The wealth effect of housing on aggregate consumption

This study Measures the effect of changes in net housing and financial wealth oil household consumption using Australian data over the period Q2:1988-Q1:2003. It is found a permanent one dollar rise in housing wealth leads to a six cent increase in consumption, three times the effect of financial wealth. The result speaks strongly against the notion of assets fungibility.. and Suggests that a sharp movement in house prices is potentially more disruptive than a corresponding movement ill financial asset prices.

Outdoor room, Q House, Chelmer, Brisbane

View from front of property through main entrance to double-height outdoor room. Existing house on right.

South elevation, Prasser House, Buderim

As seen from adjacent property (roof irrigation system in use).

North elevation, Prasser House, Buderim

As seen from adjacent property.

Powell House, Noosa River, Sunshine Coast

As seen from neighbouring property.

Glazing to entry, Mt. Nebo House

Leadlight windows with stained glass feature panes and timber muntins over french doors with matching leadlight sidelights.

Dining room, Mt. Nebo House

Interior view showing fireplace and mezzanine.

Hallway, Mt. Nebo House

Hallway off main entry to house.

Dormer window, Mt. Nebo House

Arched head leadlight and casement windows with stained glass feature panes and timber muntins. View through window from interior.

Dormer window, Mt. Nebo House

Arched head leadlight window with stained glass feature panes and timber muntins.

Garage-studio interior, Mt. Nebo House

Timber framing and roof skylight detail inside garage-studio.

Upper level, C House, Coorparoo, Brisbane

View along North-West elevation upper level.