Spatial Autocorrelations and Urban Housing Market Segmentation

Yong Tu; Hua Sun; Shi-Ming Yu

doi:10.1007/s11146-007-9015-0

Spatial Autocorrelations and Urban Housing Market Segmentation

The Journal of Real Estate Finance and Economics ◽

10.1007/s11146-007-9015-0 ◽

2007 ◽

Vol 34 (3) ◽

pp. 385-406 ◽

Cited By ~ 43

Author(s):

Yong Tu ◽

Hua Sun ◽

Shi-Ming Yu

Keyword(s):

Housing Market ◽

Market Segmentation ◽

Urban Housing

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ALTERNATIVE APPROACHES TO MODELLING HOUSING MARKET SEGMENTATION

10.15396/eres2010_397 ◽

2010 ◽

Keyword(s):

Housing Market ◽

Market Segmentation ◽

Alternative Approaches

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The role and significance of planning in the determination of house prices in Australia: Recent policy debates

Environment and Planning A Economy and Space ◽

10.1177/0308518x21988942 ◽

2021 ◽

pp. 0308518X2198894

Author(s):

Peter Phibbs ◽

Nicole Gurran

Keyword(s):

Land Use ◽

Housing Market ◽

Land Use Planning ◽

House Prices ◽

Housing Prices ◽

House Price ◽

Evidence Base ◽

Urban Housing ◽

Price Inflation ◽

Depth Analysis

On the world stage, Australian cities have been punching above their weight in global indexes of housing prices, sparking heated debates about the causes of and remedies for, sustained house price inflation. This paper examines the evidence base underpinning such debates, and the policy claims made by key commentators and stakeholders. With reference to the wider context of Australia’s housing market over a 20 year period, as well as an in depth analysis of a research paper by Australia’s central Reserve Bank, we show how economic theories commonly position land use planning as a primary driver of new supply constraints but overlook other explanations for housing market behavior. In doing so, we offer an alternative understanding of urban housing markets and land use planning interventions as a basis for more effective policy intervention in Australian and other world cities.

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Social Accounts and Planning for Changes in Urban Housing Markets

Environment and Planning A Economy and Space ◽

10.1068/a100247 ◽

1978 ◽

Vol 10 (3) ◽

pp. 247-266 ◽

Cited By ~ 7

Author(s):

J W Byler ◽

S Gale

Keyword(s):

Housing Market ◽

Stochastic Models ◽

Housing Markets ◽

Urban Housing ◽

Dwelling Unit ◽

Urban Populations ◽

Social Accounts ◽

Dynamic Matching ◽

Matching Process ◽

Occupancy Patterns

A conception of the housing market as a lagged, dynamic matching process is presented as an alternative to the conventional microeconomic formulation. Various components of changes in occupancy patterns are identified, in a general multidimensional accounting framework, as a means for the structuring of observations of household and dwelling-unit characteristics of urban populations. Parameters for several stochastic models of housing-market phenomena are derived from the account-based representation. Finally, potential planning applications of these accounting frameworks are explored together with conditions for their adoption.

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An Empirical Test of a Theory of the Urban Housing Market

Urban Studies ◽

10.1080/713702536 ◽

1979 ◽

Vol 16 (3) ◽

pp. 291-297 ◽

Cited By ~ 7

Author(s):

John F. McDonald

Keyword(s):

Housing Market ◽

Empirical Test ◽

Urban Housing

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A Priori Spatial Segmentation of Commercial Property Market using Hedonic Price Modelling

Real Estate Management and Valuation ◽

10.2478/remav-2021-0010 ◽

2021 ◽

Vol 29 (2) ◽

pp. 16-28

Author(s):

Hamza Usman ◽

Mohd Lizam ◽

Burhaida Burhan

Keyword(s):

Housing Market ◽

Market Segmentation ◽

A Priori ◽

Model Fit ◽

Hedonic Model ◽

Hedonic Price ◽

Property Market ◽

Commercial Property ◽

Spatial Segmentation ◽

Property Price

Abstract The improvement of property price modelling accuracy using property market segmentation approaches is well documented in the housing market. However, that cannot be said of the commercial property market which is adjudged to be volatile, heterogeneous and thinly traded. This study, therefore, determines if the commercial property market in Malaysia is spatially segmented into submarkets and whether accounting for the submarkets improves the accuracy of price modelling. Using a 11,460 shop-offices transaction dataset, the commercial property submarkets are delineated by using submarket binary dummies in the market-wide model and estimating a separate hedonic model for each submarket. The former method improves the model fit and reduces error by 5.6% and 6.5% respectively. The commercial property submarkets are better delineated by estimating a separate hedonic model for each submarket as it improves the model fit by about 7% and reduces models’ error by more than 10%. This study concludes that the Malaysian commercial property market is spatially segmented into submarkets. Modelling the submarkets improves the accuracy and correctness of price modelling.

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