House Price Efficiency: Expectations, Sales, Symmetry

  title={House Price Efficiency: Expectations, Sales, Symmetry},
  author={Arthur Grimes and Andrew M Aitken and Suzi Kerr},
An efficient housing market is of critical importance for individual welfare and for a well-functioning economy. We test the efficiency of this market by estimating the factors that determine both the long-run and the dynamic paths of regional house prices. Our tests use a new quarterly regional panel data set covering the 14 regions of New Zealand from 1981 to 2002. The tests indicate that regional housing markets converge to an equilibrium consistent with consumer optimising conditions, and… CONTINUE READING


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