The impacts of historic districts on residential property land values in Australia

2017 ◽  
Vol 10 (1) ◽  
pp. 66-80 ◽  
Author(s):  
Clive M.J. Warren ◽  
Peter Elliott ◽  
Jason Staines
Keyword(s):  
Land Values ◽  
Residential Property ◽  
Historic District ◽  
Vacant Land ◽  
Hedonic Regression ◽  
Vacant Site ◽  
Content Type ◽  
Historic Districts ◽  
The Impact ◽  
Analyze Data

Purpose Focusing on the externality effects of historic districts, this paper aims to assess and compare the impact of historic district designation on the value of residential vacant land property. Design/methodology/approach Hedonic regression is used to analyze data from 4,233 residential vacant site transactions to measure the influence of historic district designation on the price of residential vacant site properties. Findings Results support established theory and research on other residential property types, showing a significant and positive relationship between designation in a historic district and property prices. Residential vacant sites located in a designated historic district sold at a 10-11 per cent premium compared to similar vacant sites not located in a historic district. Originality/value This is the first empirical study of the influence of historic districts on residential vacant land property. The paper extends limited previous literature on the externality effects of historic districts through detailed analysis of a large Australian housing market (Brisbane).

Curbing electronic shopper perceived opportunism and encouraging trust

2017 ◽  
Vol 117 (10) ◽  
pp. 2210-2226 ◽  
Author(s):  
Sonia San-Martín ◽  
Nadia Jimenez
Keyword(s):  
Information Asymmetry ◽  
Structural Equation ◽  
Design Methodology ◽  
External Quality ◽  
Content Type ◽  
Theoretical Approaches ◽  
Quality Signals ◽  
The Impact ◽  
Relevant Factors ◽  
Analyze Data

Purpose Consumers can face a situation of information asymmetry in electronic shopping (ES). The purpose of this paper to examine the relationships between: relational variables such as satisfaction, trust and perceived opportunism; and website cues (cognitive signals such as security and personalization, and experiential signals, such as design and entertainment). Design/methodology/approach The paper opted for the structural equation methodology to analyze data collected from 447 Spanish e-shoppers. Findings Results show different factors that relate to satisfaction, trust and perceived opportunism in ES. Satisfactory experience with ES and entertainment emerge as the most relevant factors to achieve trust and prevent perceived opportunism in e-commerce. Originality/value The five contributions of this study are: the introduction of variables from several theoretical approaches to the study of an agency problem in e-commerce; the study of different ways to gain buyer trust and reduce perceived opportunism in an electronic shopper-vendor relationship; the application of signaling theory as part of the process of helping the principal (e-shopper) to solve their shopping problem in a context of information asymmetry; the analysis of the impact of external cues from e-vendor/site, which allows for a comparison between internal experiences and external quality signals; and the study of entertainment as an important hedonic variable in order to have satisfied and confident e-shoppers.

What Happened to the CBD-Distance Gradient?: Land Values in a Policentric City

1989 ◽  
Vol 21 (2) ◽  
pp. 221-232 ◽  
Author(s):  
E Heikkila ◽  
P Gordon ◽  
J I Kim ◽  
R B Peiser ◽  
H W Richardson ◽  
...  
Keyword(s):  
Los Angeles ◽  
Neighborhood Effects ◽  
Unit Area ◽  
House Price ◽  
Land Values ◽  
Hedonic Regression ◽  
Independent Variables ◽  
Regression Methods ◽  
Major Exception ◽  
The Impact

Hedonic regression methods are used to assess the impact of dwelling and structure characteristics, neighborhood effects, and multiple locations on a sample of almost 11000 residential property sales in Los Angeles County in 1980. Correction for the dwelling characteristic permits the analysis to be interpreted in terms of land values rather than property values per unit area. The selected equation explains more than 93% of the variation in the dependent variable (house price per unit of lot area). All the independent variables (five property or transaction characteristics, four neighborhood effects, and ten locational nodes) are statistically significant, with one major exception: distance from the CBD, which has a very low /-value and an unexpected sign. This result should be considered in the context of many superficial references, based largely on visual symbols such as new office buildings, to a revival of downtown Los Angeles. The authors interpret the finding that eight subcenters have a statistically significant influence on metropolitan residential land values in Los Angeles as yet another indication of the demise of the monocentric model and the need to discuss VS metropolitan areas in policentric terms.

