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

Clive M.J. Warren, Peter Elliott and Jason Staines

International Journal of Housing Markets and Analysis, 2017, vol. 10, issue 1, 66-80

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).

Keywords: Australia; Residential property; Hedonic pricing; Historic district; Historic preservation; Property values (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (5)

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Persistent link: https://EconPapers.repec.org/RePEc:eme:ijhmap:ijhma-02-2016-0015

DOI: 10.1108/IJHMA-02-2016-0015

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