RDP 2015-08: Housing Wealth Effects: Cross-sectional Evidence from New Vehicle Registrations Appendix A: Additional Results

Christian Gillitzer and Jin Cong Wang

August 2015 – ISSN 1448-5109 (Online)

Table A1: MPC out of Housing Wealth – Additional Results
Dep variable: 100 × dollar change in new passenger vehicle consumption, 2006 to 2011, $'000
(1) (2) (3) (4) (5) (6)
Inline Equation −0.010
(0.011)		 −0.007
(0.012)		 −0.009
(0.010)		 −0.007
(0.012)		 −0.014
(0.010)		 −0.010
(0.011)
Inline Equation 0.240***
(0.081)		 0.244***
(0.088)		 0.228
(0.206)		 0.293
(0.224)		 0.100***
(0.031)		 0.101***
(0.032)
Inline Equation     −0.002**
(0.001)		      
Inline Equation −0.002**
(0.001)		 −0.002**
(0.001)		   −0.002**
(0.001)		    
Inline Equation         −0.000*
(0.000)		 −0.000*
(0.000)
Inline Equation     −0.060
(0.263)		 −0.073
(0.255)		    
Inline Equation     −0.010
(0.262)		 −0.052
(0.268)		    
Δmedinc2006–11     0.279*
(0.158)		   0.302**
(0.150)		 0.297*
(0.158)
Δmeaninc2006–11 0.169
(0.338)		 0.164
(0.349)		   0.156
(0.358)		    
Inline Equation −0.661
(0.563)		 −0.720
(0.592)		 −0.823
(0.559)		 −0.754
(0.601)		 −0.869
(0.546)		 −0.925*
(0.559)
Δrepay2006–11 1.099
(2.129)		 1.461
(2.424)		 1.627
(2.287)		 1.470
(2.436)		 1.282
(1.993)		 1.573
(2.287)
Δur2006–11 −0.658
(1.593)		 −0.874
(1.510)		 −0.799
(1.481)		 −0.958
(1.521)		 −0.571
(1.554)		 −0.874
(1.446)
medinc2006     0.208
(0.181)		   0.036
(0.139)		 0.030
(0.158)
meaninc2006 0.167
(0.229)		 0.173
(0.295)		   0.167
(0.286)		    
Inline Equation −0.294
(0.205)		 −0.318*
(0.189)		 −0.376*
(0.209)		 −0.339
(0.207)		 −0.274
(0.195)		 −0.301
(0.183)
repay2006 −1.039
(1.057)		 −1.046
(1.113)		 −1.242
(1.154)		 −0.983
(1.217)		 −1.452
(0.929)		 −1.430
(0.984)
ur2006 −1.524
(0.981)		 −1.497
(1.175)		 −1.237
(1.024)		 −1.584
(1.175)		 −1.541*
(0.855)		 −1.478
(0.959)
Bachelor2006 −0.643*
(0.356)		 −0.595
(0.427)		 −0.657
(0.414)		 −0.572
(0.442)		 −0.702**
(0.335)		 −0.651*
(0.386)
TAFE2006 −1.755
(1.426)		 −1.526
(1.456)		 −1.414
(1.576)		 −1.579
(1.514)		 −1.495
(1.453)		 −1.180
(1.537)
Distance 0.219 0.288** 0.307** 0.282** 0.177 0.251**
Inline Equation (0.135) (0.132) (0.125) (0.134) (0.114) (0.116)
Water front 2.363
(2.337)		 2.151
(2.525)		 2.653
(2.533)		 2.173
(2.535)		 3.113
(2.333)		 2.844
(2.533)
Observations 498 498 498 498 498 498
R2 0.239 0.241 0.252 0.242 0.243 0.245
Region fixed effects   Yes Yes Yes   Yes
State fixed effects Yes       Yes  
Notes: See Table A2 for a description of each regression variable; ***, **, and * indicate statistical significance at the 1, 5, and 10 per cent levels, respectively; robust standard errors in parentheses
Table A2: Description of Regression Variables
hp2006 Average unadjusted dwelling price in postcode i in 2006 ($'000)
lhp2006 Average of the log of hedonically adjusted dwelling price in postcode i in 2006
medinc2006 Median per annum income in postcode i in 2006 ($'000)
meaninc2006 Mean per annum income in postcode i in 2006 ($'000)
Inline Equation Share of households who own a dwelling in postcode i in 2006, equal to Inline Equation
Inline Equation Share of households who rent in postcode i in 2006
Inline Equation Share of households who own a dwelling with a mortgage in postcode i in 2006
Inline Equation Share of households who own a dwelling without a mortgage in postcode i in 2006
repay2006 Average repayment-to-income ratio for mortgagors in postcode i in 2006
ur2006 Unemployment rate in postcode i in 2006
Bachelor2006 Share of people with a bachelor's degree or higher in postcode i in 2006
TAFE2006 Share of people with a certificate qualification in postcode i in 2006
Distance Distance of postcode i to the nearest CBD
Water front Indicator for whether postcode i is situated next to a waterfront
Young2006 Share of people aged between 23 and 40 in postcode i in 2006
Old2006 Share of people aged over 55 in postcode i in 2006