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Impact of light rail line on residential property values – a case of Sydney, Australia

Research output: Contribution to Journal/MagazineJournal articlepeer-review

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Impact of light rail line on residential property values – a case of Sydney, Australia. / Abidoye, Rotimi Boluwatife; Fam, Felice; Oshodi, Olalekan Shamsideen et al.

In: International Journal of Housing Markets and Analysis, Vol. 15, No. 3, 30.04.2022, p. 691-708.

Research output: Contribution to Journal/MagazineJournal articlepeer-review

Harvard

Abidoye, RB, Fam, F, Oshodi, OS & Oyetunji, AK 2022, 'Impact of light rail line on residential property values – a case of Sydney, Australia', International Journal of Housing Markets and Analysis, vol. 15, no. 3, pp. 691-708. https://doi.org/10.1108/IJHMA-03-2021-0033

APA

Abidoye, R. B., Fam, F., Oshodi, O. S., & Oyetunji, A. K. (2022). Impact of light rail line on residential property values – a case of Sydney, Australia. International Journal of Housing Markets and Analysis, 15(3), 691-708. https://doi.org/10.1108/IJHMA-03-2021-0033

Vancouver

Abidoye RB, Fam F, Oshodi OS, Oyetunji AK. Impact of light rail line on residential property values – a case of Sydney, Australia. International Journal of Housing Markets and Analysis. 2022 Apr 30;15(3):691-708. Epub 2021 Jul 16. doi: 10.1108/IJHMA-03-2021-0033

Author

Abidoye, Rotimi Boluwatife ; Fam, Felice ; Oshodi, Olalekan Shamsideen et al. / Impact of light rail line on residential property values – a case of Sydney, Australia. In: International Journal of Housing Markets and Analysis. 2022 ; Vol. 15, No. 3. pp. 691-708.

Bibtex

@article{a1b1a54f4da24082b4a92b32ea139dc5,
title = "Impact of light rail line on residential property values – a case of Sydney, Australia",
abstract = "Purpose – The construction of new transportation infrastructure tends to affect the adjoining properties, economy and environment. In particular, studies have investigated the change in the value of properties due to increased access to transportation facilities. The purpose of this paper is to examine the impact of the recently completed light rail on residential property values in Sydney, Australia.Design/methodology/approach – Sales data of residential properties was extracted from the CoreLogic{\textquoteright}s RP database. The hedonic pricing model was used to assess the effect of proximity to the light rail stops. Two models were developed for the announcement and construction phases of the light rail project.Findings – It was found that during the announcement phase, properties located within the 400 m radius from the station were 3.3% more expensive than those within the 400–800 radius. At the construction stage, the properties within the 0–400 m radius from the stops sold at 3.1% more than those within the 400–800m radius. This study concludes that a positive relationship exists between the values of residential property and proximity to light rail stations.Practical implications – These findings would be useful for policymakers to develop land value capture programs for infrastructure funding and to real estate professionals and investors for investment in future transit-oriented development.Originality/value – Previous studies that aimed at examining the impact of light rails on residential properties values around universities are limited. Hence, this study provides a broad perspective on the impact of light rail on residential properties values.",
keywords = "Light rail, Property value, University, Residential property, Sydney, Australia",
author = "Abidoye, {Rotimi Boluwatife} and Felice Fam and Oshodi, {Olalekan Shamsideen} and Oyetunji, {Abiodun Kolawole}",
note = "This article is (c) Emerald Group Publishing and permission has been granted for this version to appear here. Emerald does not grant permission for this article to be further copied/distributed or hosted elsewhere without the express permission from Emerald Group Publishing Limited. ",
year = "2022",
month = apr,
day = "30",
doi = "10.1108/IJHMA-03-2021-0033",
language = "English",
volume = "15",
pages = "691--708",
journal = "International Journal of Housing Markets and Analysis",
issn = "1753-8270",
publisher = "Emerald Group Publishing Ltd",
number = "3",

}

RIS

TY - JOUR

T1 - Impact of light rail line on residential property values – a case of Sydney, Australia

AU - Abidoye, Rotimi Boluwatife

AU - Fam, Felice

AU - Oshodi, Olalekan Shamsideen

AU - Oyetunji, Abiodun Kolawole

N1 - This article is (c) Emerald Group Publishing and permission has been granted for this version to appear here. Emerald does not grant permission for this article to be further copied/distributed or hosted elsewhere without the express permission from Emerald Group Publishing Limited.

PY - 2022/4/30

Y1 - 2022/4/30

N2 - Purpose – The construction of new transportation infrastructure tends to affect the adjoining properties, economy and environment. In particular, studies have investigated the change in the value of properties due to increased access to transportation facilities. The purpose of this paper is to examine the impact of the recently completed light rail on residential property values in Sydney, Australia.Design/methodology/approach – Sales data of residential properties was extracted from the CoreLogic’s RP database. The hedonic pricing model was used to assess the effect of proximity to the light rail stops. Two models were developed for the announcement and construction phases of the light rail project.Findings – It was found that during the announcement phase, properties located within the 400 m radius from the station were 3.3% more expensive than those within the 400–800 radius. At the construction stage, the properties within the 0–400 m radius from the stops sold at 3.1% more than those within the 400–800m radius. This study concludes that a positive relationship exists between the values of residential property and proximity to light rail stations.Practical implications – These findings would be useful for policymakers to develop land value capture programs for infrastructure funding and to real estate professionals and investors for investment in future transit-oriented development.Originality/value – Previous studies that aimed at examining the impact of light rails on residential properties values around universities are limited. Hence, this study provides a broad perspective on the impact of light rail on residential properties values.

AB - Purpose – The construction of new transportation infrastructure tends to affect the adjoining properties, economy and environment. In particular, studies have investigated the change in the value of properties due to increased access to transportation facilities. The purpose of this paper is to examine the impact of the recently completed light rail on residential property values in Sydney, Australia.Design/methodology/approach – Sales data of residential properties was extracted from the CoreLogic’s RP database. The hedonic pricing model was used to assess the effect of proximity to the light rail stops. Two models were developed for the announcement and construction phases of the light rail project.Findings – It was found that during the announcement phase, properties located within the 400 m radius from the station were 3.3% more expensive than those within the 400–800 radius. At the construction stage, the properties within the 0–400 m radius from the stops sold at 3.1% more than those within the 400–800m radius. This study concludes that a positive relationship exists between the values of residential property and proximity to light rail stations.Practical implications – These findings would be useful for policymakers to develop land value capture programs for infrastructure funding and to real estate professionals and investors for investment in future transit-oriented development.Originality/value – Previous studies that aimed at examining the impact of light rails on residential properties values around universities are limited. Hence, this study provides a broad perspective on the impact of light rail on residential properties values.

KW - Light rail

KW - Property value

KW - University

KW - Residential property

KW - Sydney

KW - Australia

U2 - 10.1108/IJHMA-03-2021-0033

DO - 10.1108/IJHMA-03-2021-0033

M3 - Journal article

VL - 15

SP - 691

EP - 708

JO - International Journal of Housing Markets and Analysis

JF - International Journal of Housing Markets and Analysis

SN - 1753-8270

IS - 3

ER -