A platform for research: civil engineering, architecture and urbanism
A platform for research: civil engineering, architecture and urbanism
Understanding the Economic Value of Walkable Cities
Improving walkability has the potential to play a major role in improving both accessibility and the public health dimensions of our cities. Walkability research to-date has focused on the influence of the built environment on physical activity associated with health and active transport outcomes. While the probable desirability of walkability to real estate value is recognised by the embedding of walkability indices such as WalkScore in property listing platforms, there is a paucity of research exploring this assumption. This research addresses this gap by undertaking an empirical study to quantify the economic value of walkability to residential property. Specifically, we demonstrate the use of hedonic price modelling to test measures of walkability with a case study. We find that WalkScore is positively related to prices for detached houses in Sydney, Australia but has no significant relationship to unit prices. Possible reasons and directions for future work are discussed.
Understanding the Economic Value of Walkable Cities
Improving walkability has the potential to play a major role in improving both accessibility and the public health dimensions of our cities. Walkability research to-date has focused on the influence of the built environment on physical activity associated with health and active transport outcomes. While the probable desirability of walkability to real estate value is recognised by the embedding of walkability indices such as WalkScore in property listing platforms, there is a paucity of research exploring this assumption. This research addresses this gap by undertaking an empirical study to quantify the economic value of walkability to residential property. Specifically, we demonstrate the use of hedonic price modelling to test measures of walkability with a case study. We find that WalkScore is positively related to prices for detached houses in Sydney, Australia but has no significant relationship to unit prices. Possible reasons and directions for future work are discussed.
Understanding the Economic Value of Walkable Cities
The Urban Book Series
Geertman, S. C. M. (editor) / Pettit, Christopher (editor) / Goodspeed, Robert (editor) / Staffans, Aija (editor) / Roper, Josephine (author) / Pettit, Chris (author) / Ng, Matthew (author)
2021-07-16
23 pages
Article/Chapter (Book)
Electronic Resource
English
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