While it is generally accepted that residential submarkets exist, this is not the case for either their definition or delineation. This study has developed and assessed a methodology for deriving the geospatial dimensions of residential real estate submarkets based on the behaviour of the marketplace with respect to the underlying dimensions of the residential real estate living structure (RLS). Importantly, the methodology makes no prior assumptions about where the spatial boundaries might be. They were empirically derived from the data alone. It is achieved by building on previous work in the field and seeking to identify the fundamental issues in residential real estate market behaviour. The first basic premise of the thesis is that when a dwelling is sold, the commodity traded is a piece of real estate geography comprising a complex bundle of both spatial and structural attributes. The second basic premise is the recognition in the methodology of the importance of ‘location’. The price of the real estate geography varies across geographical space in a continuous fashion and it is this price variability that is defined, in this study, to be the geospatial submarket identifier. The study adopts a two-stage methodology reflecting these two basic premises. Firstly, a complex bundle of attributes is collected for every property in the study area and distilled into its underlying dimensions using principal component analysis. The resulting factors are used in the second stage as independent variables in a hedonic geographically weighted regression model to determine the price variability across geographical space of the underlying residential real estate structure. User-defined breaks in the continuous price surface delineate the geospatial submarket boundaries. The study represents a new approach to the delineation of geospatial submarket boundaries and is yet to be fully assessed by the two major identified users (the planning profession and the valuation profession). However, initial feedback indicates that the ability of the methodology to describe the geospatial submarket boundaries in terms of ‘how’ and ‘where’ location affects the market price of the underlying real estate geography, gives the land professional a better understanding of the submarket structure in which they are working. / http://proxy.library.adelaide.edu.au/login?url= http://library.adelaide.edu.au/cgi-bin/Pwebrecon.cgi?BBID=1330874 / Thesis (Ph.D.) -- University of Adelaide, School of Social Sciences, 2008
| Identifer | oai:union.ndltd.org:ADTP/264514 |
| Date | January 2008 |
| Creators | Lockwood, Anthony J. M. |
| Source Sets | Australiasian Digital Theses Program |
| Detected Language | English |
Page generated in 0.1183 seconds