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Does Controlling For Neighbourhood Quality Matter More For Different Types Of House

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Author Info

  • DAVID DUFFY

    ()
    (Economic and Social Research Institute and Dept of Economics, NUI Maynooth)

Abstract

The inclusion of neighbourhood quality variables has been recognised as reducing the bias in house price indices and increasing the explanatory power of regression based hedonic indices. The ability to identify the type of purchaser is used in this paper to test the importance of neighbourhood quality variables for a first-time or second-time buyer. This paper includes the physical location of the house and neighbourhood characteristics using small area population statistics from the 1996 Census of Population in Ireland. The results confirm for the Dublin market the experience of the US and UK literature that physical and neighbourhood location influence price. The paper also shows that neighbourhood quality is more important for the first time buyer. While some tentative explanations are offered as to why this is the case this finding is worthy of further investigation.

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Bibliographic Info

Paper provided by Department of Economics, Finance and Accounting, National University of Ireland - Maynooth in its series Economics, Finance and Accounting Department Working Paper Series with number n1091001.

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Length: 30 pages
Date of creation: Jan 2001
Date of revision:
Handle: RePEc:may:mayecw:n1091001

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Postal: Maynooth, Co. Kildare
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Web page: http://economics.nuim.ie
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Related research

Keywords: house price indices; hedonic models; first-time buyers; second-time buyers; bias; neighbourhood quality;

References

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  1. Kiel, Katherine A & Zabel, Jeffrey E, 1997. "Evaluating the Usefulness of the American Housing Survey for Creating House Price Indices," The Journal of Real Estate Finance and Economics, Springer, vol. 14(1-2), pages 189-202, Jan.-Marc.
  2. Karl E. Case & Robert J. Shiller, 1987. "Prices of Single Family Homes Since 1970: New Indexes for Four Cities," Cowles Foundation Discussion Papers 851, Cowles Foundation for Research in Economics, Yale University.
  3. Marvin L. Wolverton & Jimmy Senteza, 2000. "Hedonic Estimates of Regional Constant Quality House Prices," Journal of Real Estate Research, American Real Estate Society, vol. 19(3), pages 235-253.
  4. Zabel, Jeffrey E, 1999. "Controlling for Quality in House Price Indices," The Journal of Real Estate Finance and Economics, Springer, vol. 19(3), pages 223-41, November.
  5. Theodore M. Crone & Richard P. Voith, 1992. "Estimating house price appreciation: a comparison of methods," Working Papers 92-21, Federal Reserve Bank of Philadelphia.
  6. Mills, Edwin S. & Simenauer, Ronald, 1996. "New Hedonic Estimates of Regional Constant Quality House Prices," Journal of Urban Economics, Elsevier, vol. 39(2), pages 209-215, March.
  7. Linneman, Peter, 1980. "Some empirical results on the nature of the hedonic price function for the urban housing market," Journal of Urban Economics, Elsevier, vol. 8(1), pages 47-68, July.
  8. Jonathan H. Mark & Michael A. Goldberg, 1984. "Alternative Housing Price Indices: An Evaluation," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 12(1), pages 30-49.
  9. Can, Ayse & Megbolugbe, Isaac, 1997. "Spatial Dependence and House Price Index Construction," The Journal of Real Estate Finance and Economics, Springer, vol. 14(1-2), pages 203-22, Jan.-Marc.
  10. Denis Conniffe & David Duffy, 1999. "Irish House Price Indices — Methodological Issues," The Economic and Social Review, Economic and Social Studies, vol. 30(4), pages 403-423.
  11. Bradford Case & Henry O. Pollakowski & Susan M. Wachter, 1991. "On Choosing Among House Price Index Methodologies," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 19(3), pages 286-307.
  12. Gatzlaff Dean H. & Ling David C., 1994. "Measuring Changes in Local House Prices: An Empirical Investigation of Alternative Methodologies," Journal of Urban Economics, Elsevier, vol. 35(2), pages 221-244, March.
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