The effect of upzoning on house prices and redevelopment premiums in Auckland, New Zealand

Ryan Greenaway-McGrevy, Gail Pacheco and Kade Sorensen

Urban Studies, 2021, vol. 58, issue 5, 959-976

Abstract: We study the short-run effects of a large-scale upzoning on house prices and redevelopment premiums in Auckland, New Zealand. Upzoning significantly increases the redevelopment premium but the overall effect on house prices depends on the economic potential for site redevelopment, with underdeveloped properties appreciating relative to intensively developed properties. Notably, intensively developed properties decrease in value relative to similar dwellings that were not upzoned, showing that the large-scale upzoning had an immediate depreciative effect on pre-existing intensive housing. Our results show that the economic potential for site redevelopment is fundamental to understanding the impact of changes in land use regulations on property values.

Keywords: house prices; land use regulations; redevelopment option; redevelopment premium; upzoning; 房价; åœŸåœ°ä½¿ç”¨æ ¡ä¾‹; é‡ å»ºé€‰é¡¹; é‡ å»ºæº¢ä»·; è§„åˆ’å ‡çº§ (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (10)

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Persistent link: https://EconPapers.repec.org/RePEc:sae:urbstu:v:58:y:2021:i:5:p:959-976

DOI: 10.1177/0042098020940602

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