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Urban configuration, accessibility, and property prices: a case study of Cardiff, Wales

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  • Yang Xiao
  • Scott Orford
  • Chris J Webster

Abstract

The specification of locational attributes in hedonic houseprice models has traditionally been problematic. Whilst many studies use similar sets of structural attributes the range of locational attributes can be diverse and inconsistent both in their identification and in their measurement. To address this problem, researchers have adopted concepts related to urban configuration such as the monocentric city and the access – space trade-off model, and later multicentric and multiple accessibility models, to structure their enquiry. This has led to issues related to a priori variable specification using geometrically defined accessibility measures that can also lead to problems such as spatial autocorrelation. In this research, we investigate the use of network accessibility metrics in hedonic house price research using Cardiff, Wales as a case study. We hypothesize that a network-modelling approach to measuring accessibility will improve performance compared with conventional planar geometry specifications. We find that estimating centrality variables across a variety of spatial scales allows the impact on property prices of urban configurations to be modelled more accurately. The research shows that not all dimensions of accessibility can be adequately captured by network measures and that conventional planar geometry measures of accessibility can add additional explanatory power in certain circumstances.

Suggested Citation

  • Yang Xiao & Scott Orford & Chris J Webster, 2016. "Urban configuration, accessibility, and property prices: a case study of Cardiff, Wales," Environment and Planning B, , vol. 43(1), pages 108-129, January.
    • Handle: RePEc:sae:envirb:v:43:y:2016:i:1:p:108-129
    DOI: 10.1177/0265813515600120
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    References listed on IDEAS

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    1. John Matthews & Geoffrey Turnbull, 2007. "Neighborhood Street Layout and Property Value: The Interaction of Accessibility and Land Use Mix," The Journal of Real Estate Finance and Economics, Springer, vol. 35(2), pages 111-141, August.
    2. Dan Vickers & Phil Rees, 2007. "Creating the UK National Statistics 2001 output area classification," Journal of the Royal Statistical Society Series A, Royal Statistical Society, vol. 170(2), pages 379-403, March.
    3. Niedercorn, John H & Ammari, Nabil S, 1987. "New Evidence on the Specification and Performance of Neoclassical Gravity Models in the Study of Urban Transportation," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 21(1), pages 56-64, March.
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