The Impact of Airport Noise on House Prices
Влияние авиационного шума на цены на жильё
2021-01-01
SCID: 54.1/swz3e9mj
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Abstract (AI)
Abstract Using individual house sale data and the release of an airport noise contour map, the relationship between airport noise contours and house prices in Melbourne is studied. House prices are not related to noise contours but annual aircraft movements and distance from the runway are both identified as important determinants of the price of houses near the airport. Houses farther from the airport runway but with the same observable characteristics command a premium of up to 37 per cent which is likely attributable to a range of externalities from the nearby airport including airport noise. Results are robust to tests for time variation in airport disamenity values. The results suggest households use distance to the runway as a proxy for the effects of airport noise.
Key Findings
1
Among otherwise comparable properties, houses farther from the runway commanded premiums of up to 37%, likely reflecting airport-related externalities including noise.
2
Annual aircraft movements and distance from the runway were important determinants of house prices near the airport.
3
Households appear to use distance from the runway as a proxy for the effects of airport noise.
4
Melbourne house prices were not significantly related to officially designated airport noise contours.
5
The findings remained robust when testing whether the airport’s disamenity value varied over time.
Research Object
House prices near Melbourne airport
Research Subject
The effects of airport noise, annual aircraft movements, and runway distance on house prices
Publication Details
Publication Date
2021-01-01
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