An Unobserved Components Approach to Separating Land from Structure in Property Prices: A Case Study for the City of Brisbane
The study develops a spatio-temporal model of hedonic pricing that explicitly separates the land and the structure components of property prices. This is illustrated with a dataset for Brisbane, Australia, constructed by combining commercial real estate, local government databases and GIS-based spatial analyzes. The land component of prices has increased from 42% in 2000 to 66% in 2010. This has implications for a broad range of planning and policy issues, including property tax rates, town planning, and options for climate adaptations.
|Date of creation:||2011|
|Date of revision:|
|Contact details of provider:|| Postal: St. Lucia, Qld. 4072|
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Web page: http://www.uq.edu.au/economics/
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- Stephen Malpezzi & Larry Ozanne & Thomas G. Thibodeau, 1987. "Microeconomic Estimates of Housing Depreciation," Land Economics, University of Wisconsin Press, vol. 63(4), pages 372-385.
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- Göran Therborn & K.C. Ho, 2009. "Introduction," City, Taylor & Francis Journals, vol. 13(1), pages 53-62, March.
- John M. Clapp & Hyon-Jung Kim & Alan E. Gelfand, 2002. "Predicting Spatial Patterns of House Prices Using LPR and Bayesian Smoothing," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 30(4), pages 505-532.
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