Australian House Prices: A Comparison of Hedonic and Repeat-Sales Measures
House prices are difficult to measure due to changes in the composition of properties sold through time and changes in the quality of housing. I explore whether these issues affect simple measures of house prices, and whether regression-based measures provide an accurate alternative to measuring pure house price changes in Australia. Using unit record data for Australia's three largest cities, regression-based approaches provide a more accurate estimate of pure price changes than a median, and are comparable, with around half of the variation in prices growth explained. These results confirm that regression-based measures are useful for measuring house price changes in Australia. Copyright © 2009 The Economic Society of Australia.
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Volume (Year): 85 (2009)
Issue (Month): 269 (June)
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