Does a nearby murder affect housing prices and rents? The case of Sydney

Klimova, A; Lee, AD

Does a nearby murder affect housing prices and rents? The case of Sydney

Klimova, A

Lee, AD

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Publication Type:: Journal Article
Citation:: Economic Record, 2014, 90 (S1), pp. 16 - 40
Issue Date:: 2014-01-01

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Field	Value	Language
dc.contributor.author	Klimova, A https://orcid.org/0000-0003-2775-0242	en_US
dc.contributor.author	Lee, AD https://orcid.org/0000-0001-5984-8688	en_US
dc.date.issued	2014-01-01	en_US
dc.identifier.citation	Economic Record, 2014, 90 (S1), pp. 16 - 40	en_US
dc.identifier.issn	0013-0249	en_US
dc.identifier.uri	http://hdl.handle.net/10453/77456
dc.description.abstract	We measure the impact of murders on prices and rents of homes in Sydney. We find that housing prices fall by 3.9 per cent for homes within 0.2 miles of the murder in the year following the murder, and weaker results in the second year after a murder. We do not find any effects of murders on rents. Higher media coverage and being located closer to the murder (within 0.1 mile) have no additional effect on prices. Taken together, our findings suggest that proximity to a murder affects nearby property prices, particularly in the first year after the incident. © 2014 Economic Society of Australia.	en_US
dc.relation.ispartof	Economic Record	en_US
dc.relation.isbasedon	10.1111/1475-4932.12118	en_US
dc.subject.classification	Economics	en_US
dc.title	Does a nearby murder affect housing prices and rents? The case of Sydney	en_US
dc.type	Journal Article
utslib.citation.volume	S1	en_US
utslib.citation.volume	90	en_US
utslib.for	1403 Econometrics	en_US
utslib.for	14 Economics	en_US
utslib.for	15 Commerce, Management, Tourism and Services	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
pubs.organisational-group	/University of Technology Sydney/Faculty of Business/Economics Discipline
pubs.organisational-group	/University of Technology Sydney/Faculty of Business/Finance Discipline
pubs.organisational-group	/University of Technology Sydney/Strength - QFRC - Quantitative Finance Research Centre
utslib.copyright.status	open_access
pubs.issue	S1	en_US
pubs.publication-status	Published	en_US
pubs.volume	90	en_US

Abstract:

We measure the impact of murders on prices and rents of homes in Sydney. We find that housing prices fall by 3.9 per cent for homes within 0.2 miles of the murder in the year following the murder, and weaker results in the second year after a murder. We do not find any effects of murders on rents. Higher media coverage and being located closer to the murder (within 0.1 mile) have no additional effect on prices. Taken together, our findings suggest that proximity to a murder affects nearby property prices, particularly in the first year after the incident. © 2014 Economic Society of Australia.

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http://hdl.handle.net/10453/77456