Measuring and Evaluating Changes in Returns for Residential Property
نویسنده
چکیده
Changes in home owners’ wealth is measured by using an index of property prices constructed from sales transactions. Since only a very small proportion of the housing stock is offered to the market in any given time period, the index is a proxy for change in the price of all properties. The accuracy of the index determines its suitability as a ‘good’ proxy in reflecting price changes. Several methods of index construction may be employed to measure price changes. A brief review of these methodologies and their shortcomings is presented. A hedonic regression analysis is employed to construct an index for ten Melbourne suburbs. The results are compared with the standard approach commonly employed by the property profession.
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