scholarly journals WINDFARMS AND RESIDENTIAL PROPERTY VALUES

2014 ◽  
Vol 18 (2) ◽  
pp. 116-124 ◽  
Author(s):  
Iona McCarthy ◽  
Hatice Ozer Balli
Keyword(s):  
Property Values ◽  
Residential Property ◽  
Hedonic Regression ◽  
Open Market ◽  
Hedonic Models ◽  
Property Value ◽  
Viewshed Analysis ◽  
Residential Property Values ◽  
Visual Impact ◽  
The Impact

This study examines the effect that windfarm visibility has on residential property values using a hedonic regression model. The study area is Ashhurst, New Zealand, a township of approximately 900 dwellings. Ashhurst is located within eight kilometres of two separate windfarms that were developed between 1998 and 2007 comprising 103x660kW turbines, 31x3MW turbines, and 55x1.65MW turbines. The analysis uses the 945 open market house sales that occurred in Ashhurst between 1995 and 2008. Visual impact of turbines is studied to capture the impact of windfarms and it is assessed using GIS viewshed analysis and by field inspection. The hedonic models had satisfactory explanatory performance and in each case indicated that the turbines located between 2.5 and 6 kilometres from the township of Ashhurst had no significant impact on property value.

Price effects of surface street traffic on residential property

2014 ◽  
Vol 7 (2) ◽  
pp. 189-203 ◽  
Author(s):  
James E. Larsen ◽  
John P. Blair
Keyword(s):  
Residential Property ◽  
Single Family ◽  
Content Type ◽  
Arterial Streets ◽  
Price Effects ◽  
Residential Properties ◽  
Negative Effect ◽  
Street Traffic ◽  
The Impact ◽  
Family House

Purpose – The purpose of this study is to gauge and compare the impact of surface street traffic externalities on residential properties. Limited previous research indicates that negative externalities dominate for single-family houses. Our objective is to verify that this result applies to our sample, and to determine if the same result extends to multi-unit rental properties. Design/methodology/approach – Hedonic regression is used to analyze data from 9,680 single-family house transactions and 455 multi-unit rental properties to measure the influence of surface street traffic on the price of the two property types. Findings – Houses located adjacent to an arterial street sold at a 7.8 per cent discount, on average, compared to similar houses located on collector streets. Limiting the analysis to houses adjacent to an arterial street (where traffic counts were available), price and traffic count are negatively related. The results for multi-unit rental dwellings are dramatically different. Multi-unit properties adjacent to an arterial street sold at a 13.75 per cent premium compared to similar properties on collector streets, and when limiting the analysis to properties on arterial streets, no significant relationship was detected between price and traffic volume. Originality/value – This is the first empirical study of the influence of surface street traffic on both single-family houses and multi-unit rental residential property. Evidence is provided that traffic externalities impact the two types of properties quite differently. To the extent that this result applies to other locations, the authors suggest planners may be able to use such information to reduce the negative effect of traffic externalities on residential property associated with changes that will increase traffic flow.

The impact of senior house developments on surrounding residential property values

2016 ◽  
Vol 34 (5) ◽  
pp. 415-433 ◽  
Author(s):  
Antti Tapio Kurvinen ◽  
Tanja Tyvimaa
Keyword(s):  
Positive Impact ◽  
Property Values ◽  
Hedonic Pricing ◽  
Residential Property ◽  
Content Type ◽  
Senior Housing ◽  
Housing Developments ◽  
Matching Procedure ◽  
Residential Property Values ◽  
The Impact

