The impact of project announcements on property values: An empirical analysis

Neelawala, P., Briggs, M., Robinson, T., & Wilson, C. (2015) The impact of project announcements on property values: An empirical analysis. Australasian Journal of Environmental Management, 22(3), pp. 340-354.

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Abstract

The study examines the property value impacts of an announcement of a project which has potential environmental impacts as distinct from other studies that address costs associated with under-construction and the operating impacts of developments. The hypothesis is that the announcement of a proposed project with potential environmental impact creates uncertainty in the property market of the affected area, and this impact is greater on properties closer to the project than those farther from it. The results of the study confirm the hypothesis and indicate that the marginal willingness to pay for properties within a 5 km distance declined by AU$17,020 per km proximity to the proposed heavy vehicle route, after the proposed route was announced. The results support the need for more holistic measurement of cost–benefit analysis of projects and provide a basis for improved consideration by policy makers of the rights of affected parties.

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ID Code: 86065
Item Type: Journal Article
Refereed: Yes
Keywords: environmental disamenities, property values, hedonic price model, marginal willingness to pay
DOI: 10.1080/14486563.2015.1028110
ISSN: 1448-6563
Divisions: Current > QUT Faculties and Divisions > QUT Business School
Current > Schools > School of Advertising, Marketing & Public Relations
Current > Schools > School of Economics & Finance
Copyright Owner: Copyright 2015 Taylor & Francis
Deposited On: 29 Jul 2015 23:14
Last Modified: 14 Oct 2015 02:24

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