Author: Mulley, C. (2014)
Journal: Urban Studies 51, 1707-1724.
Keywords: Residential land value uplift; bus transitway infrastructure; accessibility; house prices premia from accessibility improvements; geographically weighted regression.
New public transport investment can improve accessibility for existing and new users of the urban transport network and this can lead to land value uplift with uplift benefits being distributed in relation to the proximity of the location of the property to the infrastructure. This paper quantifies 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 (GWR) is used to take account of spatial dependency in the estimation process with the results being presented in map form. Results indicate that property prices are mainly determined by the property’s internal features and the neighbourhood effects, but accessibility by car and accessibility to employment along the transitway also contribute non-marginally. The GWR local model shows that accessibility varies significantly over geographical space demonstrating the advantages of this approach.