Research Discussion Paper – RDP 2006-03 Australian House Prices: A Comparison of Hedonic and Repeat-sales Measures

Contents

• Introduction
• House Price Concepts and Definitions
• Alternative Measures of House Prices
• An Empirical Comparison of Alternative Measures
• Conclusion
• Appendix A: Confidence Intervals
• Appendix B: Data Preparation
• Appendix C: Repeat-sales Alternatives
• Appendix D: REIV Comparison
• References
• Copyright and Disclaimer Notices

I would like to thank Luci Ellis, Christopher Kent, Marion Kohler, Kristoffer Nimark, Nalini Prasad, Daniel Rees, Anthony Richards, Thomas Walker and participants in seminars at the Reserve Bank for many helpful comments and suggestions. I would also like to thank Australian Property Monitors and the Real Estate Institute of Victoria for providing unit record data. Responsibility for any remaining errors rests with the author. The views expressed in this paper are those of the author and do not necessarily reflect those of the Reserve Bank of Australia.