Pricing size effects in housing markets

Gregory J. Costello

Journal of Property Research, 2000, vol. 17, issue 3, 203-219

Abstract: This paper examines whether pricing size effects as observed in securities markets exist in housing markets. A large transaction data set for the city of Perth, Western Australia is used to construct market aggregate and price quartile repeat-sales and hedonic indexes for the period 1988--96. Methodologies for the identification of pricing size effects are proposed and significant pricing size effects are observed. Cheaper properties exhibit higher rates of real price change in the short term but the lowest rates in the longer term. These results are consistent for tests with index models and individual property price changes. These results are shown to cause bias in transaction based indexes. A number of potential areas for future research are proposed.

Date: 2000
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DOI: 10.1080/09599910050119985

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