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

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

doi:10.1108/ijhma-02-2016-0015

Cited by 15 publications

(11 citation statements)

References 36 publications

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“…For instance, Palm (1978) segmented the housing market based on the San Francisco real estate board jurisdiction. Other studies segmented the housing markets into submarkets based on socio-economic characteristics (Farber, 1986), neighborhood quality (Keskin, 2008), political districts, wards, stations (Inoue, et al, 2018;Ling & Hui, 2013), the quality of public education, census tract and zip code districts (Goodman & Thibodeau, 2003), property types (Watkins, 1999), historic district designation (Warren, et al, 2017) and land use zoning regulation (Levkovich, et al, 2018).…”

Section: Property Submarket Classificationmentioning

confidence: 99%

“…Properties are also differentiated by their structural, physical and neighbourhood characteristics (Islam & Asami, 2010). These differential characterizations of a property require a holistic consideration of the distinct components of the property through market segmentation (Keskin, 2008;Gabrielli, et al, 2017;Warren, et al, 2017). Market segmentation is the delineation or disaggregation of the property market into uniquely distinct submarkets, which are homogeneous within and heterogeneous among the submarkets.…”

Section: Introductionmentioning

confidence: 99%

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Property Price Modelling, Market Segmentation and Submarket Classifications: A Review

Usman

Lizam

Adekunle

2020

Real Estate Management and Valuation

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Accurate pricing of the property market is necessary to ensure effective and efficient decision making. Property price is typically modelled using the hedonic price model (HPM). This approach was found to exhibit aggregation bias due to its assumption that the coefficient estimate is constant and fails to consider variation in location. The aggregation bias is minimized by segmenting the property market into submarkets that are distinctly homogeneous within their submarket and heterogeneous across other submarkets. Although such segmentation was found to improve the prediction accuracy of HPM, there appear to be conflicting findings regarding what constitutes a submarket and how the submarkets are to be driven. This paper therefore reviews relevant literature on the subject matter. It was found that, initially, submarkets were delineated based on a priori classification of the property market into predefined boundaries. The method was challenged to be arbitrary and an empirically statistical data-driven property submarket classification was advocated. Based on the review, there is no consensus on the superiority of either of the methods over the another; a combination of the two methods can serve as a means of validating the effectiveness of property segmentation procedures for more accurate property price prediction.

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Section: Property Submarket Classificationmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Property Price Modelling, Market Segmentation and Submarket Classifications: A Review

Usman

Lizam

Adekunle

2020

Real Estate Management and Valuation

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“…Restrictions on data availability play a significant role in explaining this gap (Rambaldi et al, 2011). Australian efforts to preserve historic architecture through planning overlays are, however, associated with 10–11% property price increases (Warren et al, 2017). We found only a single empirical study considering building age and housing markets in an Australian city.…”

Section: Literature Review: Filtering Gentrification and The Suburbamentioning

confidence: 99%

Examining building age, rental housing and price filtering for affordability in Melbourne, Australia

2020

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Governments worldwide have responded to housing affordability challenges with supply-side solutions. Proponents of these approaches often draw on the notion of ‘filtering effects’ to argue that new supply naturally trickles down to lower-income households over time, improving affordability. This study examines the characteristics of Naturally Occurring Affordable Housing in Melbourne, Australia, analysing how dwelling age impacts rental cost. We specify a non-linear relationship between building age and rents through hedonic rent modelling, reflecting a premium for historic properties in inner Melbourne. We also conduct a cluster analysis of rental listings and measure affordability by cluster. Our results problematise the notion of filtering, finding that most contemporary affordable housing was initially built in the 1960s and 1970s as social housing or targeted at low-income households. We argue that filtering in this instance is not natural but is instead a reflection of historic government expenditure and past construction choices, or ‘filter up’.

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“…Ruijgrok (2006) explored the historical characteristics that explain heritage property but focused more on house value and measured in quantitatively with five variables; i) monumental status, ii) facade type, iii) architectural styles, iv) authenticity and v) ensemble by using hedonic regression analysis. It has long been debated the historic designation of heritage property status impact on property values by many scholars which appears in mixed results (Ijla, 2008;Warren et al, 2017;Zahirovic-Herbert & Gibler, 2014). Architectural styles are critical in determining the heritage property value whereby the pre-war buildings have unique "old charm architectural heritage" with eastern and western influences (Hendry Butcher Malaysia (Penang), 2016).…”

Section: Historical Characteristicsmentioning

confidence: 99%

Critical Determinants of Heritage Property Value: A Conceptual Framework

Zin

Ismail

Mohamad

et al. 2019

PMJ

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Real estate is complex in nature, whereby its value is determined by many characteristics. Heritage property is different as compared with non-heritage property, thus; it is essential to identify the heritage property value determinants due to limited published research about it. This paper closes the gap by reviewing the literature to identify the determinants. To achieve this, academic journals and conference papers in online databases from 1974 to 2017 have been reviewed. The results indicated that there are four groups of heritage property value determinants namely; i) transaction characteristics, ii) structural characteristics, iii) spatial characteristics, and iv) historical characteristics. It can be concluded that heritage property values are differentiated by historical characteristics notably on their architectural styles or design and the status of the heritage property itself. This finding should be a useful guidance for the valuers in valuation practice.

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

Cited by 15 publications

References 36 publications

Property Price Modelling, Market Segmentation and Submarket Classifications: A Review

Property Price Modelling, Market Segmentation and Submarket Classifications: A Review

Examining building age, rental housing and price filtering for affordability in Melbourne, Australia

Critical Determinants of Heritage Property Value: A Conceptual Framework

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