Does residential property price benefit from light rail in Sydney?
Corinne Mulley (),
Tsai, Chi-Hong (Patrick) and
Research in Transportation Economics, 2018, vol. 67, issue C, 3-10
Land rent theory identifies that unimproved land value is determined by its accessibility to goods and services. In theory, therefore, public transport provision which increases accessibility should in turn increase land values. The objective of this paper is to identify if land values in the neighbourhood of a light rail have sustained long run price increases due to the presence of the light rail. The motivation for the paper is whether public transport infrastructure creates sufficient uplift to land values that if it were captured it would make a significant contribution to the investment plans of government. This is especially important in contemporary Sydney as plans are being rolled out to implement new light rail systems by the NSW Government which, in common with many other governments, is subject to budgetary constraints which limits the implementation of all the transport infrastructure evaluated as good value for money.
Keywords: Land value uplift; Land value capture; Light rail; Land rent; House price change; Public transport funding (search for similar items in EconPapers)
JEL-codes: R31 R32 R42 R58 (search for similar items in EconPapers)
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