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An Unobserved Components Approach to Separating Land from Structure in Property Prices: A Case Study for the City of Brisbane

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Abstract

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.

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  • Alicia Rambaldi & Ryan McAllister & Kerry Collins & Cameron Fletcher, 2011. "An Unobserved Components Approach to Separating Land from Structure in Property Prices: A Case Study for the City of Brisbane," Discussion Papers Series 428, School of Economics, University of Queensland, Australia.
  • Handle: RePEc:qld:uq2004:428
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    File URL: http://www.uq.edu.au/economics/abstract/428.pdf
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    1. Göran Therborn & K.C. Ho, 2009. "Introduction," City, Taylor & Francis Journals, vol. 13(1), pages 53-62, March.
    2. 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.
    3. 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.
    4. J. Barkley Rosser, 2009. "Introduction," Chapters,in: Handbook of Research on Complexity, chapter 1 Edward Elgar Publishing.
    5. Knight, John R. & Sirmans, C. F., 1996. "Depreciation, Maintenance, and Housing Prices," Journal of Housing Economics, Elsevier, vol. 5(4), pages 369-389, December.
    6. Basu, Sabyasachi & Thibodeau, Thomas G, 1998. "Analysis of Spatial Autocorrelation in House Prices," The Journal of Real Estate Finance and Economics, Springer, vol. 17(1), pages 61-85, July.
    7. Eurostat, 2013. "Handbook on Residential Property Prices Indices," World Bank Publications, The World Bank, number 17280, April.
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    1. Hill, Robert J. & Syed, Iqbal A., 2016. "Hedonic price–rent ratios, user cost, and departures from equilibrium in the housing market," Regional Science and Urban Economics, Elsevier, vol. 56(C), pages 60-72.

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