House Price Changes and Idiosyncratic Risk: The Impact of Property Characteristics
研究了同一市场内不同房屋价格变化差异的原因，基于三种理论提出假设，并用新西兰三个市场的数据验证了房产特征和市场强弱对升值率的影响。
Although the average change in house prices is related to changes in fundamentals or perhaps market‐wide bubbles, not all houses in a market appreciate at the same rate. The primary focus of our study is to investigate the reasons for these variations in price changes among houses within a market. We draw on three theories for guidance, one related to the optimal search strategy for sellers of atypical dwellings, another focusing on the bargaining process between a seller and potential buyers and the third relying on the concept of land leverage. We hypothesize that houses will appreciate at different rates depending on the characteristics of the property and the change in the strength of the housing market. These hypotheses are supported using data from three New Zealand housing markets.