An Appraisal Based Residential Property Index

John Macfarlane, David Parker, Peter Rossini and Graeme Newell

ERES from European Real Estate Society (ERES)

Abstract: Appraisal-based indices for commercial property have been well established for many years, yet it is only in relatively recent times that serious proposals for transaction-based commercial property indices have been put forward. In contrast, in the residential property market, transaction-based property indices have been almost universally accepted; despite their well documented problems. The paper considers existing approaches to measuring movements in the residential property market, issues surrounding index construction and includes a review of the relevant literature. Based on data provided by the Australian Valuation Office, the paper considers the development of an appraisal-based residential property index and discusses its applicability and performance in relation to a number of transaction-based indices used in Australia.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2007-01-01
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Persistent link: https://EconPapers.repec.org/RePEc:arz:wpaper:eres2007_281

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