Hedonic price-rent ratios, user cost, and departures from equilibrium in the housing market
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- 作者：Robert J. Hilla ; robert.hill@uni-graz.at" class="auth_mail" title="E-mail the corresponding author ; Iqbal A. Syedb ; i.syed@unsw.edu.au" class="auth_mail" title="E-mail the corresponding author
- 关键词：Housing market ; Price&ndash ; rent ratio ; User cost ; Quality adjustment ; Capital gains ; Depreciation
- 刊名：Regional Science and Urban Economics
- 出版年：2016
- 出版时间：January 2016
- 年：2016
- 卷：56
- 期：Complete
- 页码：60-72
- 全文大小：617 K
文摘
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Hedonic quality-adjustment reduces the price–rent ratio by on average 18%.
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The size of the hedonic adjustment to the price–rent ratio varies over time.
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The user cost method is sensitive to the treatment of expected capital gains.
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Both actual and equilibrium price–rent ratios are higher at the top end of the market.
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The price–rent ratio in Sydney was 50% above its equilibrium level in 2004.