Cross sectional Analysis of time on Market indicators for an Australian City

Rossini, Peter; Kupke, Valerie; Kershaw, Paul; McGreal, Stanley

doi:10.1080/14445921.2012.11104370

Cited by 3 publications

(7 citation statements)

References 2 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…To standardise the analysis and reduce variability that may arise from different property types, only detached residential properties, the predominant dwelling type in Adelaide, (77.2% based on the 2011 Australian census) are considered in this analysis. Although in a previous study of the Adelaide housing market (Rossini et al, 2012) survival functions used to predict TOM were almost identical for different types of housing, a strong locational bias for non-detached housing across the Adelaide metropolitan area could influence the results of this study. Thus for the purposes of the modelling and analysis underpinning this paper it was decided to hold housing type constant.…”

Section: Datamentioning

confidence: 84%

“…Beyond this inference, Pryce and Gibb did not extend their study into the field of spatial analysis though their work is of significance to this paper in highlighting duration dependence in TOM and shifts in that dependence over time and space. A study by Rossini et al (2012) of the Adelaide market over a three month period also examined the impact of location on TOM using hazard models. These models supported the proposition that, holding other variables constant, dwelling size together with location were major factors in determining time on market.…”

Section: Tom: Literature Reviewmentioning

confidence: 99%

“…Prior research (Rossini et al, 2012) has suggested the existence of a number of spatial housing sub-markets within this metropolitan area which extends for over 100 km from north to south but is constrained geographically by the sea to the west and the Adelaide Hills to the east.…”

Section: Introductionmentioning

confidence: 99%

“…The empirical research underpinning this paper relates to the metropolitan area of Adelaide (South Australia), population 1.3 million, for which an extensive database of house sales transactions has been developed. Prior research (Rossini et al, 2012) has suggested the existence of a number of spatial housing sub-markets within this metropolitan area which extends for over 100 km from north to south but is constrained geographically by the sea to the west and the Adelaide Hills to the east.…”

Section: Introductionmentioning

confidence: 99%

See 3 more Smart Citations

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

et al. 2016

Self Cite

View full text Add to dashboard Cite

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.

show abstract

Section: Datamentioning

confidence: 84%

Section: Tom: Literature Reviewmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

See 2 more Smart Citations

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

et al. 2016

Self Cite

View full text Add to dashboard Cite

show abstract

“…More recent studies have adopted a cross-sectional approach to the analysis of the first to the last advertised price and between the last advertised price and the sale price. Rossini et al (2012) found that location does have a significant impact on the time it takes a property to sell and suggest that factors such as location need to be held constant in any analysis of the time a property takes to sell.…”

Section: Literature Reviewmentioning

confidence: 99%

Bait pricing: evaluating the success of regulatory reform in advertising

Kupke

Rossini

Kershaw

2014

International Journal of Housing Markets and Analysis

Self Cite

View full text Add to dashboard Cite

Purpose – The purpose of this paper is to evaluate the effectiveness of this legislative reform in the state of South Australia (SA) through an examination of the relationship between listed or advertised price and transaction prices before and after the changes in regulation. Between 2000 and 2008, legislative changes took place throughout Australia to make real-estate transactions more transparent and to deal with misleading conduct by real-estate agents. The practice of “charm” or “bait” pricing was targeted. This denotes the under-quoting of estimated selling prices in real-estate sale advertisements which can be considered deceptive or even fraudulent. Design/methodology/approach – The study area is Adelaide, the state capital of SA and includes analysis of first and last advertised prices and eventual selling price for > 120,000 residential sales transactions over a nine-year period between 2003 and 2011. The analysis to test these hypotheses included, first, a descriptive evaluation of the percentage price difference over time and a spatial breakdown of mean percentage price difference before and after legislation. Second, for each hypothesis, the change was tested by measuring the variance of the percentage change, with significance established through the Levene and Brown–Forsythe tests, rather than by the mean percentage change. Findings – The results, both descriptive and statistical, support the effectiveness of the reform in legislation. Research limitations/implications – The study has application in terms of agents as social gatekeepers and confirms the role of regulation to ensure market values are achieved and consumers not disadvantaged. With friction in the market, imperfect information and the possible behavioural responses of land agents, there may be incomplete market correction of underpricing strategies. This paper confirms the effectiveness of one such market intervention. Social implications – Some half a million dwellings are purchased in Australia every year. Annually, in the state of SA, some 53,000 dwellings are financed to be purchased or built. These levels of purchase reflect national home ownership rates of about 69 per cent, with some 33 per cent of Australians owning their houses outright and a growing number, some 36 per cent, owners with a mortgage. Australian households also move house relatively frequently. In 2008, 43 per cent of Australians reported moving in the previous 5 years, 15 per cent had moved 3 or more times. The most common reasons for moving were twofold, either to buy a house or to buy a bigger house. These levels of purchase, home ownership and mobility underpin the importance and viability of some 10,000 real-estate services businesses in Australia; a sector which, up to 2,000, was largely self-regulated. Originality/value – This paper is one of the first in Australia to effectively quantify the success of legislative reform on residential agency behaviour.

show abstract

Technical condition of houses: a framework for the Czech market

Jandásková

Hrdlička

Cupal

et al. 2022

IJHMA

View full text Add to dashboard Cite

Purpose This study aims to provide a framework for assessing the technical condition of a house to determine its market value, including the identification of other price-setting factors and their statistical significance. Time on market (TOM) in relation to the technical condition of a house is also addressed. Design/methodology/approach The primary database contains 631 houses, and the initial asking price and selling price are examined. All the houses are located in the Brno–venkov district in the Czech Republic. Regression analysis was used to test the influence of price-setting factors. The standard ordinary least squares estimator and the maximum likelihood estimator were used in the frame of generalized linear models. Findings Using envelope components of houses separately, such as the façade condition, windows, roof, condition of interior and year of construction, brings better results than using a single factor for the technical condition. TOM was found to be 67 days lower for houses intended for demolition – as compared to new houses – and 18 days lower for houses to refurbishment. Originality/value To the best of the authors’ knowledge, this paper is original in the substitution of specific price-setting factors for factors relating to the technical condition of houses as well as in proposing the framework for professionals in the Czech Republic.

show abstract

Cross sectional Analysis of time on Market indicators for an Australian City

Cited by 3 publications

References 2 publications

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

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

Bait pricing: evaluating the success of regulatory reform in advertising

Technical condition of houses: a framework for the Czech market

Contact Info

Product

Resources

About