House price diffusion of housing submarkets in Greater Sydney

Bangura, Mustapha; Lee, Chyi Lin

doi:10.1080/02673037.2019.1648772

Cited by 60 publications

(58 citation statements)

References 67 publications

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“…The explanatory variables of housing prices have been widely discussed in the housing literature. Bangura, Lee and Al-Masum discussed the ability of market fundamentals in explaining housing prices from the macroeconomic perspective [15][16][17], while Trojanek and Yamagata examined the importance of housing attributes in explaining housing prices from the microeconomic perspective [18,19]. In recent years, a great deal of research has studied the impacts of environmental elements on housing price.…”

Section: Introductionmentioning

confidence: 99%

Measuring Impacts of Urban Environmental Elements on Housing Prices Based on Multisource Data—A Case Study of Shanghai, China

Chen

Yao

Zhu

et al. 2020

IJGI

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Diverse urban environmental elements provide health and amenity value for residents. People are willing to pay a premium for a better environment. Thus, it is essential to assess the benefits and values of these environmental elements. However, limited by the interpretability of the machine learning model, existing studies cannot fully excavate the complex nonlinear relationships between housing prices and environmental elements, as well as the spatial variations of impacts of urban environmental elements on housing prices. This study explored the impacts of urban environmental elements on residential housing prices based on multisource data in Shanghai. A SHapley Additive exPlanations (SHAP) method was introduced to explain the impacts of urban environmental elements on housing prices. By combining the ensemble learning model and SHAP, the contributions of environmental characteristics derived from street view data and remote sensing data were computed and mapped. The experimental results show that all the urban environmental characteristics account for 16 percent of housing prices in Shanghai. The relationships between housing prices and two green characteristics (green view index from street view data and urban green coverage rate from remote sensing) are both nonlinear. Shanghai's homebuyers are willing to pay a premium for green only when the green view index or urban green coverage rate are of higher value. However, there are significant differences between the impacts of the green view index and urban green coverage rate on housing prices. The sky view index has a negative influence on housing prices, which is probably because the high-density and high-rise residential area often has better living facilities. Residents in Shanghai are willing to pay a premium for high urban water coverage. The case of Shanghai shows that the proposed framework is practical and efficient. This framework is believed to provide a tool to inform the decisions of housing buyers, property developers and policies concerning land-selling and buying, property development and urban environment improvement.

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Section: Introductionmentioning

confidence: 99%

Measuring Impacts of Urban Environmental Elements on Housing Prices Based on Multisource Data—A Case Study of Shanghai, China

Chen

Yao

Zhu

et al. 2020

IJGI

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“…Whilst the existence of such submarkets is generally uncontested, there is not an agreed definition of housing submarkets and how to identify them (Bangura and Lee, 2020). The private rental sector is an important segment of the UK housing market which has received little attention in the house price literature.…”

Section: Hedonic House Price Modellingmentioning

confidence: 99%

A hedonic model of the association between grocery brand provision and residential rental prices in England

Clark

Hood

Birkin

2021

IJHMA

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Purpose This study aims to measure the association between local retail grocery provision and private residential rental prices in England. Renting is an important sector of the housing market in England and local grocery provision is an important aspect of service provision and consumers are known to be highly sensitive to the branding of this type of retailing. Design/methodology/approach This research uses a novel data source from a property rental Web platform to estimate a hedonic model for the rental market. These models incorporate information on the nature of the properties and their neighbourhoods, with an emphasis on how different retail brands are associated with rental prices. This retail brand is captured on two scales: the provision of local branded convenience stores and the provision of larger stores. Findings The study finds clear differentials in how the local grocery brand is associated with rental prices. When controlling for commonly explored confounding factors, “Luxury” retailers such as Waitrose and Marks and Spencer are associated with higher rental prices, while “Discounter” retailers are associated with lower rental prices. This finding has many implications, particularly in relation to potential price changes in an already challenging housing market for many people. Research limitations/implications This is an observational study and as such only associations (not causation) can be implied by these findings. Originality/value The focus of this research is on the private residential property market, an important market in England but one that has enjoyed less scrutiny than the sales or socially rented markets. Rather than using general accessibility to retail, this research has differentiated the association by the retail brand and store size, two very important aspects of consumer choice.

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“…The modern HPM is based on the assumptions that the property is a set of goods, and individuals are free to move according to their demands [53]. A house is considered as a set of immovable and local attributes, including the conditions of the entire urban area where it is located [54], the accessibility to other facilities and travel convenience and the quality of the neighbourhood [55][56][57] such as the quality of public services, the quality of the residents and the quality of the neighbourhood environment [58][59][60]. HPM is commonly applied to understand the real estate price dynamics in general or to estimate the variation caused by a specific factor [61].…”

Section: Literature Reviewmentioning

confidence: 99%

Macro-Impacts of Air Quality on Property Values in China—A Meta-Regression Analysis of the Literature

2021

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Air pollution has received increasing attention in recent years, particularly in China, due to the rapid industrialisation that has wrought intense levels of air pollution. A number of studies, therefore, have been devoted to quantifying the impacts of air pollution on property value in China. However, the empirical results are somewhat mixed. This naturally raises questions of whether there is a significant relationship between air quality and housing prices and the plausible reasons for the mixed results in previous studies. This study aims to fill this gap by explaining the variations in the findings by a meta-regression analysis. To control for heterogeneity, a weighted least square model was used to explore the factors influencing the magnitude and significance of the air quality effect based on empirical estimates from 117 observations. This study confirms that air quality does have a discernible impact on housing prices beyond the publication bias. Besides, the types of air quality indicator and the air data source do significantly influence estimates through affecting both the magnitude of the elasticity and the partial correlation coefficient (PCC). Further, the selections of control variables and estimation approaches also have significant impacts on estimates. This study also finds that published papers tend to be biased towards more economically significant estimates. The implications of the findings have also been discussed.

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House price diffusion of housing submarkets in Greater Sydney

Cited by 60 publications

References 67 publications

Measuring Impacts of Urban Environmental Elements on Housing Prices Based on Multisource Data—A Case Study of Shanghai, China

Measuring Impacts of Urban Environmental Elements on Housing Prices Based on Multisource Data—A Case Study of Shanghai, China

A hedonic model of the association between grocery brand provision and residential rental prices in England

Macro-Impacts of Air Quality on Property Values in China—A Meta-Regression Analysis of the Literature

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