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

Author

Listed:
  • Clive M.J. Warren
  • Peter Elliott
  • Jason Staines

Abstract

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).

Suggested Citation

  • Clive M.J. Warren & Peter Elliott & Jason Staines, 2017. "The impacts of historic districts on residential property land values in Australia," International Journal of Housing Markets and Analysis, Emerald Group Publishing Limited, vol. 10(1), pages 66-80, February.
    • Handle: RePEc:eme:ijhmap:ijhma-02-2016-0015
    DOI: 10.1108/IJHMA-02-2016-0015
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    Citations

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    Cited by:

    1. Matthew Palm & Katrina Eve Raynor & Georgia Warren-Myers, 2021. "Examining building age, rental housing and price filtering for affordability in Melbourne, Australia," Urban Studies, Urban Studies Journal Limited, vol. 58(4), pages 809-825, March.
    2. Usman Hamza & Lizam Mohd & Adekunle Muhammad Usman, 2020. "Property Price Modelling, Market Segmentation and Submarket Classifications: A Review," Real Estate Management and Valuation, Sciendo, vol. 28(3), pages 24-35, September.
    3. Renigier-Biłozor, Małgorzata & Janowski, Artur & Walacik, Marek & Chmielewska, Aneta, 2022. "Modern challenges of property market analysis- homogeneous areas determination," Land Use Policy, Elsevier, vol. 119(C).
    4. Usman Hamza & Lizam Mohd & Burhan Burhaida, 2021. "A Priori Spatial Segmentation of Commercial Property Market using Hedonic Price Modelling," Real Estate Management and Valuation, Sciendo, vol. 29(2), pages 16-28, June.
    5. Jones, M. & Reed, R.G., 2018. "Open space amenities and residential land use: An Australian perspective," Land Use Policy, Elsevier, vol. 75(C), pages 1-10.

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