Does the housing market value heritage? Some empirical evidence

Vinita Deodhar ()
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Vinita Deodhar: Department of Economics, Macquarie University

No 403, Research Papers from Macquarie University, Department of Economics

Abstract: This paper discusses an empirical study conducted in Sydney’s upper north shore with the primary aim of estimating the market price differential between heritage-listed and regular, unlisted houses using the hedonic price technique. The research also examined the relationship between market price and the level of heritage significance of heritage houses. After controlling for main property attributes, heritage- listed houses were found to enjoy a premium over unlisted houses. This premium is a measure of the combined value placed by the market on both, the heritage character of houses and their statutory listing status. The level of heritage significance was also found to have a positive influence on price.

Keywords: Conservation areas; designation; hedonic price; heritage; heritage significance; housing attributes; listing; price differential; Sydney. (search for similar items in EconPapers)
JEL-codes: R21 R52 Z19 (search for similar items in EconPapers)
Pages: 31 pages.
Date: 2004-03
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