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Article: An analysis of spatial autocorrelation in Hong Kong's housing market

TitleAn analysis of spatial autocorrelation in Hong Kong's housing market
Authors
KeywordsHedonic pricing model
Spatial autocorrelation
Spatial hedonic pricing model
Time window
Issue Date2011
PublisherPacific Rim Real Estate Society. The Journal's web site is located at http://www.prres.net/index.htm?http://www.prres.net/Journals/Research_Journal.htm
Citation
Pacific Rim Property Research Journal, 2011, v. 17 n. 3, p. 443-462 How to Cite?
AbstractSpatial autocorrelation is commonly found in the Hedonic Pricing model for real estate prices, but little is known about the time window within which nearby sales are used to form current prices. The primary objective of this study is to examine how spatial autocorrelation varies with the length of this time window. We hypothesize that more recent sales have a stronger influence than earlier sales on current prices, so a shorter time window should induce stronger spatial autocorrelation. We propose a Spatial Hedonic Pricing (SHP) model to test our hypothesis. Based on 15,500 transactions of residential units in Taikooshing, Hong Kong from 1992 to 2006, we conclude that while positive spatial autocorrelation is present in housing prices, its magnitude increases when the reference period of past sales becomes shorter. The latter is a new finding in the spatial hedonic literature that not only confirms the importance of timeliness in weighting nearby housing price information, but also calls for further research on how fast such information expires in different markets.
Persistent Identifierhttp://hdl.handle.net/10722/152833
ISSN
2022 Impact Factor: 0.8
2023 SCImago Journal Rankings: 0.177
ISI Accession Number ID

 

DC FieldValueLanguage
dc.contributor.authorLi, CWen_US
dc.contributor.authorWong, SKen_US
dc.contributor.authorChau, KWen_US
dc.date.accessioned2012-07-16T09:49:59Z-
dc.date.available2012-07-16T09:49:59Z-
dc.date.issued2011en_US
dc.identifier.citationPacific Rim Property Research Journal, 2011, v. 17 n. 3, p. 443-462en_US
dc.identifier.issn1444-5921-
dc.identifier.urihttp://hdl.handle.net/10722/152833-
dc.description.abstractSpatial autocorrelation is commonly found in the Hedonic Pricing model for real estate prices, but little is known about the time window within which nearby sales are used to form current prices. The primary objective of this study is to examine how spatial autocorrelation varies with the length of this time window. We hypothesize that more recent sales have a stronger influence than earlier sales on current prices, so a shorter time window should induce stronger spatial autocorrelation. We propose a Spatial Hedonic Pricing (SHP) model to test our hypothesis. Based on 15,500 transactions of residential units in Taikooshing, Hong Kong from 1992 to 2006, we conclude that while positive spatial autocorrelation is present in housing prices, its magnitude increases when the reference period of past sales becomes shorter. The latter is a new finding in the spatial hedonic literature that not only confirms the importance of timeliness in weighting nearby housing price information, but also calls for further research on how fast such information expires in different markets.-
dc.languageengen_US
dc.publisherPacific Rim Real Estate Society. The Journal's web site is located at http://www.prres.net/index.htm?http://www.prres.net/Journals/Research_Journal.htm-
dc.relation.ispartofPacific Rim Property Research Journalen_US
dc.subjectHedonic pricing model-
dc.subjectSpatial autocorrelation-
dc.subjectSpatial hedonic pricing model-
dc.subjectTime window-
dc.titleAn analysis of spatial autocorrelation in Hong Kong's housing marketen_US
dc.typeArticleen_US
dc.identifier.emailWong, SK: kelvin.wong@hku.hken_US
dc.identifier.emailChau, KW: hrrbckw@hku.hken_US
dc.identifier.authorityWong, SK=rp01028en_US
dc.identifier.authorityChau, KW=rp00993en_US
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.scopuseid_2-s2.0-84863079636-
dc.identifier.hkuros201866en_US
dc.identifier.volume17en_US
dc.identifier.issue3en_US
dc.identifier.spage443en_US
dc.identifier.epage462en_US
dc.identifier.isiWOS:000414829600007-
dc.publisher.placeAustralia-
dc.identifier.issnl1444-5921-

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