Purpose Even as many countries are facing changes in demographic profile and new types of senior housing developments are becoming more important, there is limited evidence for the development impact of a senior house on surrounding residential property values. The purpose of this paper is to address the void in knowledge, investigating the impact of senior house developments on apartment values in Tampere, Finland. Design/methodology/approach To specify valuation effects of proximate senior house development projects, advanced research design combining propensity score matching procedure and hedonic pricing models is used. Findings The results show that a senior house development has a significant positive impact on proximate residential property values within a 500 metre radius. The impact is found to be the highest in underdeveloped neighbourhoods. Nevertheless, in neighbourhoods where property values and demand for housing units are higher and senior house developments fall into the criteria of infill development, a premium is lower, but still statistically significant and notable in magnitude. Research limitations/implications This paper studies apartment values only in Tampere, Finland, and it is important to notice that local regulations and market conditions may have a notable impact on the outcomes from senior house developments. Originality/value This study is the first of its kind to address a number of empirical issues and provide with statistically significant evidence for positive impacts from senior house developments – encouraging investors and developers to build senior houses.

scholarly journals The effect of ground rent and unexpired lease term on property values in Ghana

2019 ◽  
Vol 12 (3) ◽  
pp. 504-524 ◽  
Author(s):  
Kwasi Gyau Baffour Awuah ◽  
Frank Gyamfi-Yeboah
Keyword(s):  
Property Values ◽  
Ordinary Least Squares ◽  
Policy Formulation ◽  
Sub Saharan Africa ◽  
Residential Property ◽  
Content Type ◽  
Residential Properties ◽  
Sub Saharan ◽  
Value Determination ◽  
The Impact

Purpose Although several factors influence property value determination depending on the market, relevant studies in sub-Saharan Africa (SSA) often fail to analyse the impact of factors, such as unexpired term of leasehold interest and ground rent, which are also germane to market transactions and value determination. This study aims to examine the effect of unexpired term of leasehold interests and ground rent on the valuation of residential properties in Ghana. Design/methodology/approach A questionnaire instrument was used to collect the views of a sample of professional real estate valuers on the relevance of these and other factors that affect value. In addition, the valuers were tasked to value a residential property located in Accra, Ghana. Ordinary least squares and quantile regression models were thereafter used to analyse the data to determine the effect of the subject variables on value. Findings The study finds a significant relationship between valuers’ views on the relevance of unexpired term of leasehold interest and the value placed on residential properties. Further, the respondents who viewed ground rent as an important factor in estimating values placed significantly lower values than those who viewed it as less important. Research limitations/implications The findings suggest that the respondents may have split opinion on the existing anecdotal evidence that market participants ignore the unexpired term of leasehold interest, an issue that should be settled in theory. The findings also highlight the diversity of opinion on some of the fundamental factors that affect value and the need to build consensus to prevent excessive variation in value estimates among valuers. Originality/value The study makes a significant contribution in terms of extending the existing literature by analysing the impact of unexpired term of leasehold interests and ground rent on residential property values based on empirical data, issue(s) which have often been ignored by existing studies. Findings from the study also provide insights into additional possible causes of valuation errors in Ghana and SSA, which are useful for policy formulation and practice.

Residents’ perceptions of risk towards residential property in Canterbury NZ subsequent to the earthquakes

2015 ◽  
Vol 6 (3) ◽  
pp. 234-267 ◽  
Author(s):  
Sandy Bond
Keyword(s):  
Online Survey ◽  
Risk Mitigation ◽  
Mitigation Measures ◽  
Residential Property ◽  
Content Type ◽  
Perceptions Of Risk ◽  
Transient Nature ◽  
The Media ◽  
The Impact ◽  
Market Behaviour

