Measuring the influence of space and time effects on time on the market

S McGreal, P Taltavull de La Paz, V Kupke, P Rossini, P Kershaw

Research output: Contribution to journalArticlepeer-review

7 Citations (Scopus)

Abstract

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.
Original languageEnglish
Pages (from-to)2867-2884
Number of pages18
JournalUrban Studies
Volume53
Issue number13
Early online date5 Aug 2015
DOIs
Publication statusPublished - 1 Oct 2016

Keywords

  • Adelaide metropolitan area
  • house prices
  • space-time models
  • spatial analysis
  • time on the market

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