Econometric Modelling of Housing Prices and their Relationship to Climate Adaptation Issues (2012-2016)
Abstract
The project will develop improved econometric modeling accounting for the spatial and temporal nature of housing prices. The aims include to produce: a model based method to separate the contribution of land (an appreciating asset) and structure (a depreciating asset) to the price of residential property; the first estimates of depreciation rates of Australian housing stock; and, hedonic modelling that allows for changing preferences over time (time-varying parameters). The project will link multiple listing data on sale of residential properties to local government databases. The outcomes include empirical evidence to inform the debate on planing infrastructure adaptation for future climate, and taxation of land for residential housing.