Purpose – This paper aims to investigate residents’ perceptions of risk towards owning and living in residential property in Christchurch subsequent to the 2010 and 2011 Canterbury earthquakes to identify how these perceptions impact on the price residents are willing to pay for affected property. Such market behaviour can motivate homeowners to adopt risk mitigation measures. Design/methodology/approach – An online survey was developed and the Web link distributed to Canterbury residents via the media. This method of distribution was adopted, as a postal survey was not possible due to the number of homes that had been destroyed by the earthquakes and the highly transient nature of the community as a result. Findings – The results indicate that with the recent earthquake experience, residents are demonstrating risk mitigation behaviours through an aversion to investing in properties affected by, or with a risk of, liquefaction. Specifically, the majority of respondents had strong reservations about buying Technical Category 3 property, and would be prepared to pay 20 per cent (or > 20 per cent) less for it, indicating some stigma towards affected property. Further, most respondents would now prefer the construction of their home to be of a type that fared better in the earthquakes: lightweight, single-storey, with a concrete slab foundation. These housing preferences will likely drive the market towards the adoption of risk mitigation measures in the retrofit of existing homes as well as in the design and construction of new homes. Research limitations/implications – Due to the number of homes that had been destroyed by the earthquakes and the highly transient nature of the community as a result, probability sampling was not possible. This, together with the low response rate, means that the respondents surveyed may not be representative of the Christchurch population. Practical implications – The outcomes of this research will be of interest not only to homeowners wanting to know how their home’s value has been impacted by market perceptions towards earthquake and liquefaction damage, particularly in the worst-affected areas, but also the rating valuers tasked with assessing property values for rating purposes. Property developers and builders involved in the repair of existing homes and construction of new homes will also want to know current market preferences. Government bodies will find the results informative of how the media has, and can be used, to motivate market behaviour towards risk mitigation, particularly in regard to “material risk” (as described in Solberg et al., 2010), that is risk from a scientific and technical viewpoint of probability of future risk, and as related to what has become known about these risks in terms of building structure, height, age, soil type/land categories and flood zones. Further, the results provide a gauge of how the community perceived the handling of the recovery process, so that the weaknesses highlighted can be addressed, which will help restore community trust. Originality/value – This study fills a research void on the impact of residents’ perceptions of risk towards home ownership in a city impacted by significant earthquakes and resulting liquefaction.

scholarly journals Impact of light rail line on residential property values – a case of Sydney, Australia

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Rotimi Boluwatife Abidoye ◽  
Felice Fam ◽  
Olalekan Shamsideen Oshodi ◽  
Abiodun Kolawole Oyetunji
Keyword(s):  
Property Values ◽  
Hedonic Pricing ◽  
Residential Property ◽  
Light Rail ◽  
Broad Perspective ◽  
Content Type ◽  
Residential Properties ◽  
Residential Property Values ◽  
The Impact ◽  
Sydney Australia

Purpose The construction of new transportation infrastructure tends to affect the adjoining properties, economy and environment. In particular, studies have investigated the change in the value of properties due to increased access to transportation facilities. The purpose of this paper is to examine the impact of the recently completed light rail on residential property values in Sydney, Australia. Design/methodology/approach Sales data of residential properties was extracted from the CoreLogic’s RP database. The hedonic pricing model was used to assess the effect of proximity to the light rail stops. Two models were developed for the announcement and construction phases of the light rail project. Findings It was found that during the announcement phase, properties located within the 400 m radius from the station were 3.3% more expensive than those within the 400–800 radius. At the construction stage, the properties within the 0–400 m radius from the stops sold at 3.1% more than those within the 400–800 m radius. This study concludes that a positive relationship exists between the values of residential property and proximity to light rail stations. Practical implications These findings would be useful for policymakers to develop land value capture programs for infrastructure funding and to real estate professionals and investors for investment in future transit-oriented development. Originality/value Previous studies that aimed at examining the impact of light rails on residential properties values around universities are limited. Hence, this study provides a broad perspective on the impact of light rail on residential properties values.

