Sandy Bond

Cell Phone Tower Proximity Impacts on House Prices: A New Zealand Case Study

Abstract The siting of cellular phone towers (CPBSs) is of particular public concern due to fears of potential health hazards from the electromagnetic fields (EMFs) that these devices emit. The unsightliness of these structures and fear of lowered property values are other regularly voiced concerns about the siting of CPBs. This paper outlines the results of further research to show the effect that distance to a CPBS has on residential property prices in New Zealand (NZ). The results of this research will be of interest to valuers when valuing properties in close proximity to CPBSs and for determining compensation, if any, to affected property owners.

The Use of Conjoint Analysis to Assess the Impact of Environmental Stigma

Abstract The identification of the correct approaches to use in the valuation of property affected by land contamination is of great interest, not only to the valuation profession, but also to the stake-holders (the developers, owners and lenders) of contaminated land. These parties wish to know the magnitude and duration of the impact of contamination on property values, both before and after remediation. However, uncertainty exists as to how to measure the impact, and the appropriate way to account for it. This paper demonstrates how the use of conjoint analysis, a survey-based approach, can aid the impact assessment of contamination stigma on residential property values.

Cellular Phone Towers: Perceived Impact on Residents and Property Values

Abstract This paper outlines the results of a case study to determine residents perceptions towards living near cellular phone base stations (CPBSs) in Christchurch, New Zealand and how they evaluate the impact of these structures. The results provide initial evidence that if used together with the results from econometric analysis of transaction data can help resolve valuation and compensation issues in a quantitative way. Further, they provide a potential source of information for related government agencies in assessing the necessity for increasing health and other information pertaining to CPBSs to help allay public concerns.

Community Perceptions of Wind Farm Development and the Property Value Impacts of Siting Decisions

Abstract With the Government-led drive to reduce greenhouse gas emissions under the Kyoto Protocol through the increased generation of electricity from renewable sources, there has been an associated increase in the deployment of wind technology. In Australia, the total operating wind capacity at the end of 2008 was 1125 MW. Possible “Not in My Back Yard” (NIMBY) reactions to proposed or constructed wind farm developments can have detrimental impacts on nearby property values. To estimate any value effects, it is important to establish the nature and level of market reaction. This paper outlines the results of research carried out in Western Australia in 2008 to investigate community attitudes, and help verify the reported level of opposition, towards the proposed development of a wind farm in the south-western town of Denmark.1 Contrary to media reports, the results indicate that the majority of the respondents generally think of a wind farm in positive terms. Nearly three quarters (74%) of the respondents were either moderately or strongly in favour of the proposed development due to the perceived benefits of producing “clean”, renewable energy. However, there were grave concerns voiced about the specific site selected for the development and the way in which the proponents/developers had managed the development process. These results highlight the need for research into the market reactions towards wind farm developments to fully understand if, and how much, they may impact nearby property values.

Waterfront Development in Malaysia: Do We Have Sustainable Governance?

Abstract The waterfront is recognised as the zone of interaction between a city and a river. In Malaysia, waterfront developments were established when the country was first settled, mainly as a transport route and for trading. Waterfronts became more urbanised and commercialised from the early 1990’s onwards. However, due to constraints such as ineffective governance as well as inadequate federal, state and municipal planning guidelines, the waterfronts have problems such as environmental degradation, crime and flooding. Although some waterfront development projects continue to remain profitable, with good public access, many do not. This paper examines the effectiveness of governance for waterfront developments in Malaysia. The data presented in this paper was obtained from in-depth interviews with stakeholders involved in waterfront development projects in Malaysia; in particular, from three selected case study areas: Kuching Riverfront, Malacca Waterfront and Glenmarie Cove Riverfront. The interview results show that Malaysia does not have effective governance for waterfront developments for several reasons. A low level of cooperation between stakeholders involved in waterfront development projects was identified as a main contributor to the governance problems. These results will be used to provide information for developing guidelines for best practice for waterfront developments in Malaysia.

Developing guidelines for riverfront developments for Malaysia

Abstract Rivers and water are important resources for human life, the environment and national development. In Malaysia, the importance of rivers as the focal point of cities was established from the early times of civilisation and will remain so. Population growth, economic growth, urbanisation and increased technology have transformed many Malaysian river systems from water industries into non water industries. Due to these changes, the functions of riverfront areas have also changed and the current pattern of riverfront development in Malaysia now focuses more on mixed-use development and recreation. To date, numbers of riverfront development projects are being developed in Malaysia for recreation, residential and mixed-use. Unfortunately, in most cases, the developments identified are not successful, having cost effects more than their economic value. Example are increases in water pollution indexes and rates of juvenile problems. The focus of this study was to identify the attributes of riverfront development, in order to develop guidelines for riverfront development for Malaysia. The findings of this study were based on interviews conducted with Government officers, Property developers, and the Waterfront community from three case study areas (qualitative phase), and from questionnaires mailed and e-mailed to property development companies listed under Bursa Malaysia (quantitative phase). The findings identified 18 attributes to be used in assisting developers when undertaking riverfront projects in the future. The attributes identified were then recommended to be used as guidelines of best practices of riverfront development in Malaysia.

