Spatial Modelling of House Prices in the Dublin Area
Title: Spatial Modelling of House Prices in the Dublin Area
Speaker: Dr. James Sweeney, Quinn School of Business
Date: Thursday, 3rd March 2016
Time: 4pm
Location: Room E0.01, Science East
Abstract:
Assessments of the state of play in the Dublin housing market are mainly qualitative at present, based on simple summaries of subsets of the housing population. For example, the mostly widely cited report on the housing market in Dublin is the Daft Quarterly Report which compares the average value of similar houses in different postcode areas. No model is presented to link the asking price to underlying house price information, or to avail of the latent structure inherent in the data due to its spatially correlated nature. In this presentation I will explore a proof of concept spatial model for house prices in the greater Dublin area based on a dataset containing price information and house features such as size, beds, postcode, local area and spatial location. The model appears promising for price prediction given a number of simple property features and provides some interesting results in terms of the factors deemed important in the value of a property.
Series: Statisitcs
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