期刊名称：Discussion Papers / School of Business, University of New South Wales
出版年度：2007
卷号：2007
出版社：Sydney
摘要：The nature and quality of housing price statistics have come under increased scrutiny
as dwelling prices have risen significantly around the world. This has occurred nowhere more so
than in Australia where the reliability of official measures of housing prices have been questioned. In
this paper we use a large transactions data set on housing prices and characteristics for Australia’s
largest city, Sydney, over the period 2001-03, to examine the effects of different quality adjustment
methods for both temporal and spatial price indexes. We find that failure to adequately account
for changes in the composition of houses sold between time-periods creates an upward bias in the
index, but this is not as large as may have been suspected a priori. Quality adjustment is of more
significance in accounting for price changes across regions within Sydney. We find large spatial
variation in prices for the 14 regions we examine. Furthermore, we test for convergence over the
period and find evidence that prices in cheaper regions increased faster than in the more expensive
regions.
