The Role of Tax and Subsidy Policy in Driving Australian House Prices

This paper investigates the impact of tax variables and subsidy policy on real house prices, controlling for fundamental variables. The results show that the equilibrium price of housing is negatively associated with income tax rates, but positively associated with real construction costs, real land...

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Veröffentlicht in:The Economic record 2019-06, Vol.95 (309), p.227-247
Hauptverfasser: Carrington, Sarah J., Li, Bob, Larkin, Matthew P.
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description This paper investigates the impact of tax variables and subsidy policy on real house prices, controlling for fundamental variables. The results show that the equilibrium price of housing is negatively associated with income tax rates, but positively associated with real construction costs, real land prices and the investor share in the market. House price fluctuations around their long‐run equilibrium are positively related to construction costs, land prices, and income, but negatively with income taxes. Negative gearing provisions have ambiguous effects, while stamp duty rates lack significance for house price movements on average.
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source Wiley-Blackwell Journals; PAIS Index; Business Source Complete
subjects Ambiguity
Economic models
Equilibrium
Housing
Housing prices
Income taxes
Land prices
Market shares
Pricing policies
Subsidies
Tax rates
Taxation
title The Role of Tax and Subsidy Policy in Driving Australian House Prices
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