Seasonality in Australian Residential Real Estate Prices

35 Pages Posted: 23 Aug 2009 Last revised: 9 Nov 2009

See all articles by Danika J. Wright

Danika J. Wright

The University of Sydney - Discipline of Finance

Alex Frino

The University of Sydney - Discipline of Finance; Financial Research Network (FIRN)

Maurice Peat

The University of Sydney; Financial Research Network (FIRN)

Date Written: July 1, 2009

Abstract

Seasonality has long been documented in the context of equity market returns, but only recently has been tested for in the residential real estate market. This paper argues, in line with the previous research in this area, that no month should, on average, demonstrate superior (or inferior) returns to any other. Using parametric tests and regression analysis this hypothesis is supported for the Australian market. The reason that the belief of a 'better' selling month exists is shown to be a result of the inadequacy of primitive market return measures to account for the heterogeneity of the market.

Keywords: Real estate finance, seasonality, house price index

JEL Classification: C22, G14, R31

Suggested Citation

Wright, Danika J. and Frino, Alex and Peat, Maurice, Seasonality in Australian Residential Real Estate Prices (July 1, 2009). 22nd Australasian Finance and Banking Conference 2009, Available at SSRN: https://ssrn.com/abstract=1459871 or http://dx.doi.org/10.2139/ssrn.1459871

Danika J. Wright (Contact Author)

The University of Sydney - Discipline of Finance ( email )

P.O. Box H58
Sydney, NSW 2006
Australia

Alex Frino

The University of Sydney - Discipline of Finance ( email )

Futures Research Centre
P.O. Box H58
Sydney NSW
Australia
+61 2 9299 1809 (Phone)
+61 2 9299 1830 (Fax)

Financial Research Network (FIRN)

C/- University of Queensland Business School
St Lucia, 4071 Brisbane
Queensland
Australia

HOME PAGE: http://www.firn.org.au

Maurice Peat

The University of Sydney ( email )

University of Sydney
Sydney, NSW 2006
Australia

Financial Research Network (FIRN)

C/- University of Queensland Business School
St Lucia, 4071 Brisbane
Queensland
Australia

HOME PAGE: http://www.firn.org.au

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