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Best, R (2010) Using purchasing power parity to assess construction productivity. Construction Economics and Building, 10(04), 1-10.

de Valence, G (2010) Innovation, procurement and construction industry development. Construction Economics and Building, 10(04), 50-59.

Gharaie, E, Wakefield, R and Blismas, N (2010) Explaining the increase in the Australian average house completion time:activity-based versus workflow-based approach. Construction Economics and Building, 10(04), 34-49.

Karamujic, H (2010) An investigation into the fundamental drivers of pricing of residential mortgage products – a risk pricing viewpoint. Construction Economics and Building, 10(04), 60-72.

Liu, J and London, K (2010) Convergence among the submarkets in Australian regional building and construction sector. Construction Economics and Building, 10(04), 11-33.

  • Type: Journal Article
  • Keywords: Construction prices; convergence; vector error correction model
  • ISBN/ISSN: 1837-9133
  • URL: https://doi.org/10.5130/AJCEB.v10i4.1796
  • Abstract:
    Studies on market convergence are well considered in the literature. However, the majority of the previous research focused on housing markets and few studies have concentrated on construction markets. Owing to a simultaneously dramatic increase in the construction prices of the sub-markets in the building construction sector in Australia, this paper aims to identify the convergence among these markets, involving house construction market, other-residential building construction market, and non-residential building construction market. To achieve it the Granger causality test and generalized response function depending on the vector error correction model with the quarterly data of Australia’s eight states from 1998 to 2010 will be applied. Based upon the econometric tests, the price diffusion patterns among these construction markets have been identified. Research on the convergences of construction markets not only helps construction firms perform well in business operations and arbitrage activities, but also provides policy makers with useful information for enacting effective construction policies for national perspectives and approaches to infrastructure planning.