Urbis Think Tank
New research shows Heritage Listing doesn’t always lower property values
A recent project by the Urbis Heritage team presented challenging evidence to the common perception that heritage listing adversely impacts upon the value of residential and commercial property. The applied research project provided a comprehensive national and international literature review which concluded that property values are not negatively affected by heritage listing – and in some contexts listing can prove a fillip for value.
Undertaken for the Gold Coast City Council the study included a local planning and property valuation analysis and presented a range of insights for designating and protecting heritage places for a jurisdiction facing increasing challenges from development pressures due to rapid and sustained population growth.
While popular perception of the Gold Coast is of a ‘glitzy’ urban fabric mostly built over recent years, there are currently 57 Local and 19 State listed heritage items across the jurisdiction. As the council is seeking to substantially increase the range of locally listed heritage properties they sought the assistance of Urbis to understand the impacts to property value from heritage listing.
The study found that various factors can influence a property’s value in addition to heritage listing and it was shown that they may provide more of a variation than just its heritage designation. Other factors include the location and condition of the property, its inherent features, upkeep and maintenance, prevailing market conditions and its’ highest and best use.