Accessibility and residual land value uplift: Identifying spatial variations in the accessibility impacts of a bus transitway.
mode - bus, place - australasia, land use - impacts, land use - planning
Residential land value uplift; bus transitway infrastructure; accessibility; house prices premia from accessibility improvements; geographically weighted regression
New public transport investment offers the potential to improve accessibility for existing and new users of the public transport network. Transport infrastructure provides land value uplift following improvements in accessibility with uplift benefits being distributed in relation to the proximity of the location of the property to the infrastructure and to both residential and commercial properties. This paper looks at both quantifying the absolute amount of land value uplift and its spatial distribution for accessibility to different destinations for residential properties around a new-build Liverpool Parramatta transitway for buses in a suburban area of South-west Sydney, Australia. Geographically Weighted Regression is used as the methodology to take account of spatial dependency in the estimation process with the results being presented in map form. The results suggest that property prices are mainly determined by the internal features of the property and its neighbourhood effects but accessibility by car and accessibility to employment along the transitway are also contributing in a non-marginal way. The local model shows that accessibility and its value have a geographical component which is statistically significant demonstrating the benefits of undertaking a more disaggregate analysis that allows variation over space to be revealed.
Permission to publish the abstract has been given by University of Sydney Business School, copyright remains with them.
Densmore, K., & Mulley, C. (2012). Accessibility and residual land value uplift: Identifying spatial variations in the accessibility impacts of a bus transitway. Working Paper No. ITLS-WP-12-06, 21 pp.