Geodemographic Characteristics of Vacant Houses in the Resale Detached Housing Market of Kansai Metropolitan Area

Keywords: resale detached housing market, vacant housing, time-on-market, geodemographics, Kansai metropolitan area
Abstract Type: Virtual Paper Abstract

Abstract

In Japan, the problem of increasing vacant houses is becoming a serious concern, and the focus is on measures to address this problem. Previous studies have examined the causes and the measures to be taken against the rise in vacant houses based on official statistics and field surveys. However, while the housing market plays an important role in preventing vacant houses, there is limited understanding of the actual situation of vacant houses that remain on the market for an extended period. This study clarifies the regional structure of "dead stock" vacant houses in the detached house market in the Kansai region, Japan’s second largest metropolitan area. Using transaction records from 2010 to 2015 provided by Kinki REINS, a regional multi-listing service, and geodemographic data, we examine the relationship between the number of vacant houses for resale and the characteristics of residents. This study reveals the following: 1) districts with a long time on the market have older residents living in the suburbs and renters in the inner city; 2) districts with a large list-to-sale discount rate have a higher concentration of blue-collar residents living in industrial areas; and 3) certain districts exhibit both a long time on the market and a small list-to-sale discount rate. In these districts, we point out the possibility of preventing dead stock by reducing prices, and creating demand for new residents through housing renovations. These results led us to identify challenges related to the utilization of vacant houses in the housing market.