Transport infrastructure and house prices in the long run

- Churchill, Sefa, Baako, Kingsley, Mintah, Kwabena, Zhang, Quanda

Title
Transport infrastructure and house prices in the long run
Creator
Churchill, Sefa; Baako, Kingsley; Mintah, Kwabena; Zhang, Quanda
Date
2021
Type
Text; Journal article
Identifier
http://researchonline.federation.edu.au/vital/access/HandleResolver/1959.17/179772
Identifier
vital:15642
Identifier
https://doi.org/10.1016/j.tranpol.2021.08.006
Identifier
ISBN:0967-070X (ISSN)
Abstract
We examine the effects of transport infrastructure on house prices in the OECD countries over the period 1870 to 2016. We employ both parametric and non-parametric panel data techniques that account for the non-linear and time-varying relationship between transport infrastructure and house prices. Our parametric results, which are based on newly developed panel data models that incorporate interactive fixed effects, suggest that transport infrastructure is positively associated with house prices. The non-parametric estimates suggest a time-varying relationship and that the average positive effect of transport infrastructure has been the case for most of the period we study. We also examine three channels through which transport infrastructure could influence house prices – economic growth, employment, and crime – and find that economic growth is a mechanism through which transport infrastructure transmits to house prices. © 2021 Elsevier Ltd
Publisher
Elsevier Ltd
Relation
Transport Policy Vol. 112, no. (2021), p. 1-12
Rights
All metadata describing materials held in, or linked to, the repository is freely available under a CC0 licence
Rights
Copyright 2021 Elsevier Ltd.
Rights
Open Access
Subject
1205 Urban and Regional Planning; 1507 Transportation and Freight Services; Economic growth; House prices; Panel data; Transport infrastructure
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