Residents’ perceptions of risk towards residential property in Canterbury NZ subsequent to the earthquakes

Purpose – This paper aims to investigate residents’ perceptions of risk towards owning and living in residential property in Christchurch subsequent to the 2010 and 2011 Canterbury earthquakes to identify how these perceptions impact on the price residents are willing to pay for affected property. Such market behaviour can motivate homeowners to adopt risk mitigation measures. Design/methodology/approach – An online survey was developed and the Web link distributed to Canterbury residents via the media. This method of distribution was adopted, as a postal survey was not possible due to the number of homes that had been destroyed by the earthquakes and the highly transient nature of the community as a result. Findings – The results indicate that with the recent earthquake experience, residents are demonstrating risk mitigation behaviours through an aversion to investing in properties affected by, or with a risk of, liquefaction. Specifically, the majority of respondents had strong reservations about buying...

Using GIS to measure the impact of the Canterbury earthquakes on house prices in Christchurch, NZ

Purpose Canterbury, New Zealand, experienced two significant earthquakes in 2010 and 2011 with a devastating impact on both houses and land. Negative media attention to the potential financial risks of living near or on the new Technical Category 3 (TC3) land or on land in a flood zone has fuelled the perception of uncertainty over the negative property price impacts. This research aims to determine if residents’ perceptions of the risks associated with various types of land zones (e.g. TC1, TC2 and TC3) are reflected in property prices. Design/methodology/approach This research analyses sale price patterns and the relationship between sale prices and house characteristics before and after both earthquakes. A three-step approach was taken by applying: an average trend analysis, Geographic Information Systems’ (GIS) hotspot analysis to identify possible spatial differentiations between the before and after-effects of the earthquakes and hedonic modelling to quantify the effect of house characteristics on sale price while controlling for and comparing three land zones (TC1 to TC3). Findings The data suggest that average sale prices increased after both quakes in TC1 and TC2 in contrast to TC3 zones, while close to 8,000 structures were demolished in red zones from 2010-2013 (supply was reduced). The econometric modelling suggests that higher sale prices are achieved by: newer houses across all land zones and more recent sale agreements only in TC1 and TC2 zones. Other observations include the effect of certain exterior facade materials on sale prices on the overall data set and in the individual TC1 and TC3 zones. In conclusion, the results suggest that although caution might exist for the TC3 zone, the quality of the house can override the stigma attached to the TC3 zones. Research limitations/implications A confounding factor in the research was that approximately 7,800 homes were rezoned red and/or demolished between 2010 and 2013 changing the supply and demand balance. Further, banks and other lenders updated their requirements for new lending on properties in the Canterbury region, requiring a number of reports from professionals such as structural engineers, geotechnical engineers and valuers before any new lending would be approved. Additionally, immediately after the September and February earthquakes, there was a 21-day stand-down period for earthquake-cover in Canterbury and without adequate insurance cover banks would not advance mortgage money, causing a short-term slowdown in the residential property market. Practical/implications The outcomes of this research will be of interest to government agencies tasked with assessing compensation for affected property owners. For example, the Earthquake Commission (EQC) developed a Diminution of Value Methodology for Increased Flooding Vulnerability that formed the basis of a High Court declaratory judgment decision in December 2014 that cleared the way for the EQC to start settling properties with increased flooding vulnerability. The EQC methodology was informed by the results of similar studies to this one, from around the world. Homeowners and rating valuers will also be interested in the results to understand how house prices have been affected by market perceptions towards earthquake damage, particularly in the worst-affected areas. Originality/value This study fills a research void regarding the price impacts of residents’ perceptions of the risks associated with various types of land zones that reflect the expected future liquefaction performance of the land.

Waterfront Development in Malaysia: Best Practices in the Future

In Malaysia, rivers were homes to vital communities and initiated the emergence of cities around them. Population growth, economic growth, urbanisation and increased technology have transformed many Malaysian river systems from water industries to non-water industries. At the same time, due to these changes, the function of the waterfront areas has also changed and the current pattern of waterfront development in Malaysia now focuses more on mixed-use development and recreation, while incorporating Malaysian cultural and historical values. However, in many cases, the implementation of these waterfront projects is driven more by investment needs rather than by community and environmental needs, with developers neither taking part in nor contributing to the government goals of sustainable water use. The focus of this study was to identify the attributes for best practices waterfront development in Malaysia in future. The findings of this research were based on the questionnaires mailed and e-mailed to property development companies listed under Bursa Malaysia in 2009. By using Exploratory Factor Analysis, the research identified six factors to be used in assisting developers when undertaking waterfront projects in the future. The attributes identified were then recommended to be used as guidelines of best practices of waterfront development in Malaysia.

Assessing New Zealand Householders’ Home Use Behaviours: How Energy Efficient are they?

Abstract In New Zealand, the government has developed an energy strategy to respond to the challenges of climate change. One of the target areas is “Energywise Homes” aimed to make homes more energy efficient. This paper outlines results from research conducted in 2011 to examine householders’ preferences in relation to the size of homes they live in, the appliances they buy and the way they use their homes. These factors help determine how energy efficient homes are. Further, as the NZ Green Building Council introduced a rating tool for homes, Homestar™, the paper investigates householders’ awareness of the new tool and any experience they may have had in using it. The results help identify where energy inefficiencies occur within the home and what behavioural and policy changes are needed to increase the uptake of energy efficiency and sustainability practices in homes.