Maturity of the Australian and Chinese Housing Markets: A Comparative Status Review

Abstract

<p>Each property market is inherently unique due to institutional differences in various factors such as lease law, planning protocols and land titling procedures. To acquire a greater understanding of a property market's nature and potential performance in the future, market maturity concepts have been developed principally for commercial property and applied to analyse different markets around the world. This paper aims to develop this approach and to compare the level of maturity of housing markets in Australia and China. It is underpinned by three research questions. What are the key components of housing market maturity? What is the current maturity level of the housing markets in Australia and China? What are the key lessons that can be drawn from the housing market maturity in Australia and China? To answer these questions, the paper firstly conducts a review of the literature on market maturity. Secondly, a framework of key components of housing market maturity is developed from the synthesis of literature review findings. Thirdly, the paper applies the framework to the case studies of Australia and China to comparatively analyse housing market maturity in both countries. Lastly, the paper draws key lessons from the two case studies for promoting housing market maturity.</p>