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Estimating aggregate quantile-specific gross rental yields for residential housing in Sydney

Sofie Waltl ()

No 2016-09, Graz Economics Papers from University of Graz, Department of Economics

Abstract: Gross rental yields are an important ingredient when measuring the cost of owning a property which is used by investors and policy makers to assess housing markets. This paper develops a methodology to construct quality-adjusted, quantile-specific gross rental yields to analyse an entire housing market and therefore combines an adapted propensity score matching strategy with hedonic quantile regression techniques. The methodology is applied on a detailed data set of house transactions and asking rents in Sydney between 2004 and 2014 and finds strong temporal variation as well as decreasing rental yields over the distribution as expected from theoretical considerations.

Keywords: Rental yield; Price-to-rent ratios; Hedonic models; Quantile regression; Matching; Housing markets (search for similar items in EconPapers)
JEL-codes: R31 C14 C21 (search for similar items in EconPapers)
Date: 2016-07
New Economics Papers: this item is included in nep-ure
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Journal Article: Estimating quantile-specific rental yields for residential housing in Sydney (2018) Downloads
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