Introduction from the Editor

Citation

Reed, R.G. (2012), "Introduction from the Editor", International Journal of Housing Markets and Analysis, Vol. 5 No. 2. https://doi.org/10.1108/ijhma.2012.35105baa.001

Introduction from the Editor

Article Type: Editorial From: International Journal of Housing Markets and Analysis, Volume 5, Issue 2

The six papers in this issue of the International Journal of Housing Markets and Analysis are truly global and discuss housing-related issues in Africa, Canada, China, Iran, Australia and Sweden. At the same time each paper examines a housing-related issue in a specific country where the findings and implications are relevant to other countries. Whilst there are variations between the maturity and size of housing markets within and between different countries, it is evident there are many similar problems and challenges to be faced throughout the world. For example, few countries escaped the GFC and do not have housing affordability issues, with both being discussed within these six papers.

The paper by Babawale and Omirin examines the accuracy of factors influencing the valuation process which is timely when considering the fluctuations in values between different time periods, especially following the global financial crisis. Importantly this research was conducted in Africa and examined the survey responses of 250 property firms directly involved in valuations. The analysis was undertaken using factor analysis and the relationship with valuation accuracy was examined using regression analysis. The results identified possible causes of inaccuracy in residential property valuation which included inadequate comparable data, client influence and valuer experience. The paper by Dubé et al. uses data from Canada and is centred on spatial correlation where GIS in a research area which receives relatively little attention in housing research circles. The researchers adopt a novel approach and test the efficiency of a three stage modelling approach using geographical co-ordinates of observations. The findings confirm a spatial predictor can be mapped and capture most of the unexplained spatial variation in prices. This is an exciting finding and has implications for understanding house price variations in other housing markets.

The paper by Li and Chiang focuses on the Chinese real estate market and undertakes a ten year longitudinal analysis on a month-by-month basis. With much attention recently placed on the property market in China this paper overcomes many of the barriers associated with accessing reliable and detailed property data in this country. The results confirm long term equilibrium among real estate price, inflation, land sales, real estate development and gross domestic product. Areas for future study include examining the roles of local government and also expanding the study to other cities in China. The paper by Fereidovni examines the Iranian housing market where also there has been relatively little research conducted into housing. The methodology involved collecting data from 28 provinces in Iran with the results confirming real estate agents have a positive effect on the level of house prices. The results have important implications for policymakers including:

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  the potential for a fixed commission basis to overcome problems with higher sale prices to achieve higher commissions; and

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  changes to the tax system on property transfers to control speculative demand drivers.

The paper by Bryant is from Australia and undertakes a unique pre- and post-GFC study into development funding for housing. The research examined the circumstance surrounding the availability of housing finance including key lending criteria and analysed data relating to changes to the credit policies of Australian banks in this changing environment. The findings highlighted challenges for housing developers to access finance even though there is a chronic undersupply of housing. In the conclusion some consideration is given to housing supply and affordability, equity contribution, presale requirements and cost of funds. This paper has implications for housing developers in other parts of Australia and in similar international markets. The final paper from Sweden looks closely at the mismanagement of a housing estate over the long term. The discussion is centred on the legal framework for tenants in a housing estate and examines the framework within which housing estates operate in Sweden. The findings outline implications for policymakers and also discuss theoretical implications. Future directions for research are also outlined and encourage an investigation into the decision-making process undertaken by tenants about housing options.

These six papers all contribute substantially to the growing body of knowledge about international housing markets. Each paper has been double blind refereed and highlights the important research being undertaken in housing markets in both developed and emerging markets. I would like thank authors and reviewers for their continuing support and encourage you to forward your feedback to richard.reed@deakin.edu.au

Richard G. Reed