Abstract
PurposeThis paper aims to assess the equilibrium house price in the city of Suva (Fiji) and to analyse the house price bubble in the Fiji housing market.Design/methodology/approachThis paper adopts a time series approach to determine the presence of house price bubbles in Fiji over the period from 1988 to 2018.FindingsThe findings suggest that real income, land cost, building material price, inflation rate, volatility, household size and wealth have a positive impact on house prices, whereas user cost of capital and political disturbances have a negative impact. The findings further indicate that the Fijis’ housing market does not constitute any house price bubble.Practical implicationsThis paper draws policy implications for a small developing state (Fiji) and other similar economies.Originality/valueThe price bubble in the Fiji housing market is analysed for the first time. This paper develops a comprehensive empirical approach to assess the equilibrium-housing price in Fiji.
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