Speculative Bubbles in Property Markets

预计本研究提案中概述的对投机泡沫的测试将在确定房地产市场泡沫存在(或不存在)方面取得重大进展。虽然拟议的适用范围是悉尼市场，但该方法将适用于澳大利亚和国际上其他城市和地区的房地产市场。改进对投机泡沫的测试将更好地了解泡沫的本质，并为政策制定提供更坚实的基础，从而使政策制定者受益。这项研究还将产生享乐定价模型，这些模型可以用来理解澳大利亚城市房地产价格和租金的决定因素。

It is anticipated that the test for speculative bubbles outlined in this research proposal will make significant progress towards establishing the existence (or non-existence) of property market bubbles. While the proposed application is to the Sydney market, the method will be applicable to property markets in other cites and regions, both in Australia and internationally. An improved test for speculative bubbles will provide a better understanding of the nature of bubbles and will benefit policy-makers by providing a more solid basis for policy development. The research will also produce hedonic pricing models that can be used understand the determinants of property prices and rents in Australian cities.