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Does the housing market value heritage? Some empirical evidence

Author

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  • Vinita Deodhar

    (Department of Economics, Macquarie University)

Abstract

This paper discusses an empirical study conducted in Sydney’s upper north shore with the primary aim of estimating the market price differential between heritage-listed and regular, unlisted houses using the hedonic price technique. The research also examined the relationship between market price and the level of heritage significance of heritage houses. After controlling for main property attributes, heritage- listed houses were found to enjoy a premium over unlisted houses. This premium is a measure of the combined value placed by the market on both, the heritage character of houses and their statutory listing status. The level of heritage significance was also found to have a positive influence on price.

Suggested Citation

  • Vinita Deodhar, 2004. "Does the housing market value heritage? Some empirical evidence," Research Papers 0403, Macquarie University, Department of Economics.
    • Handle: RePEc:mac:wpaper:0403
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    File URL: http://www.econ.mq.edu.au/research/2004/Deodhar_Mar04.pdf
    File Function: First Version, 2004
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    More about this item

    Keywords

    Conservation areas; designation; hedonic price; heritage; heritage significance; housing attributes; listing; price differential; Sydney.;
    All these keywords.

    JEL classification:

    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
    • R52 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Land Use and Other Regulations
    • Z19 - Other Special Topics - - Cultural Economics - - - Other

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