Variation Across Price Segments and Locations: A Comprehensive Quantile Regression Analysis of the Sydney Housing Market
结合惩罚分位数回归与特征价格插补法，分析悉尼2001-2014年住房交易数据，发现不同价格区间和地段的房价涨幅存在显著差异，尤其在经济繁荣-萧条周期中，郊区低价房涨幅最高，内城高价房涨幅最低。
Abstract Standard house price indices measure average movements of average houses in average locations belonging to an average price segment and hence obscure spatial and cross‐sectional variation of price appreciation rates even within a single metropolitan area. This article combines penalized quantile regression techniques with the hedonic imputation approach to reveal such kind of variation. The method is applied to house transactions from Sydney between 2001 and 2014. The analysis finds significant variation across sub‐markets over time and in particular during the boom‐and‐bust cycle peaking in 2004. Appreciation rates were highest for suburban, low‐priced and lowest for inner‐city, high‐priced houses.