Accuracy and robustness of house price index methods
We evaluate the statistical properties of five different house price index methods withthe objective of identifying one that is most accurate and robust when estimated at frequent timeintervals and for distinctly local markets. We adopt a split-sample technique to establish a consistentbasis for com...
| Main Authors: | , , |
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| Format: | Journal Article |
| Published: |
Routledge
2012
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| Online Access: | http://hdl.handle.net/20.500.11937/49280 |
| _version_ | 1848758205601021952 |
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| author | Goh, M. Costello, Gregory Schwann, G. |
| author_facet | Goh, M. Costello, Gregory Schwann, G. |
| author_sort | Goh, M. |
| building | Curtin Institutional Repository |
| collection | Online Access |
| description | We evaluate the statistical properties of five different house price index methods withthe objective of identifying one that is most accurate and robust when estimated at frequent timeintervals and for distinctly local markets. We adopt a split-sample technique to establish a consistentbasis for comparison of the different price index methods. Our results demonstrate that if suitabledata is available for estimation of price indexes, the arbitrary aggregation of data across time andgeography is not warranted. One model, the ‘hedonic imputation’, outperforms alternative modelson all measures of accuracy and robustness. Differences in levels of accuracy between differentmodels are found to be statistically significant. |
| first_indexed | 2025-11-14T09:40:17Z |
| format | Journal Article |
| id | curtin-20.500.11937-49280 |
| institution | Curtin University Malaysia |
| institution_category | Local University |
| last_indexed | 2025-11-14T09:40:17Z |
| publishDate | 2012 |
| publisher | Routledge |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | curtin-20.500.11937-492802017-03-15T22:56:27Z Accuracy and robustness of house price index methods Goh, M. Costello, Gregory Schwann, G. House price index hedonic imputation model mix-adjusted median model - hybrid model repeat-sales model hedonic model We evaluate the statistical properties of five different house price index methods withthe objective of identifying one that is most accurate and robust when estimated at frequent timeintervals and for distinctly local markets. We adopt a split-sample technique to establish a consistentbasis for comparison of the different price index methods. Our results demonstrate that if suitabledata is available for estimation of price indexes, the arbitrary aggregation of data across time andgeography is not warranted. One model, the ‘hedonic imputation’, outperforms alternative modelson all measures of accuracy and robustness. Differences in levels of accuracy between differentmodels are found to be statistically significant. 2012 Journal Article http://hdl.handle.net/20.500.11937/49280 Routledge restricted |
| spellingShingle | House price index hedonic imputation model mix-adjusted median model - hybrid model repeat-sales model hedonic model Goh, M. Costello, Gregory Schwann, G. Accuracy and robustness of house price index methods |
| title | Accuracy and robustness of house price index methods |
| title_full | Accuracy and robustness of house price index methods |
| title_fullStr | Accuracy and robustness of house price index methods |
| title_full_unstemmed | Accuracy and robustness of house price index methods |
| title_short | Accuracy and robustness of house price index methods |
| title_sort | accuracy and robustness of house price index methods |
| topic | House price index hedonic imputation model mix-adjusted median model - hybrid model repeat-sales model hedonic model |
| url | http://hdl.handle.net/20.500.11937/49280 |