TY - JOUR
T1 - Exploring property value effects of ferry terminals
T2 - Evidence from Brisbane, Australia
AU - Tsai, Chi Hong Patrick
AU - Mulley, Corinne
AU - Burke, Matthew
AU - Yen, Tzu-Hui
N1 - Publisher Copyright:
© 2015 Chi-Hong (Patrick) Tsai, Corinne Mulley, Matthew Burke & Barbara Yen.
PY - 2017
Y1 - 2017
N2 - Property value effects of linear river ferries that service multiple stops in cities are under-explored. The Brisbane CityCat, CityHopper, and CityFerries combine to form a ferry system with 24 terminals. A geographically weighted regression (GWR) approach is used to determine property value effects of the system. Cross-sectional property data is used in combination with a set of neighborhood variables derived from 2011 census data, spatial feature location, and transport datasets (roads, busway and train station locations) for the city. The preferred global model had a good fit and showed expected signs for all parameters, showing that property prices tended to decline with distance from ferry terminals, when controlling for other variables. For every kilometer close a location is to a ferry terminal, there is an expected price increase of 4 percent on average, across the study area. The GWR local model also had good fit and suggested property value gains around specific terminals. Visual inspection suggests that locations where more ferry-oriented development opportunities have been taken in recent decades are the sites with the greatest positive property value effects. The implications are that land developers are justified in seeking ferry terminals to service their developments.
AB - Property value effects of linear river ferries that service multiple stops in cities are under-explored. The Brisbane CityCat, CityHopper, and CityFerries combine to form a ferry system with 24 terminals. A geographically weighted regression (GWR) approach is used to determine property value effects of the system. Cross-sectional property data is used in combination with a set of neighborhood variables derived from 2011 census data, spatial feature location, and transport datasets (roads, busway and train station locations) for the city. The preferred global model had a good fit and showed expected signs for all parameters, showing that property prices tended to decline with distance from ferry terminals, when controlling for other variables. For every kilometer close a location is to a ferry terminal, there is an expected price increase of 4 percent on average, across the study area. The GWR local model also had good fit and suggested property value gains around specific terminals. Visual inspection suggests that locations where more ferry-oriented development opportunities have been taken in recent decades are the sites with the greatest positive property value effects. The implications are that land developers are justified in seeking ferry terminals to service their developments.
KW - Accessibility of public transport
KW - Ferry
KW - Geographically weighted regression
KW - Land value uplift
UR - http://www.scopus.com/inward/record.url?scp=85019080207&partnerID=8YFLogxK
U2 - 10.5198/jtlu.2015.562
DO - 10.5198/jtlu.2015.562
M3 - Article
AN - SCOPUS:85019080207
SN - 1938-7849
VL - 10
SP - 119
EP - 137
JO - Journal of Transport and Land Use
JF - Journal of Transport and Land Use
IS - 1
ER -