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An Unobserved Components Approach to Separating Land from Structure in Property Prices: A Case Study for the City of Brisbane

Alicia Rambaldi (), Ryan McAllister (), Kerry Collins and Cameron Fletcher

No 428, Discussion Papers Series from University of Queensland, School of Economics

Abstract: The study develops a spatio-temporal model of hedonic pricing that explicitly separates the land and the structure components of property prices. This is illustrated with a dataset for Brisbane, Australia, constructed by combining commercial real estate, local government databases and GIS-based spatial analyzes. The land component of prices has increased from 42% in 2000 to 66% in 2010. This has implications for a broad range of planning and policy issues, including property tax rates, town planning, and options for climate adaptations.

Date: 2011
New Economics Papers: this item is included in nep-ure
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