锘縏Y - RPRT AU - Gurran, Nicole AU - Phibbs, Peter AU - Yates, Judith AU - Gilbert, Catherine AU - Whitehead, Christine AU - Norris, Michelle AU - McClure, Kirk AU - Berry, Mike AU - Maginn, Paul AU - Goodman, Robin AU - Rowley, Steven CY - Melbourne L1 - internal-pdf://3110228631/AHURI_Final_Report_No255_Housing markets, econ.pdf M1 - 73038 M3 - FR N1 - This Investigative Panel examined the interrelationships between the housing market and economic productivity drawing on international evidence. The panel identified spatially sensitive indicators of market efficiency versus risk. The panel drew out lessons relating to the affordability, tenure, and location of new housing supply, and policy implications for Australia. The primary research vehicle was an international Investigative Panel, comprised of international scholars and Australian industry experts and industry leaders, policy officers and practitioners from Commonwealth, state and local governments. The panel identified ways in which housing markets might constrain economic productivity: * Labour mobility and labour market participation might be constrained when there is a shortage of affordable homes that can access employment opportunities, and employment might also be compromised for low-income earners pushed into regional areas with low employment prospects. * Urban congestion imposes costs which are exacerbated by a mismatch between job locations and affordable housing opportunities. * High housing costs and debt may impose high pressures on wages and make Australia more expensive to do business. The panel also raised concerns about: excessive housing costs crowding out consumption and other investment; economic volatility from speculative activity in the housing market; risks associated with international financialisation of housing and global porosity of housing markets; the inefficiency of new housing construction in locations which are not well located to job rich areas; and growing welfare dependency of groups reliant on the private rental market. The panel called for a wider range of housing indicators than just those tracking trends in the private market, including those tracking demand, access and instability. Diagnostic information on housing market trends should also be independent, reliable for market actors as well as government, and inform interventions by different levels of government at spatially differentiated scales. In recalibrating policy settings and interventions in the housing market, the focus should be on the responsiveness of new supply to changing demand, and ensuring that wider financial interventions support, rather than distort, housing choices across the market. In particular, policy-makers should address the effect of: taxation settings on housing transactions (e.g. stamp duty and land taxes); planning system, building regulation and infrastructure charging arrangements on the cost of land; industry organisation and capacity to deliver new housing products; and the direct and indirect housing roles of Australian governments and their provision of market intervention and assistance. NV - Sydney University PB - Australian Housing and Urban 漫天堂入口 Institute Limited PY - 2015 RP - This Investigative Panel examined the interrelationships between the housing market and economic productivity drawing on international evidence. The panel identified spatially sensitive indicators of market efficiency versus risk. The panel drew out lessons relating to the affordability, tenure, and location of new housing supply, and policy implications for Australia. The primary research vehicle was an international Investigative Panel, comprised of international scholars and Australian industry experts and industry leaders, policy officers and practitioners from Commonwealth, state and local governments. The panel identified ways in which housing markets might constrain economic productivity: * Labour mobility and labour market participation might be constrained when there is a shortage of affordable homes that can access employment opportunities, and employment might also be compromised for low-income earners pushed into regional areas with low employment prospects. * Urban congestion imposes costs which are exacerbated by a mismatch between job locations and affordable housing opportunities. * High housing costs and debt may impose high pressures on wages and make Australia more expensive to do business. The panel also raised concerns about: excessive housing costs crowding out consumption and other investment; economic volatility from speculative activity in the housing market; risks associated with international financialisation of housing and global porosity of housing markets; the inefficiency of new housing construction in locations which are not well located to job rich areas; and growing welfare dependency of groups reliant on the private rental market. The panel called for a wider range of housing indicators than just those tracking trends in the private market, including those tracking demand, access and instability. Diagnostic information on housing market trends should also be independent, reliable for market actors as well as government, and inform interventions by different levels of government at spatially differentiated scales. In recalibrating policy settings and interventions in the housing market, the focus should be on the responsiveness of new supply to changing demand, and ensuring that wider financial interventions support, rather than distort, housing choices across the market. In particular, policy-makers should address the effect of: taxation settings on housing transactions (e.g. stamp duty and land taxes); planning system, building regulation and infrastructure charging arrangements on the cost of land; industry organisation and capacity to deliver new housing products; and the direct and indirect housing roles of Australian governments and their provision of market intervention and assistance. ST - Housing markets, economic productivity, and risk: international evidence and policy implications for Australia - Volume 2: Supplementary papers T2 - 漫天堂入口Final Report No. 255 TI - Housing markets, economic productivity, and risk: international evidence and policy implications for Australia - Volume 2: Supplementary papers UR - /research/final-reports/255 ID - 489 ER -