RDP 2014-04: Home Price Beliefs in Australia Appendix A: Hedonic Model Output

Callan Windsor, Gianni La Cava and James Hansen

May 2014 – ISSN 1320-7229 (Print), ISSN 1448-5109 (Online)

Table A1: Hedonic Model Output
Sydney Melbourne Brisbane
Sale prices: 1992–2012
1 bed −0.664*** −0.714*** −0.602***
2 beds −0.270*** −0.265*** −0.232***
4 beds 0.242*** 0.231*** 0.249***
5 beds 0.427*** 0.410*** 0.452***
6 beds 0.516*** 0.491*** 0.556***
7 beds 0.576*** 0.417*** 0.646***
Unit −0.311*** −0.199*** −0.217***
Constant: 3-bedroom house(a) 13.23*** 12.86*** 12.86***
R2 0.795 0.802 0.666
Observations 609,499 683,323 222,067
Self-assessed home values: 2002–2011
1 bed −0.476*** −0.521*** 0.119
2 beds −0.234*** −0.154*** −0.210***
4 beds 0.181*** 0.162*** 0.195***
5 beds 0.291*** 0.337*** 0.258***
6 beds 0.490*** 0.383*** 0.323**
7 beds 0.511*** 0.520* 0.376***
Unit −0.342*** −0.257*** −0.223*
Constant: 3-bedroom house(a) 13.21*** 12.94*** 12.81***
R2 0.767 0.789 0.745
Observations 7,171 7,971 3,821

Notes: Postcode-time dummies omitted; robust standard errors clustered at the postcode level; ***, ** and * indicate significance at the 1, 5 and 10 per cent level, respectively
(a) For a particular postcode and time period

Sources: APM; HILDA Release 11.0; authors' calculations