The predictive performance of multilevel models of housing sub-markets: A comparative analysis
Much of the housing sub-market literature has focused on establishing methods thatallow the partitioning of data into distinct market segments. This paper seeks tomove the focus on to the question of how best to model sub-markets once they havebeen identified. It focuses on evaluating the effectiven...
| Main Authors: | , , , |
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| Format: | Journal Article |
| Published: |
Sage Publications Ltd.
2013
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| Online Access: | http://hdl.handle.net/20.500.11937/41944 |
| _version_ | 1848756283328430080 |
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| author | Leishman, C. Costello, Greg Rowley, Steven Watkins, C. |
| author_facet | Leishman, C. Costello, Greg Rowley, Steven Watkins, C. |
| author_sort | Leishman, C. |
| building | Curtin Institutional Repository |
| collection | Online Access |
| description | Much of the housing sub-market literature has focused on establishing methods thatallow the partitioning of data into distinct market segments. This paper seeks tomove the focus on to the question of how best to model sub-markets once they havebeen identified. It focuses on evaluating the effectiveness of multilevel models as atechnique for modelling sub-markets. The paper uses data on housing transactionsfrom Perth, Western Australia, to develop and compare three competing sub-marketmodelling strategies. Model 1 consists of a city-wide ‘benchmark’; model 2 providesa series of sub-market-specific hedonic estimates (this is the ‘industry standard’) andmodels 3 and 4 provide two variants on the multilevel model (differentiated by variationin the degrees of spatial granularity embedded in the model structure). Theresults suggest that the more granular multilevel specification enhances empiricalperformance and reduces the incidence of non-random spatial errors. |
| first_indexed | 2025-11-14T09:09:44Z |
| format | Journal Article |
| id | curtin-20.500.11937-41944 |
| institution | Curtin University Malaysia |
| institution_category | Local University |
| last_indexed | 2025-11-14T09:09:44Z |
| publishDate | 2013 |
| publisher | Sage Publications Ltd. |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | curtin-20.500.11937-419442017-09-13T14:21:31Z The predictive performance of multilevel models of housing sub-markets: A comparative analysis Leishman, C. Costello, Greg Rowley, Steven Watkins, C. Much of the housing sub-market literature has focused on establishing methods thatallow the partitioning of data into distinct market segments. This paper seeks tomove the focus on to the question of how best to model sub-markets once they havebeen identified. It focuses on evaluating the effectiveness of multilevel models as atechnique for modelling sub-markets. The paper uses data on housing transactionsfrom Perth, Western Australia, to develop and compare three competing sub-marketmodelling strategies. Model 1 consists of a city-wide ‘benchmark’; model 2 providesa series of sub-market-specific hedonic estimates (this is the ‘industry standard’) andmodels 3 and 4 provide two variants on the multilevel model (differentiated by variationin the degrees of spatial granularity embedded in the model structure). Theresults suggest that the more granular multilevel specification enhances empiricalperformance and reduces the incidence of non-random spatial errors. 2013 Journal Article http://hdl.handle.net/20.500.11937/41944 10.1177/0042098012466603 Sage Publications Ltd. fulltext |
| spellingShingle | Leishman, C. Costello, Greg Rowley, Steven Watkins, C. The predictive performance of multilevel models of housing sub-markets: A comparative analysis |
| title | The predictive performance of multilevel models of housing sub-markets: A comparative analysis |
| title_full | The predictive performance of multilevel models of housing sub-markets: A comparative analysis |
| title_fullStr | The predictive performance of multilevel models of housing sub-markets: A comparative analysis |
| title_full_unstemmed | The predictive performance of multilevel models of housing sub-markets: A comparative analysis |
| title_short | The predictive performance of multilevel models of housing sub-markets: A comparative analysis |
| title_sort | predictive performance of multilevel models of housing sub-markets: a comparative analysis |
| url | http://hdl.handle.net/20.500.11937/41944 |