Cognitive limits of perceived flood risk on residential property values

Shi, S; Bangura, M; Ghosh, S

Cognitive limits of perceived flood risk on residential property values

Shi, S

Bangura, M

Ghosh, S

Permalink

Publisher:: ELSEVIER
Publication Type:: Journal Article
Citation:: International Journal of Disaster Risk Reduction, 2024, 114
Issue Date:: 2024-11-01

Open Access

Copyright Clearance Process

Recently Added
In Progress
Open Access

This item is open access.

Adobe PDF

Download Published versionAdobe PDF (2.39 MB)

View on publisher's site

View statistics

Full metadata record

Field	Value	Language
dc.contributor.author	Shi, S https://orcid.org/0000-0003-4188-5151
dc.contributor.author	Bangura, M https://orcid.org/0000-0001-6753-8583
dc.contributor.author	Ghosh, S https://orcid.org/0000-0001-6488-9329
dc.date.accessioned	2024-11-27T22:00:17Z
dc.date.available	2024-11-27T22:00:17Z
dc.date.issued	2024-11-01
dc.identifier.citation	International Journal of Disaster Risk Reduction, 2024, 114
dc.identifier.issn	2212-4209
dc.identifier.uri	http://hdl.handle.net/10453/182118
dc.description.abstract	Examining cognitive limits in flood risk perception for residential property values, we analyse the Richmond housing market in the state of New South Wales, Australia. Using micro-level home sales data, our study reveals that the market has integrated long-term flood risk into property values. A notable 10.8 % price discount is observed for properties within 1–100 Annual Exceedance Probability (AEP) flood zone, 4.4 % for those in an AEP 500 zone, with no discounts for AEP 1000 flood zone properties. Comparisons of 2019 and 2023 flood maps and property's Time-on-Market (TOM) affirm that people's cognitive limits constrain to the AEP 500 level.
dc.language	English
dc.publisher	ELSEVIER
dc.relation.ispartof	International Journal of Disaster Risk Reduction
dc.relation.isbasedon	10.1016/j.ijdrr.2024.104948
dc.rights	info:eu-repo/semantics/openAccess
dc.subject	0502 Environmental Science and Management, 1117 Public Health and Health Services, 1604 Human Geography
dc.subject.classification	4404 Development studies
dc.subject.classification	4406 Human geography
dc.title	Cognitive limits of perceived flood risk on residential property values
dc.type	Journal Article
utslib.citation.volume	114
utslib.for	0502 Environmental Science and Management
utslib.for	1117 Public Health and Health Services
utslib.for	1604 Human Geography
pubs.organisational-group	University of Technology Sydney
pubs.organisational-group	University of Technology Sydney/Faculty of Design, Architecture and Building
pubs.organisational-group	University of Technology Sydney/Faculty of Design, Architecture and Building/School of Built Environment
pubs.organisational-group	University of Technology Sydney/UTS Groups
pubs.organisational-group	University of Technology Sydney/UTS Groups/Visualisation Institute (VI)
pubs.organisational-group	University of Technology Sydney/UTS Groups/Centre for Advanced Modelling and Geospatial lnformation Systems (CAMGIS)
utslib.copyright.status	open_access	*
dc.rights.license	This work is licensed under a Creative Commons Attribution 4.0 International License (CC BY 4.0). To view a copy of this license, visit https://creativecommons.org/licenses/by/4.0/
dc.date.updated	2024-11-27T22:00:15Z
pubs.publication-status	Published
pubs.volume	114

Abstract:

Examining cognitive limits in flood risk perception for residential property values, we analyse the Richmond housing market in the state of New South Wales, Australia. Using micro-level home sales data, our study reveals that the market has integrated long-term flood risk into property values. A notable 10.8 % price discount is observed for properties within 1–100 Annual Exceedance Probability (AEP) flood zone, 4.4 % for those in an AEP 500 zone, with no discounts for AEP 1000 flood zone properties. Comparisons of 2019 and 2023 flood maps and property's Time-on-Market (TOM) affirm that people's cognitive limits constrain to the AEP 500 level.

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10453/182118