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

journal contribution
posted on 01.06.2014, 00:00 authored by A Klimova, Adrian LeeAdrian Lee
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.

History

Journal

Economic record

Volume

90

Issue

s1

Season

Special Issue

Pagination

16 - 40

Publisher

Wiley

Location

Chichester, Eng.

ISSN

0013-0249

eISSN

1475-4932

Language

eng

Publication classification

C1.1 Refereed article in a scholarly journal; C Journal article

Copyright notice

2014, Economic Society of Australia

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