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Flood prone risk and amenity values: a spatial hedonic analysis

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  • Oshadhi Samarasinghe
  • Basil Sharp

Abstract

This study examines the impact of flood-hazard zone location on residential property prices. The study utilises data from over 2000 private residential property sales occurred during 2006 in North Shore City, New Zealand. A spatial autoregressive hedonic model is developed to provide efficient estimates of the marginal effect of flood prone risks on property prices. Results suggest that the sale price of a residential property within a flood prone area is lower than an equivalent property outside the flood prone area. The flood plain location discount is reduced by the release of public information regarding flood risk. Copyright 2010 The Authors. AJARE 2010 Australian Agricultural and Resource Economics Society Inc. and Blackwell Publishing Asia Pty Ltd.

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  • Oshadhi Samarasinghe & Basil Sharp, 2010. "Flood prone risk and amenity values: a spatial hedonic analysis," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 54(4), pages 457-475, October.
    • Handle: RePEc:bla:ajarec:v:54:y:2010:i:4:p:457-475
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    File URL: http://hdl.handle.net/10.1111/j.1467-8489.2009.00483.x
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