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作者

Christian A. Nygaard  2, George Galster3 & Stephen Glackin1

来源

JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS,Vol.volumes-and-issues,Issue69-2,P.

语言

英文

关键字

作者单位

摘要

Infill investments are argued to mitigate environmental footprints, regenerate places and accommodating population growth, but frequently generate local opposition. However, there is a dearth of knowledge around how different types of infill affect different segments of local property markets, how persistent effects are and how far they reach. Using detailed geocoded infill development activity and sales data, we test the price level and trajectory impacts of five infill types, distinguished by the net scale of additional dwellings, on property prices within five concentric 100-meter rings. Using an adjusted interrupted time-series estimation strategy with locality, property and neighborhood characteristic controls we find that developments that generate a net increase in dwellings of four or less, typically result in an appreciation in the average sales prices of proximate dwellings. Moderate and large-scale developments generate negative price effects, but these effects predominantly affect apartments and townhouses, not the dominant detached house submarket. Over time, amenity effects and local market potential may even have a further positive expectation effect on detached house prices. Infill type differentiation shows that urban densification may result in positive affordability outcome in the apartment submarket, but has the opposite effects in the detached house submarket. Divergent price trajectories also contribute to widening wealth disparities.