Hedonic Prices and House Numbers: The Influence of Feng Shui
Author
Start Page / End Page
Volume
Issue Number
Year
Publication
Steven C. Bourassa and Vincent S. Peng
79 / 93
2
1
1999
International Real Estate Review
Abstract
In contemporary practice, feng shui incorporates a wide range of concepts considered to affect a person’s luck. These include traditional ideas about site selection and building design, as well as newer beliefs about the “luckiness” of certain numbers. Focusing on an area with a relatively high percentage of Chinese households in Auckland, New Zealand, this paper uses hedonic price analysis to investigate whether house values are affected by lucky and unlucky numbers. Sales transactions for 1989 to 1996 are used in this analysis. The results demonstrate that lucky house numbers are capitalized into house values.
