Measuring a boom and bust: The Sydney housing market 2001-2006

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dc.contributor.author Hill, R
dc.contributor.author Melser, D
dc.contributor.author Syed, I
dc.date.accessioned 2011-02-07T06:25:46Z
dc.date.issued 2009-01
dc.identifier.citation Journal of Housing Economics, 2009, 18 (3), pp. 193 - 205
dc.identifier.issn 1051-1377
dc.identifier.other C1UNSUBMIT en_US
dc.identifier.uri http://hdl.handle.net/10453/13891
dc.description.abstract The Sydney housing market peaked in 2003. The period 20012006 is, therefore, of particular interest since it captures a boom and bust in the housing market. We compute hedonic, repeat-sales and median price indexes for five regions in Sydney over this period. While the three approaches are in broad agreement regarding the timing of the turning point in the housing market, some important differences also emerge. In particular, we find evidence of sample selection bias in our hedonic and repeat-sales data sets (with the former focusing more on better quality dwellings and the latter more on lower quality dwellings). These sample selection biases could in turn cause bias (in opposite directions) in our hedonic and repeat-sales indexes. Median indexes may likewise be biased as a result of an apparent decline in the average quality of dwellings sold in the latter part of the sample. We also find evidence of convergence in prices across regions during the boom and divergence in the subsequent bust.
dc.publisher Elsevier
dc.relation.isbasedon 10.1016/j.jhe.2009.07.010
dc.title Measuring a boom and bust: The Sydney housing market 2001-2006
dc.type Journal Article
dc.description.version Published
dc.parent Journal of Housing Economics
dc.journal.volume 3
dc.journal.volume 18
dc.journal.number 3 en_US
dc.publocation USA en_US
dc.identifier.startpage 193 en_US
dc.identifier.endpage 205 en_US
dc.cauo.name BUS.School of Finance and Economics en_US
dc.conference Verified OK en_US
dc.conference IEEE International Symposium on Circuits and Systems (ISCAS)
dc.for 140299 Applied Economics Not Elsewhere Classified
dc.personcode 108916
dc.percentage 100 en_US
dc.classification.name Applied Economics not elsewhere classified en_US
dc.classification.type FOR-08 en_US
dc.edition en_US
dc.custom en_US
dc.date.activity en_US
dc.date.activity 2005-05-23
dc.location.activity en_US
dc.location.activity Kobe, JAPAN
dc.description.keywords House prices; Price index; Hedonic regression; Repeat-sales index; Sample selection bias; Convergence en_US
dc.description.keywords Science & Technology
dc.description.keywords Technology
dc.description.keywords Engineering, Electrical & Electronic
dc.description.keywords Engineering
dc.description.keywords House prices
dc.description.keywords Price index
dc.description.keywords Hedonic regression
dc.description.keywords Repeat-sales index
dc.description.keywords Sample selection bias
dc.description.keywords Convergence
pubs.embargo.period Not known
pubs.organisational-group /University of Technology Sydney
pubs.organisational-group /University of Technology Sydney/Faculty of Business
pubs.organisational-group /University of Technology Sydney/Faculty of Business/Economics
utslib.copyright.status Closed Access
utslib.copyright.date 2015-04-15 12:17:09.805752+10
utslib.collection.history Closed (ID: 3)


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