Abstract #300812

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JSM 2003 Abstract #300812
Activity Number: 381
Type: Luncheons
Date/Time: Wednesday, August 6, 2003 : 12:30 PM to 1:50 PM
Sponsor: Business & Economics Statistics Section
Abstract - #300812
Title: The Challenges of Developing and Updating a Real Estate Capital Growth Index - THIS LUNCHEON IS CANCELLED
Author(s): Simon J. Sheather*+
Companies: University of New South Wales
Address: Australian Graduate School of Management, Sydney NSW 2052, , , Australia
Keywords: real estate ; hedonic pricing models
Abstract:

The McGrath Australian Property Monitors Index monitors changes in inflation-adjusted prices of real estate in Sydney, Australia, beginning in January 1996. It is jointly produced each quarter by McGrath Estate Agents, Australia's fastest growing real estate company, and Australian Property Monitors, whose databases contain the latest and most detailed information available on Sydney property prices. The Index is based on separate hedonic pricing models for houses and apartments across 23 suburbs. (Details of the index can be found at www.mcgrath.com.au.) These models include both general economic factors (such as interest rates) as well as specific characteristics of each property (such as latitude and longitude). The models, for example, allow one to develop a three-dimensional map of the effects of location on price in each of the suburbs. We will discuss the challenges of developing and updating a real estate index each quarter.

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Revised March 2003