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The relationship between house prices and demographic variables

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  • Richard Reed

Abstract

Purpose - The process for examining the value of house prices in an urban city has given limited attention, if any, to demographic variables associated with urban geography. Although the disciplines of property/real estate and demography have moved closer, little progress has been made when modelling house prices using population-related data in the field of urban geography to explain the level of house prices. Design/methodology/approach - This paper proposes an innovative model to examine the influence of population variables on the level of house prices. It used a two-stage approach as follows: principal components analysis (PCA) identified social dimensions from a range of demographic variables, which were then retained for further analysis. This information was sourced from two Australian Bureau of Statistics censuses undertaken involving all Melbourne residents during 1996, 2001, 2006 and 2011; multiple regression analysis examined the relationship between the retained factor scores from the PCA (as independent variables) and established residential house prices (as the dependent variable). Findings - The findings confirm the demographic profile of each household, which is directly related to their decisions about housing location and house prices. Based on a case study of Melbourne, Victoria, it was demonstrated that households with specific demographic characteristics are closely related to a certain level of house prices at the suburban level. Originality/value - This is an innovative study which has not been previously undertaken for an extended period of time to facilitate an analysis of change over time.

Suggested Citation

  • Richard Reed, 2016. "The relationship between house prices and demographic variables," International Journal of Housing Markets and Analysis, Emerald Group Publishing Limited, vol. 9(4), pages 520-537, October.
    • Handle: RePEc:eme:ijhmap:v:9:y:2016:i:4:p:520-537
    DOI: 10.1108/IJHMA-02-2016-0013
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    Citations

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    Cited by:

    1. Yiyang Gu, 2018. "What are the most important factors that influence the changes in London Real Estate Prices? How to quantify them?," Papers 1802.08238, arXiv.org.
    2. Yingchao Lin & Zhili Ma & Ke Zhao & Weiyan Hu & Jing Wei, 2018. "The Impact of Population Migration on Urban Housing Prices: Evidence from China’s Major Cities," Sustainability, MDPI, vol. 10(9), pages 1-14, September.
    3. Wang, Jianing & Lee, Chyi Lin, 2022. "The value of air quality in housing markets: A comparative study of housing sale and rental markets in China," Energy Policy, Elsevier, vol. 160(C).

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