CoreLogic launches new index
Property data and analytics provider, CoreLogic, has launched a new index.
The company announced it had launch a new-generation Hedonic Home Value Index, using updated methodologies and processes to provide insights into housing market conditions across the regions of Australia
It said the upgraded Index, which will continue to be published on the first business day of each month, combined a property’s key attributes, such as land area, number of bedrooms, bathrooms and car spaces, with recent local sales to accurately estimate the value of every dwelling nationally, on a daily basis.
The company said the home value index was designed to measure pure returns and exclude value add from capital works (such as renovations and new construction). Estimated capital gains were based on the change in the overall value of a consistent housing portfolio over each time period.
Commenting on the launch, CoreLogic head of research, Tim Lawless said the company spent more than $20 million each year in acquiring, cleaning and matching disparate data sources in order to compile its database on property sales and attributes in Australia.
“Hedonic regression is a statistical technique which allows us to determine a property’s value based on its component parts, and not just on local market movements,” he said. “This allows for a far more accurate measurement of capital gain or capital loss that can benefit buyers, sellers, lenders and real estate professionals alike.”
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