Specifying the effect of location in multivariate valuation models for residential properties

Purpose – The purpose of this research is to explore from a mass appraisal perspective how the effects of location are reflected within valuation models. The paper sets out to detail the various techniques and the efficacy of their application.Design/methodology/approach – The approach adopted is analytical and based upon the development of locational attributes. An extensive literature base is synthesized with methods being evaluated in their application to mass appraisal.Findings – This research has identified that the three main groups interested in residential property valuation, namely, academia, industry and commerce have to a certain extent been unfamiliar with the research developments occurring in the other groups. The impact of this is important, given the need for integration and collaboration in terms of future model development.Research limitations/implications – The research underpinning this paper will provide a solid basis for further research into this area. The importance of measuring th...