Does better accessibility always mean higher house price?

Liu, Xiang, Chen, Xiaohong, Orford, Scott ORCID: https://orcid.org/0000-0001-8517-4752, Tian, Mingshu and Zou, Guojian 2024. Does better accessibility always mean higher house price? Environment and Planning B: Urban Analytics and City Science 10.1177/23998083241242212

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Abstract

Numerous studies have explored the correlations between house prices and spatial accessibility, but few have delved into the nonlinearities between both. This study uses Cardiff (UK) as a case study and applies interpretable machine learning algorithms, eXtreme Gradient Boosting (XGBoost) and SHapley Additive exPlanations (SHAP), to estimate the nonlinear effects of geometric locational accessibility and street network accessibility on house prices. The findings suggest (1) proximity to the CBD, typically the major determinant of land values in hedonic house price models, does not continuously yield higher prices; (2) street closeness centrality, a network-modelling approach to measuring accessibility, exhibits a more generalised pattern with house prices compared proximity to the CBD regardless of analytical spatial scales. The findings challenge the generalizability of Alonso’s bid-rent theory in accurately portraying the relationship between accessibility and house prices in specific urban contexts, highlighting the importance of re-evaluating classical urban theories in different city contexts using novel measures and modelling techniques.

Item Type:	Article
Date Type:	Published Online
Status:	In Press
Schools:	Geography and Planning (GEOPL)
Publisher:	SAGE Publications
ISSN:	2399-8083
Date of First Compliant Deposit:	8 March 2024
Date of Acceptance:	6 March 2024
Last Modified:	23 May 2024 07:15
URI:	https://orca.cardiff.ac.uk/id/eprint/167012

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