Personal Residential Real Estate Investment in Australia: Investor Characteristics and Investment Parameters
Personal Residential Real Estate Investment in Australia: Investor Characteristics and Investment Parameters
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澳大利亚个人住宅房地产投资：投资者特征和投资参数
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发表时间：
2008
期刊：
影响因子：
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通讯作者：
Callum Scott
中科院分区：
文献类型：
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作者：
Rayna Brown;G. Schwann;Callum Scott
迄今为止，我们对影响住房供应因素的理解源于私人通过房地产开发提供新单位。本文研究了住房供应的另一个方面，即通过投资现有房产来私人提供租赁住房。我们使用逻辑回归和一系列澳大利亚家庭的微观数据集，研究了 1990 年至 2004 年期间住宅租赁物业投资者的投资决策。样本期包含了完整的房地产周期。我们的结果表明，与财富相关的因素是推动这些投资的主导因素。婚姻和孩子等生命周期因素的作用不太重要。大多数收入房地产投资的决定因素并不随房地产周期而变化。婚姻是个例外。随着房价上涨，这一点变得更加重要。版权所有 2008 美国房地产与城市经济学协会
To date our understanding of the factors affecting the housing supply stem from the private provision of new units through real estate development. This article investigates a different aspect of housing supply, the private provision of rental housing through investment in existing properties. Using logistic regression and a series of micro data sets of Australian households, we examine the investment decision of residential rental property investors over the period 1990-2004. The sample period incorporates a full real estate cycle. Our results indicate that wealth-related factors are the dominant factors driving these investments. Life-cycle factors such as marriage and children play a less important role. Most of the determinants of income property investment do not vary with the property cycle. Marriage is an exception. It became more important as house prices rose. Copyright 2008 American Real Estate and Urban Economics Association