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Modelling Price Movements in Housing Micro Markets

Author

Listed:
  • Patrick Wilson
  • Michael White
  • Neil Dunse
  • Chee Cheong
  • Ralf Zurbruegg

Abstract

This study identifies housing sub-markets (micro markets) that may be price leaders within local housing market areas and relates their performance to potentially relevant economic factors. This can be important as it provides both policy-makers and market players with a useful barometer regarding housing market behaviour. The study uses cointegration analysis to find those markets that interact with each other over the long run and isolates housing sub-markets that are not influenced by housing market behaviour elsewhere in the local urban economy. The study lays the basis for research aimed at identifying whether different housing markets respond to the same or to different economic stimuli. The research is likely to be of interest to policy-makers (such as town planners) as well as to developers and lending institutions.

Suggested Citation

  • Patrick Wilson & Michael White & Neil Dunse & Chee Cheong & Ralf Zurbruegg, 2011. "Modelling Price Movements in Housing Micro Markets," Urban Studies, Urban Studies Journal Limited, vol. 48(9), pages 1853-1874, July.
    • Handle: RePEc:sae:urbstu:v:48:y:2011:i:9:p:1853-1874
    DOI: 10.1177/0042098010380960
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    References listed on IDEAS

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    2. Gerlach, Richard & Wilson, Patrick & Zurbruegg, Ralf, 2006. "Structural breaks and diversification: The impact of the 1997 Asian financial crisis on the integration of Asia-Pacific real estate markets," Journal of International Money and Finance, Elsevier, vol. 25(6), pages 974-991, October.
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