evidence of temporary episodes of explosive behaviour in price-to-rent ratios for established houses, in five of Australia …'s largest cities. One interpretation of our results is that stochastic, rational bubbles were a feature of Australia's major … in Australia's housing markets, there is little evidence that what might be identified as house price bubbles had any …

We examine whether a single housing market exists across 16 cities covering two countries, Australia and New Zealand … shocks are first reflected in the price dynamics of a leading group of cities all of which are within Australia (including …