The Impact of Auctions on Residential Sales Prices in New Zealand
AbstractThe use of an auction to sell residential real estate in the United States is often associated with distressed sales such as foreclosure, bankruptcy or estate settlement. In other areas of the world, auctions are more commonly used and viewed as a viable, preferred method of selling a house. This article uses hedonic pricing methodology to compare the sale prices of houses in Christchurch, New Zealand sold at auction with those sold by private treaty. The results indicate that in some cases auctions can result in premium sale prices. In none of the cases studied did auctions result in lower prices than private-treaty sales.
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Bibliographic InfoArticle provided by American Real Estate Society in its journal Journal of Real Estate Research.
Volume (Year): 16 (1998)
Issue (Month): 1 ()
Contact details of provider:
Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
Web page: http://www.aresnet.org/
Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
Find related papers by JEL classification:
- L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services
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