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

Stanley McGreal, Paloma Taltavull de La Paz (), Valerie Kupke, Peter Rossini and Paul Kershaw
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Stanley McGreal: University of Ulster, UK
Valerie Kupke: University of South Australia, Australia
Peter Rossini: University of South Australia, Australia
Paul Kershaw: University of South Australia, Australia

Urban Studies, 2016, vol. 53, issue 13, 2867-2884

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.

Keywords: Adelaide metropolitan area; house prices; space-time models; spatial analysis; time on the market (search for similar items in EconPapers)
Date: 2016
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