Table 5. Results of the long-run...

Table 5.

Results of the long-run ECM-based

Dependent variable	Independent variable	Coefficient	p-value
Price per hectare for NSW coastal farmland [PHCF]	Median non-strata price Central Coast [MNSP]	−0.49	0.02**
Median non-strata price Central Coast [MNSP]	Price per hectare for NSW coastal farmland [PHCF]	−0.02	0.49
Price per hectare for NSW coastal farmland [PHCF]	Median strata price Central Coast [MSP]	−0.18	0.00***
Median strata price Central Coast [MSP]	Price per hectare for NSW coastal farmland [PHCF]	−0.01	0.86

Dependent variable	Independent variable	Coefficient	p-value
Price per hectare for NSW coastal farmland [PHCF]	Median non-strata price Central Coast [MNSP]	−0.49	0.02**
Median non-strata price Central Coast [MNSP]	Price per hectare for NSW coastal farmland [PHCF]	−0.02	0.49
Price per hectare for NSW coastal farmland [PHCF]	Median strata price Central Coast [MSP]	−0.18	0.00***
Median strata price Central Coast [MSP]	Price per hectare for NSW coastal farmland [PHCF]	−0.01	0.86

Note(s):

These error correction model (ECM) results represent the long-run relationships between the price per hectare for NSW coastal farmland and median prices for non-strata and strata dwellings. ****, ** and * denote the presence of long-run causality running from the independent variable to the dependent variable at the 1, 5 and 10% significance level, respectively

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