We build an empirical model of the Australian housing market that quantifies interrelationships between construction, vacancies, rents and prices. We find that low interest rates (partly reflecting lower world long‐term rates) explain much of the rapid growth in housing prices and construction over the past few years. Another demand factor, high immigration, also helps explain the tight housing market and rapid growth in rents in the late 2000s. A large part of the effect of interest rates on dwelling investment, and hence GDP, works through housing prices. [ABSTRACT FROM AUTHOR]

中文翻译：

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澳大利亚住房市场的典范

我们建立了澳大利亚住房市场的实证模型，量化了建筑、空置、租金和价格之间的相互关系。我们发现低利率（部分反映了较低的世界长期利率）解释了过去几年房价和建筑的快速增长。另一个需求因素，高移民，也有助于解释 2000 年代后期住房市场紧张和租金快速增长的原因。利率对住宅投资和 GDP 的影响很大一部分是通过房价产生的。[作者摘要]