Editing House price index
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==Indices construction methods== |
==Indices construction methods== |
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There are three primary approaches to constructing quality-controlled index for transaction-based index: the hedonic, repeat-sales, and hybrid methods. The hedonic approach utilizes both time variable hedonic and cross-sectional hedonic models to construct housing price indices. In the hedonic model, property prices are analyzed based on the property's characteristics, which are applied either on a period-by-period basis or estimated using pooled transaction data with time dummies as additional factors.<ref>Predicting Carpark Prices Indices in Hong Kong Using AutoML, Computer Modeling in Engineering & Sciences 2023, 134(3), 2247-2282. https://doi.org/10.32604/cmes.2022.020930</ref> |
There are three primary approaches to constructing quality-controlled index for transaction-based index: the hedonic, repeat-sales, and hybrid methods. The hedonic approach utilizes both time variable hedonic and cross-sectional hedonic models to construct housing price indices. In the hedonic model, property prices are analyzed based on the property's characteristics, which are applied either on a period-by-period basis or estimated using pooled transaction data with time dummies as additional factors.<ref>Predicting Carpark Prices Indices in Hong Kong Using AutoML, Computer Modeling in Engineering & Sciences 2023, 134(3), 2247-2282. https://doi.org/10.32604/cmes.2022.020930</ref> |
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==Australia== |
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In Australia, the real estate price index is published by the [[Australian Bureau of Statistics]] (ABS) every quarter. The index measures the movement in prices of residential dwellings in Australia’s eight [[List of Australian capital cities|capital cities]]. ABS calculates the index using a hedonic regression model, which takes into account the characteristics of dwellings that influence prices, such as location, size, age and type. <ref>{{Cite web|title=The Price of Real Estate: A Comprehensive Look at House Price Indices|url=https://www.htag.com.au/house-price-indexes/|website=HtAG Analytics}}</ref> |
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In addition to ABS house price index, several private sector house price indices exist: |
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* [https://www.corelogic.com.au/research/monthly-indices CoreLogic Home Property Value Index], calculated based on house sales data received from state and territory title offices |
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* [https://www.htag.com.au/is-median-price-a-reliable-metric-for-property-investors/ HtAG Analytics Typical Price,] calculated based on data collected via a web crawler indexing house prices from online property listings |
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==See also== |
==See also== |