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A Study of Property Valuations in Relation to Market Prices and the Characteristics of Properties

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  • P. W. ABELSON

Abstract

Using data on some 1400 properties in Sydney, Australia, the paper examines the extent to which valuations reflect market prices and the characteristics of properties. Valuations of houses are found to be poorly related to market prices. Furthermore, although valuations of houses can be explained in terms of property characteristics, they are found to be less sensitive than market prices to variations in these characteristics. Land valuations are also analyzed and it is shown that these can be explained in terms of ‘land’ characteristics including environmental factors. The paper concludes that quantitative models relating valuations to the characteristics of properties could reduce the often arbitrary nature of the valuation process.

Suggested Citation

  • P. W. Abelson, 1979. "A Study of Property Valuations in Relation to Market Prices and the Characteristics of Properties," The Economic Record, The Economic Society of Australia, vol. 55(4), pages 328-338, December.
    • Handle: RePEc:bla:ecorec:v:55:y:1979:i:4:p:328-338
    DOI: 10.1111/j.1475-4932.1979.tb02237.x
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    References listed on IDEAS

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    1. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
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    Cited by:

    1. Burton, Michael P. & Marsh, Sally P. & Patterson, Josie, 2000. "Community attitudes towards water management in the Moore Catchment, WA," 2000 Conference (44th), January 23-25, 2000, Sydney, Australia 123616, Australian Agricultural and Resource Economics Society.
    2. C.J. Barnett, 1984. "A Hedonic Price Model of Consumer Demand for Urban Land Attributes," Economics Discussion / Working Papers 84-01, The University of Western Australia, Department of Economics.

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