The predictive performance of multilevel models of housing sub-markets: a comparative analysis

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dc.contributor.authorLeishman, C.
dc.contributor.authorCostello, G.
dc.contributor.authorRowley, S.
dc.contributor.authorWatkins, C.
dc.date.issued2013
dc.description.abstractMuch of the housing sub-market literature has focused on establishing methods that allow the partitioning of data into distinct market segments. This paper seeks to move the focus on to the question of how best to model sub-markets once they have been identified. It focuses on evaluating the effectiveness of multilevel models as a technique for modelling sub-markets. The paper uses data on housing transactions from Perth, Western Australia, to develop and compare three competing sub-market modelling strategies. Model 1 consists of a city-wide ‘benchmark’; model 2 provides a series of sub-market-specific hedonic estimates (this is the ‘industry standard’) and models 3 and 4 provide two variants on the multilevel model (differentiated by variation in the degrees of spatial granularity embedded in the model structure). The results suggest that the more granular multilevel specification enhances empirical performance and reduces the incidence of non-random spatial errors.
dc.description.statementofresponsibilityChris Leishman, Greg Costello, Steven Rowley and Craig Watkins
dc.identifier.citationUrban Studies: an international journal for research in urban studies, 2013; 50(6):1201-1220
dc.identifier.doi10.1177/0042098012466603
dc.identifier.issn0042-0980
dc.identifier.issn1360-063X
dc.identifier.orcidLeishman, C. [0000-0002-7853-5035]
dc.identifier.urihttp://hdl.handle.net/2440/108654
dc.language.isoen
dc.publisherSage Publications
dc.rights© 2013 Urban Studies Journal Limited
dc.source.urihttps://doi.org/10.1177/0042098012466603
dc.titleThe predictive performance of multilevel models of housing sub-markets: a comparative analysis
dc.typeJournal article
pubs.publication-statusPublished

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