Assessing the impact of revitalized old industrial buildings on the value of surrounding properties

Facilities ◽  
2015 ◽  
Vol 33 (3/4) ◽  
pp. 245-261 ◽  
Author(s):  
Jayantha Wadu Mesthrige ◽  
Hei Lam Poon
Keyword(s):  
Hong Kong ◽  
Property Values ◽  
Residential Property ◽  
Negative Externalities ◽  
Content Type ◽  
Residential Developments ◽  
Industrial Buildings ◽  
Residential Properties ◽  
Negative Impacts ◽  
The Impact

Purpose – The purpose of this study is to explore the effects of revitalization of old industrial buildings on the market value of the neighbourhood residential properties. Hong Kong’s economy has undergone a remarkable transformation in the past three decades. The most visible phenomenon in this transformation is the relocation of traditional manufacturing activities from Hong Kong to China since the 1990s. This has led many of the old industrial buildings in Hong Kong to be empty/underutilized and dilapidated. The Hong Kong Special Administrative Region Government launched the “Revitalizing Industrial Buildings Policy” to revitalize these underutilized properties with the aim to provide suitable land and premises to meet local’s economic and social needs. Design/methodology/approach – The study used a hedonic price model to determine whether there is a relationship between revitalization projects and neighbourhood residential property values and the influence of revitalization programmes on the residential property price if there is such a relationship. The study is based on a sample of 4,015 residential transactions obtained from the residential developments located near three large-scale revitalization projects in an old industrial district, Kwun Tong. Findings – Empirical findings suggest that revitalization programmes have not brought net positive price effects on the value of neighbourhood residential properties. This is in line with findings of some previous studies. However, it reveals that both the mode and scale of revitalization projects have different impacts on the neighbourhood: wholesale conversion has less negative impacts compared with redevelopment, while the larger the scale of a revitalization programme, the greater are the negative impacts on nearby property values. The study also finds that negative externalities generated by the revitalization during and post-revitalization stages are almost similar in magnitudes. Research limitations/implications – The results imply that industrial revitalization projects located adjacent to residential developments both reduce the value of the latter and discourage potential property buyers. The negative public perception of these properties diminishes their value and hence decreases the value of the property. Practical implications – The paper raises the concern about the importance of adequately addressing issues of planning and zoning to minimize the negative externalities arising from urban renewal projects. Originality/value – This research paper is first of its kind to analyze the effects of revitalized industrial buildings on the value of neighbourhood properties in Hong Kong. The tangible benefits identified in this study would be incentives, or otherwise, to motivate the revitalization policy in general.

scholarly journals A Ricardian valuation of the impact of climate change on Nigerian cocoa production

2018 ◽  
Vol 10 (5) ◽  
pp. 689-710 ◽  
Author(s):  
William M. Fonta ◽  
Abbi M. Kedir ◽  
Aymar Y. Bossa ◽  
Karen M. Greenough ◽  
Bamba M. Sylla ◽  
...  
Keyword(s):  
Climate Change ◽  
Climate Model ◽  
Regional Climate ◽  
High Sensitivity ◽  
Land Values ◽  
Content Type ◽  
Supplementary Irrigation ◽  
Average Annual Temperature ◽  
Wide Range ◽  
The Impact

Purpose The purpose of this study is to examine the relative importance of climate normals (average long-term temperature and precipitation) in explaining net farm revenue per hectare (NRh) for supplementary irrigated and rainfed cocoa farms in Nigeria. Design/methodology/approach NRh was estimated for 280 cocoa farmers sampled across seven Nigerian states. It was regressed on climate, household socio-economic characteristics and other control variables by using a Ricardian analytical framework. Marginal calculations were used to isolate the effects of climate change (CC) on cocoa farm revenues under supplementary irrigated and rainfed conditions. Future impacts of CC were simulated using Six CORDEX regional climate model (RCM) ensemble between 2036-2065 and 2071-2100. Findings Results indicate high sensitivity of NRh to Nigerian climate normals depending on whether farms use supplementary irrigation. Average annual temperature increases and precipitation decreases are associated with NRh losses for rainfed farms and gains for supplementary irrigated cocoa farms. Projections of future CC impacts suggest a wide range of NRh outcomes on supplementary irrigated and rainfed farm revenues, demonstrating the importance of irrigation as an effective adaptation strategy in Nigeria. Originality/value This paper uses novel data sets for simulating future CC impacts on land values in Nigeria. CORDEX data constitute the most comprehensive RCMs projections available for Africa.

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