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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)

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    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 Function: First Version, 2004
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    Bibliographic 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

    Contact details of provider:
    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.;

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