Defining the Existence of Housing Submarkets for Terraced Properties in Johor Bahru

Lim Wen Xin, Wendy and Burhan, Burhaida and Mohd Diah, Mohd Lizam (2024) Defining the Existence of Housing Submarkets for Terraced Properties in Johor Bahru. INTERNATIONAL JOURNAL OF SUSTAINABLE CONSTRUCTION ENGINEERING AND TECHNOLOGY, 15 (1). pp. 41-47. ISSN 2180-3242

Text J17545_04db8a87b9faed8e30277a1a77fc0100.pdf Restricted to Registered users only Download (2MB) | Request a copy

Abstract

Recent research on housing submarkets over the decades and the necessity to categorise heterogeneous property markets into distinct submarkets are deemed essential in the real estate field. Housing submarkets operate based on the concept of a group of dwellings that are substantially close substitutes to one another, but are relatively poor substitutes for dwellings in different submarkets. This mechanism primarily depends on spatial variations in housing characteristics related to structure, location, and neighbourhood. Housing submarkets are vital in enhancing the precision of housing pricing and analysing the dynamic shifts in the property markets. This study aimed to define and examine the presence of housing submarkets for the terraced properties in johor Bahru with the Malaysian Valuation and Property Services Department (JPPH) housing transaction database. The database documented 63,036 housing transactions between 2009 and 2018 with thirteen independent structural and locational housing attributes. The study also recommended an objective data-driven methodology by integrating principal component analysis (PCA) and cluster analysis to delineate housing submarkets. Resultantly, the presence of housing submarkets was identified within the property market with the delineation of two specific submarket effects, namely the housing location cluster and housing quality cluster. The submarkets provided a comprehensive framework for segregating property traits into prospective clusters. Establishing housing submarkets may provide valuable insights, implicit cluster details, and a more reliable hedonic price model prediction. The outcomes could be employed by property valuers, analysts, and urban planners for a sound comprehension of current real estate circumstances.

Item Type:	Article
Uncontrolled Keywords:	housing submarkets, housing attributes, principal component analysis, cluster analysis, spatial analysis
Subjects:	H Social Sciences > HD Industries. Land use. Labor
Divisions:	Faculty of Technology Management and Business > FPTP
Depositing User:	Mr. Mohamad Zulkhibri Rahmad
Date Deposited:	18 Dec 2024 00:52
Last Modified:	18 Dec 2024 00:53
URI:	http://eprints.uthm.edu.my/id/eprint/11885

Actions (login required)

View Item