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Does the housing market value heritage? Some empirical evidence

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Author Info
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.

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File URL: http://www.econ.mq.edu.au/research/2004/Deodhar_Mar04.pdf
File Format: application/pdf
File Function: First Version, 2004
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Publisher Info
Paper provided by Macquarie University, Department of Economics in its series Research Papers with number 0403.

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Length: 31 pages.
Date of creation: Mar 2004
Date of revision:
Handle: RePEc:mac:wpaper:0403

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Postal: Sydney NSW 2109
Web page: http://www.econ.mq.edu.au/
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Related research
Keywords: Conservation areas; designation; hedonic price; heritage; heritage significance; housing attributes; listing; price differential; Sydney.;

Find related papers by JEL classification:
R21 - Urban, Rural, and Regional Economics - - Household Analysis - - - Housing Demand
R52 - Urban, Rural, and Regional Economics - - Regional Government Analysis - - - Land Use and Other Regulations
Z19 - Other Special Topics - - Cultural Economics - - - Other

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb.. [Downloadable!] (restricted)
  2. Asabere, Paul K & Hachey, George & Grubaugh, Steven, 1989. "Architecture, Historic Zoning, and the Value of Homes," The Journal of Real Estate Finance and Economics, Springer, vol. 2(3), pages 181-95, September.
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Anonymous, 2006. "Conservation of Australia's Historic Heritage Places," Inquiry Reports 31896, Productivity Commission. [Downloadable!]
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