Modelling Price Movements in Housing Micro Markets: Identifying Long-Term Components in Local Housing Market Dynamics

Patrick Wilson (), Michael White (), Neil Dunse (), Chee Cheong () and Ralf Zurbruegg ()
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Patrick Wilson: University of Adelaide Business School, University of Adelaide, 10 Pulteney Street, Adelaide, South Australia, 5005, Australia
Michael White: The School of the Built Environment, Heriot Watt University, William Arrol Building, Edinburgh, EH14 4AS, UK.
Neil Dunse: The School of the Built Environment, Heriot Watt University, William Arrol Building, Edinburgh, EH14 4AS, UK.
Chee Cheong: University of Adelaide Business School, University of Adelaide, 10 Pulteney Street, Adelaide, South Australia, 5005, Australia
Ralf Zurbruegg: University of Adelaide Business School, University of Adelaide, 10 Pulteney Street, Adelaide, South Australia, 5005, Australia

Urban Studies, 2011, vol. 48, issue 9, 1853-1874

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.

Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:sae:urbstu:v:48:y:2011:i:9:p:1853-1874

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