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Australian House Prices: A Comparison of Hedonic and Repeat-Sales Measures

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  • JAMES HANSEN
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    Abstract

    House prices are difficult to measure due to changes in the composition of properties sold through time and changes in the quality of housing. I explore whether these issues affect simple measures of house prices, and whether regression-based measures provide an accurate alternative to measuring pure house price changes in Australia. Using unit record data for Australia's three largest cities, regression-based approaches provide a more accurate estimate of pure price changes than a median, and are comparable, with around half of the variation in prices growth explained. These results confirm that regression-based measures are useful for measuring house price changes in Australia. Copyright © 2009 The Economic Society of Australia.

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    Bibliographic Info

    Article provided by The Economic Society of Australia in its journal Economic Record.

    Volume (Year): 85 (2009)
    Issue (Month): 269 (06)
    Pages: 132-145

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    Handle: RePEc:bla:ecorec:v:85:y:2009:i:269:p:132-145

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    Cited by:
    1. Arthur Grimes & Mark Holmes, 2010. "New Zealand Housing Markets: Just a Bit-Player in the A-League?," Working Papers 10_07, Motu Economic and Public Policy Research.
    2. Alicia N. Rambaldi & Cameron S. Fletcher & Kerry Collins & Ryan R.J. McAllister, 2013. "Housing Shadow Prices in an Inundation-prone Suburb," Urban Studies, Urban Studies Journal Limited, vol. 50(9), pages 1889-1905, July.
    3. Alicia Rambaldi & Prasada Rao, 2011. "Hedonic Predicted House Price Indices Using Time-Varying Hedonic Models with Spatial Autocorrelation," Discussion Papers Series 432, School of Economics, University of Queensland, Australia.
    4. Katja Hanewald & Michael Sherris, 2011. "House Price Risk Models for Banking and Insurance Applications," Working Papers 201118, ARC Centre of Excellence in Population Ageing Research (CEPAR), Australian School of Business, University of New South Wales.
    5. Costello, Greg & Fraser, Patricia & Groenewold, Nicolaas, 2011. "House prices, non-fundamental components and interstate spillovers: The Australian experience," Journal of Banking & Finance, Elsevier, vol. 35(3), pages 653-669, March.

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