Abstract
In the period since the influential studies by Case and Shiller (1989, 1990), it has been established that housing markets are characterised by information diffusion patterns determined by informational inefficiencies. In Australia, little work has been completed on the long-term patterns of these inefficiencies. This paper examines a rich data set of transactions for the Perth housing market in the period 1988-2000. The results confirm some significant long-term patterns for real house price changes and some close relationships between these patterns and changes in real interest rates.
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