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The influence of submarkets on water view house price premiums in New Zealand

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  • Olga Filippova

Abstract

Purpose - This paper aims to evaluate the impact of submarkets on water view premiums of residential properties and investigate the correlation between submarket view premium and socio‐economic status. Design/methodology/approach - Over 53,000 residential sales transactions from 2004 to 2006 are analysed using the hedonic method. The Auckland region is divided into 17 submarkets with similar water view scarcities. The region is analysed along with each individual submarket in order to determine if significant differences in view premiums exist. Findings - The empirical results indicate that the regionwide model chronically over‐ or under‐estimates view premiums, for example, the regionwide model estimates that a wide water view adds 18 per cent to a home's value while the same view amenity adds only 5 per cent in modest West Harbour but 54 per cent in posh Mission Bay. Practical implications - The study's findings can be directly applied to residential valuation practice and in particular mass appraisal systems. Originality/value - This research fills a gap in the body of knowledge relating to water view externalities by investigating the differing price impacts across submarkets.

Suggested Citation

  • Olga Filippova, 2009. "The influence of submarkets on water view house price premiums in New Zealand," International Journal of Housing Markets and Analysis, Emerald Group Publishing Limited, vol. 2(1), pages 91-105, March.
    • Handle: RePEc:eme:ijhmap:v:2:y:2009:i:1:p:91-105
    DOI: 10.1108/17538270910939583
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    Citations

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    Cited by:

    1. Bade, David & Castillo, Jose Gabriel & Fernandez, Mario Andres & Aguilar-Bohorquez, Joseph, 2020. "The price premium of heritage in the housing market: evidence from Auckland, New Zealand," Land Use Policy, Elsevier, vol. 99(C).
    2. Fernandez, Mario Andres & Bucaram, Santiago, 2019. "The changing face of environmental amenities: Heterogeneity across housing submarkets and time," Land Use Policy, Elsevier, vol. 83(C), pages 449-460.
    3. Radoslaw Wolniak & Marcin Olkiewicz & Marta Szymczewska & Anna Olkiewicz, 2020. "The Functioning of the Real Estate Market: Dynamics of Price Formation and the Sale of Apartments," European Research Studies Journal, European Research Studies Journal, vol. 0(2), pages 281-307.
    4. Marilena Mironiuc & Elena Ionașcu & Maria Carmen Huian & Alina Țaran, 2021. "Reflecting the Sustainability Dimensions on the Residential Real Estate Prices," Sustainability, MDPI, vol. 13(5), pages 1-28, March.
    5. Fleming, David & Grimes, Arthur & Lebreton, Laurent & Maré, David & Nunns, Peter, 2018. "Valuing sunshine," Regional Science and Urban Economics, Elsevier, vol. 68(C), pages 268-276.
      • David Fleming & Arthur Grimes & Laurent Lebreton & David C Maré & Peter Nunns, 2017. "Valuing Sunshine," Working Papers 17_13, Motu Economic and Public Policy Research.
    6. Paul Thorsnes & Robert Alexander & David Kidson, 2015. "Low-income housing in high-amenity areas: Long-run effects on residential development," Urban Studies, Urban Studies Journal Limited, vol. 52(2), pages 261-278, February.

    More about this item

    Keywords

    Housing; Pricing; New Zealand;
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