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• W2139213434 abstract "This paper examines the seasonal effects in the detached housing markets in Adelaide, South Australia. Residential markets are generally considered to exhibit slight seasonal effects. Anecdotal evidence suggests that this is often observed in the form of variations in the volume of sales, with less noticeable effects on price levels. It is also suggested that there are significant variations in the seasonal effect in different locations particularly beachside and hill locations. This paper attempts to quantify the seasonal affects in the volume of transactions and the achieved prices of detached dwellings. Hedonic price models and time series models are developed for a range of locations across Adelaide to examine the effects in different locations. The results suggest that there are significant seasonal effects on the volume of detached dwelling transactions in Adelaide particularly in beachside and hills locations where summer and autumn show statistically significant seasonal effects. There is little evidence of any seasonal effect on prices of detached dwellings. If there is any seasonality in these property prices, it is too small to quantify at sub-market level, however there is some evidence that property prices may be around 1% lower in winter than in other seasons. Introduction: This paper examines the seasonal effects of residential property markets in Adelaide, South Australia. Several different techniques are used to quantify the seasonal effects on the volumes of detached houses sold in Adelaide and on their prices. The metropolitan area of Adelaide and 30 suburban submarkets are examined to see if there is locational variation in the seasonal effects. The study uses traditional time series analysis and hedonic price functions to estimate the effect of seasonality. The purpose of this research is to test the usually untested assumption that residential property markets exhibit significant variations in prices and volumes of transactions at different times of the year. Anecdotally, real estate agents often talk about the rush, a period in spring when it is believed that purchasers emerge from winter slumber to madly purchase residential properties. It may also be considered as the best time to sell because gardens are at their best during spring. This is when plant growth is at its maximum in Mediterranean climates such as Adelaide's where cool wet winters and hot dry summers, inhibit growth. Any seasonal effect may have regional differences. The Adelaide topography is largely flat but with significant beachside areas, foothills and a small suburban area in the Adelaide Hills. It might be expected that the beachside areas would become more popular in spring and summer because of beach activities. Similarly, locations in the Adelaide Hills and foothills that are generally cooler may be more likely to be attractive during summer and less attractive in winter." @default.
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• W2139213434 date "2000-01-01" @default.
• W2139213434 modified "2023-09-27" @default.
• W2139213434 title "Estimating the Seasonal Effects of Residential Property Markets - A Case Study of Adelaide" @default.
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