期刊名称：Discussion Papers / School of Business, University of New South Wales
出版年度：2009
卷号：2009
出版社：Sydney
摘要：The Sydney housing market peaked in 2003. The period 2001-2006 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 ve 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
di
erences also emerge. In particular, we nd evidence of sample selection bias in our
hedonic and repeat-sales data sets, which in turn seems to generate bias (although
in opposite directions) in our hedonic and repeat-sales indexes. The median indexes
also may be biased as a result of an apparent decline in the average quality of
houses sold in the latter part of the sample. Although in this case the repeat-sales
indexes seem to generate the most reliable results, we nevertheless in general favor
the hedonic approach. We also nd evidence of convergence in prices across regions
during the boom and divergence in the subsequent bust.
