Spatial urban housing submarkets are now widely used constructs. Recent housing market modelling strategies have emphasised the need for flexibility in modelling approaches in order to best accommodate submarkets which account for spatial variations in hedonic prices. But this raises important unanswered questions concerning the stability of submarket structures over time, and the role of housing market dynamics in breaking down or shifting submarket boundaries. The influence of new supply, in particular, may have a stabilising or destabilising effect on differences in hedonic prices, depending on the wider housing market context. In this paper we examine the temporal influence of new supply, intra‐urban migration and socio‐economic change as a means of understanding the impact of key drivers of submarket boundary change. Using the Greater Perth region of Western Australia as a case study, we estimate income elasticities of demand for housing services that vary spatially within the urban area. We find evidence that higher income elasticities, new development, socio‐economic change and intra‐urban migration are associated with changes in the spatial structure of housing prices within the metropolitan housing market.

中文翻译：

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城市住房子市场空间变化的驱动因素

空间城市住房子市场现在是广泛使用的结构。最近的住房市场建模策略强调了建模方法的灵活性的必要性，以便最好地适应考虑享乐价格空间变化的子市场。但这引发了重要的悬而未决的问题，这些问题涉及子市场结构随着时间的推移的稳定性，以及住房市场动态在打破或改变子市场边界方面的作用。尤其是新供应的影响可能会对享乐价格的差异产生稳定或不稳定的影响，具体取决于更广泛的房地产市场环境。在本文中，我们研究了新供应、城市内迁移和社会经济变化的时间影响，以作为理解子市场边界变化的关键驱动因素的影响的一种手段。我们以西澳大利亚州的大珀斯地区为例，估计了城市地区内空间变化的住房服务需求的收入弹性。我们发现证据表明，更高的收入弹性、新的发展、社会经济变化和城市内迁移与大都市住房市场内房价空间结构的变化有关。