University of Cape Town LK - https://open.uct.ac.za PB - University of Cape Town PY - 2007 T1 - South African house-price dynamics TI - South African house-price dynamics UR - http://hdl.handle.net/11427/5799 ER - en_ZA
dc.identifier.urihttp://hdl.handle.net/11427/5799
dc.identifier.vancouvercitationHutchings B. South African house-price dynamics. [Thesis]. University of Cape Town ,Faculty of Commerce ,School of Economics, 2007 [cited yyyy month dd]. Available from: http://hdl.handle.net/11427/5799en_ZA
dc.language.isoengen_ZA
dc.publisher.departmentSchool of Economicsen_ZA
dc.publisher.facultyFaculty of Commerceen_ZA
dc.publisher.institutionUniversity of Cape Town
dc.subject.otherEconomicsen_ZA
dc.titleSouth African house-price dynamicsen_ZA
dc.typeMaster Thesis
dc.type.qualificationlevelMasters
dc.type.qualificationnameMComen_ZA
uct.type.filetypeText
uct.type.filetypeImage
uct.type.publicationResearchen_ZA
uct.type.resourceThesisen_ZA
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