Measuring the influence of space and time effects on time on the market
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Título: | Measuring the influence of space and time effects on time on the market |
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Autor/es: | McGreal, Stanley | Taltavull de La Paz, Paloma | Kupke, Valerie | Rossini, Peter | Kershaw, Paul |
Grupo/s de investigación o GITE: | Economía de la Vivienda y Sector Inmobiliario (ECOVISI) |
Centro, Departamento o Servicio: | Universidad de Alicante. Departamento de Análisis Económico Aplicado |
Palabras clave: | Adelaide metropolitan area | House prices | Space-time models | Spatial analysis | Time on the market |
Área/s de conocimiento: | Economía Aplicada |
Fecha de publicación: | 2016 |
Editor: | SAGE Publications |
Cita bibliográfica: | Urban Studies. 2016, 53(13): 2867-2884. doi:10.1177/0042098015596923 |
Resumen: | This paper is concerned with spatial effects of time on the market for residential property and time varying relationships using a dataset of properties from the Adelaide metropolitan area, Australia, during the period 2002–2011. The analysis firstly considers the spatial dependence in time on the market and secondly extends the analysis to a space-time model using 2SLS regression. The findings demonstrate the complexity in spatial analysis with results indicating a random distribution of time on the market in 86% of observations a pattern that is consistent over time. Spatial autocorrelation is shown to increase time on the market in the subject property while spatial error decreases time on the market in the subject property suggesting a high level of market transparency and improved liquidity. The compensating or nullifying effects of both types of spatial association is shown to contribute to the random distribution observed in time on the market. A strong explanatory capacity of the business cycle suggests that economic drivers are leading time on the market rather than prices. |
URI: | http://hdl.handle.net/10045/62687 |
ISSN: | 0042-0980 (Print) | 1360-063X (Online) |
DOI: | 10.1177/0042098015596923 |
Idioma: | eng |
Tipo: | info:eu-repo/semantics/article |
Derechos: | © Urban Studies Journal Limited 2015 |
Revisión científica: | si |
Versión del editor: | http://dx.doi.org/10.1177/0042098015596923 |
Aparece en las colecciones: | INV - ECOVISI - Artículos de Revistas |
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2016_McGreal_etal_UrbanStudies_final.pdf | Versión final (acceso restringido) | 549,55 kB | Adobe PDF | Abrir Solicitar una copia |
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