Monetary policy and portfolio shocks drive South African house price fluctuations
The article looks at why house prices in South Africa go up and down. They studied data from different areas in South Africa from 1974 to 2011. They found that recent changes in house prices were mostly because of national reasons, while older changes were more local. They also discovered that big economic events like changes in how money is managed and where people invest their money have a big impact on house prices. Overall, they think that house prices in South Africa move together because of different good and bad things happening in the economy.