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Testing for the existence of housing sub-markets in Penang, Malaysia

Ismail, Suriatini and Mar Iman, Abd. Hamid and Navaneethan, Renuga (2009) Testing for the existence of housing sub-markets in Penang, Malaysia. Malaysian Journal of Real Estate, 4 (1). pp. 52-70. ISSN 1823-8505

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Abstract

This study attempts to demonstrate that residential sub-markets do exist in any geographic area by takingresidential properties in Penang, Malaysia, as a case. The hedonic model was used to identify the existence ofsub-markets in the study area. The model involved a clean sample of 120 house prices in 2006 and eightindependent structural and locational variables. Six major areas in Penang were used to represent a priori spatialsub-markets in the house price model. The results showed that the sub-market variables appeared to bestatistically insignificant in the hedonic model. However, results from paired-sample t-test and Chow Testshowed that sub-markets did exist in Penang. This study concluded that it is insufficient to rely only on aregression model to test for sub-market existence. Instead, some appropriate diagnostic tests must be applied tothe sample

Item Type:Article
Uncontrolled Keywords:residential market, spatial sub-markets, hedonic modelling
Subjects:G Geography. Anthropology. Recreation > G Geography (General)
Divisions:Geoinformation and Real Estate
ID Code:21940
Deposited By: Ramli Haron
Deposited On:02 Feb 2012 08:51
Last Modified:03 Dec 2013 07:26

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