The real estate sector represents a substantial share of the economy. This course provides an economic perspective on markets and policy related to the real estate sector. We will discuss the theory of urban land and housing markets, the spatial development of cities, inter-regional competition, economic development, and the migration of labour and capital. We will also look at economic policy issues, such as the roles played by transportation systems and local governments in shaping urban location patterns, and the effects of macroeconomic policy in the context of the interrelationship between property and business cycles. The course will provide an historical and international context for these issues, including for example the major property boom and bust from 1996-2004 (for Sydney), and the latest housing boom and (potential) bust 2012-19. Students of this course will acquire a comprehensive understanding of the economic factors and policies which influence real estate markets.
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