Influence of School Accessibility on Housing Values

Hoong Chor Chin · K.W. Foong

101 citations0/0 files storedJournal of Urban Planning and Development

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Housing Market and Economics Urban, Neighborhood, and Segregation Studies Urban Planning and Valuation

Abstract

Accessibility to schools, especially prestigious ones, is often recognized as an important attribute that determines housing prices. It is usually cited as a major selling point for new housing developments in Singapore. This paper explores the relationship between accessibility to prestigious schools and the value of housing properties using a hedonic housing price model based on data drawn from the sales records of individual housing transactions in Singapore for 4years from 2000 to 2003. While traditional hedonic analyses have employed straight-line distance measurements to focal points such as the Central Business District, as an indicator of accessibility, this study employs accessibility measurements computed for zones where the properties are located. The findings indicate that the accessibility to prestigious schools does affect residential property price, and it significantly explains the variation in housing prices in Singapore. However, these are not valued as highly as other attributes, such as neighborhood prestige and tenure of the property. Sensitivity studies of housing prices show that the extent of the influence varies with distances to the Central Business District, school enrollment, and performance ranking.

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References

1956A Pure Theory of Local Expenditures 1959How Accessibility Shapes Land Use 2001Identifying the Impacts of Rail Transit Stations on Residential Property Values 1988On the Choice of Funtional Form for Hedonic Price Functions 2003Measuring the benefits of air quality improvement: a spatial hedonic approach 2002The impact of school characteristics on house prices: Chicago 1987–1991 1999Defining Housing Submarkets 2003Valuing English primary schools

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