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House and Land Prices in Sydney from 1931 to 1989

Department of Economics, Macquarie University, Sydney NSW 2109, Australia, pabelson{at}efs.mq.edu.au

This paper describes and explains house and land prices in Sydney from 1931 to 1989. Throughout this period, house and land prices fell, generally exponentially, with distance to the CBD. However, the price gradients were not constant. Between 1931 and 1968 the gradients flattened. On the other hand, between the mid 1970s and 1989 they became steeper again. The changes in the gradients were caused mainly by changes in travel times and costs by road and rail. Real travel costs fell in the early period and rose later on. Other factors that affected the price gradients were changes in car ownership and the supply of urban services in the early period and gentrification of inner-city areas and the greater increase in housing supply on the urban fringe in the later period. The paper also shows how house size and environmental factors influenced house prices in the 1970s and 1980s.

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