Property prices in urban areas affected by road traffic noise

This paper reports a revealed preference study into the different effects of road traffic noise on property values in residential areas with similarly high road traffic sound levels but with what appear to be important differences in the market for different types of residential property in each area. The results show significant differences in the revealed effects of noise on property prices between the three areas with in one case an increasing (and possibly misleading) relationship between higher monetary values and higher sound levels. A number of possible explanations for the findings are discussed in the paper.

[1]  J. Tomkins,et al.  Noise versus Access: The Impact of an Airport in an Urban Property Market , 1998 .

[2]  Otto Anker Nielsen,et al.  ASSESSMENT OF TRAFFIC NOISE IMPACTS , 2004 .

[3]  J. M. Fields,et al.  Comparing the relationships between noise level and annoyance in different surveys - A railway noise vs. aircraft and road traffic comparison , 1982 .

[4]  J. Cooper,et al.  House Prices and Accessibility: The Testing of Relationships within the Belfast Urban Area , 2000 .

[5]  Kicki Björklund,et al.  Correlation between Negotiated Rents and Neighbourhood Quality: A Case Study of Two Cities in Sweden , 2005 .

[6]  Noelwah R. Netusil,et al.  The Effect of Environmental Zoning and Amenities on Property Values: Portland, Oregon , 2005, Land Economics.

[7]  Greg Costello,et al.  Towards a System of Local House Price Indices , 2002 .

[8]  Peter Brooker,et al.  Aircraft Noise: Annoyance, House Prices and Valuation , 2006 .

[9]  Daniel P. McMillen,et al.  Airport expansions and property values: the case of Chicago O'Hare Airport , 2004 .

[10]  S. Selim,et al.  Determinants of House Prices in Turkey : A Hedonic Regression Model , 2008 .

[11]  S. Hamilton,et al.  DENSITY OF RESIDENTIAL LAND-USE AND THE IMPACT OF AIRPORT NOISE , 1991 .

[12]  G. P. Van Wee,et al.  Costs and benefits of noise abatement measures , 2003 .

[13]  Mark Wardman,et al.  Stated Choice Valuations of Traffic Related Noise , 2006 .

[14]  No Plane, Big Gain: Airport Noise and Residential Property Values in the Reno- Sparks Area , 1997 .

[15]  Ian H. Flindell,et al.  Estimating dose-relationships between noise exposure and human health impacts in the UK , 2009 .

[16]  A. Walters,et al.  Noise and Prices , 1975 .

[17]  Zan Yang,et al.  An application of the hedonic price model with uncertain attribute ‐ The case of the People’s Republic of China , 2001 .

[18]  K. Lancaster.  A New Approach to Consumer Theory , 1966, Journal of Political Economy.

[19]  Peter Nijkamp,et al.  WHY DO AIRCRAFT NOISE VALUE ESTIMATES DIFFER? A META-ANALYSIS , 1998 .

[20]  Fred L. Hall,et al.  EFFECTS OF HIGHWAY NOISE ON RESIDENTIAL PROPERTY VALUES , 1978 .

[21]  Peter Morrell,et al.  Aircraft noise social cost and charge mechanisms – a case study of Amsterdam Airport Schiphol , 2000 .

[22]  I. Bateman,et al.  Beyond implicit prices: recovering theoretically consistent and transferable values for noise avoidance from a hedonic property price model , 2007 .

[23]  Jon P. Nelson,et al.  HIGHWAY NOISE AND PROPERTY VALUES. A SURVEY OF RECENT EVIDENCE , 1982 .

[24]  R Ward,et al.  AIRCRAFT NOISE AND RESIDENTIAL PROPERTY VALUES ADJACENT TO MANCHESTER INTERNATIONAL AIRPORT , 1990 .

[25]  J. P. Nelson.  META-ANALYSIS OF AIRPORT NOISE AND HEDONIC PROPERTY VALUES : PROBLEMS AND PROSPECTS , 2004 .

[26]  Clifford A. Lipscomb,et al.  Small Cities Matter, Too: The Impacts of an Airport and Local Infrastructure on Housing Prices in a Small Urban City , 2003 .

[27]  M. Rahmatian,et al.  Airport noise and residential housing valuation in southern California: A hedonic pricing approach , 2004 .

[28]  Mats Wilhelmsson,et al.  Analysing location attributes with a hedonic model for apartment prices in Donetsk, Ukraine , 2007 .

[29]  T. Yoshida,et al.  EFFECTS OF ROAD TRAFFIC NOISE ON INHABITANTS OF TOKYO , 1997 .

[30]  S. Rosen.  Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition , 1974, Journal of Political Economy.

[31]  Roger J. Vaughan,et al.  The Economics of Expressway Noise Pollution Abatement , 1975 .

[32]  M. Espey.  The Impact of Airport Noise and Proximity on Residential Property Values , 2000 .

[33]  John Mangan,et al.  Heteroscedasticity in hedonic house price models , 2000 .

[34]  Mats Wilhelmsson,et al.  The Impact of Traffic Noise on the Values of Single-family Houses , 2000 .

[35]  M. Vainio,et al.  Traffic noise and air pollution : valuation of externalities with hedonic price and contingent valuation methods , 1995 .

[36]  Kwong Wing Chau,et al.  A Critical Review of Literature on the Hedonic Price Model , 2002 .

[37]  John Henneberry,et al.  Transport investment and house prices , 1998 .

[38]  Young-Jun Kweon,et al.  Highway traffic noise effects on land price in an urban area , 2007 .

[39]  S. Malpezzi,et al.  Hedonic Pricing Models: A Selective and Applied Review , 2008 .

[40]  T. Levesque,et al.  MODELLING THE EFFECTS OF AIRPORT NOISE ON RESIDENTIAL HOUSING MARKETS: A CASE STUDY OF WINNIPEG INTERNATIONAL AIRPORT. , 1994 .

[41]  Mark Wardman,et al.  Noise and air quality valuations: evidence from stated preference residential choice models , 2004 .