Personal Residential Real Estate Investment in Australia: Investor Characteristics and Investment Parameters
研究了1990-2004年澳大利亚家庭投资住宅租赁房产的决策，发现财富因素是主要驱动力，而生命周期因素如婚姻和子女影响较小。
To date our understanding of the factors affecting the housing supply stem from the private provision of new units through real estate development. This article investigates a different aspect of housing supply, the private provision of rental housing through investment in existing properties. Using logistic regression and a series of micro data sets of Australian households, we examine the investment decision of residential rental property investors over the period 1990–2004. The sample period incorporates a full real estate cycle. Our results indicate that wealth‐related factors are the dominant factors driving these investments. Life‐cycle factors such as marriage and children play a less important role. Most of the determinants of income property investment do not vary with the property cycle. Marriage is an exception. It became more important as house prices rose.