Finance - Research Publications

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Start date: 2005 × End date: 2008 × Subject: Applied Economics ×

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    Personal residential real estate investment in Australia: Investor characteristics and investment parameters
    Brown, RM ; Schwann, G ; Scott, C (WILEY, 2008-03-01)
    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.