The demand for education: The impacts of good schools on property values in Brisbane,Australia |
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| Affiliation: | 1. Institute of Transport and Logistics Studies, Business School (H73), The University of Sydney, NSW 2006, Australia;2. Urban Research Program, Griffith University, 170 Kessels Road, Nathan, QLD 4111, Australia;1. Department of Econometrics and Business Statistics, Monash University, Australia;2. School of Economics, Finance and Marketing, RMIT University, Australia;3. Department of Economics, Kyung Hee University, South Korea |
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| Abstract: | The demand for education is partly revealed by a higher demand for properties around good schools, which has been the basis for a number of empirical studies. This research attempts to explore the nexus of school quality and the property market when school ranking is clearly available to the public. The spatial hedonic property valuation method was employed to analyze selected Brisbane public (state) and private schools consisting of those with high, middle and low ranking in terms of average student academic school performance. The results imply the capitalization of school values in both property and rental prices. The research also demonstrates the spillover impacts of school development. Such impacts are higher in comparison to previous studies, which are supported by the average school performance considered in individual assessments. The results of this study can be a valuable input into school policy reforms. (JEL: H23, I20, I28, R21) |
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| Keywords: | School ranking Property market Spatial economics Hedonic property price analysis |
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