Heritage Notation Assessment
Property Values
The affects of Heritage notation orders
Detailed analysis
23rd April 2012
Contents
Abstract Introduction What is Heritage Significance? What is a Heritage notation order? What are the benefits of heritage listing? What does a heritage listing entail? How is the community affected? What are the disadvantages of heritage listing? The role of local government planning. The role of the Commonwealth. The positive impact of heritage listing on value. The negative impact of heritage listing on value Conclusion References 3 4 5 5 7 8 8 9 11 12 12 13 14 15
1. 2. 3. 4. 5. 6. 7. 8. 9. 10.
Property Values
2
Abstract
When determining Heritage property values, multiple factors must be taken into consideration both general and specific. General factors may include zoning, planning overlays, types of surrounding properties, general amenities, alternative property use, tenancy opportunities returns, current socio-economic conditions, size of property and the quality of the building. Specific factors may include prestige associated with ownership, maintenance, building efficiency, refurbishment costs and operational costs and perception of risk. When considering demand for heritage-listed properties, there are buyers in the marketplace who are prepared to pay a premium for properties of heritage significance whilst there are some who will not even consider the property due to heritage listing. The impact on value of a heritage-listed property can be two ways, both positive and negative. These are the initial effects associated with the action of heritage- listing and the subsequent change in values over time. Available data, both locally and internationally indicate that on a macro level a heritage listing on a property is not a significant factor in determining property value, either at the time of listing or afterwards. However, there are individual cases where the effects are more significant, either positive or negative. The initial effect
The affects of Heritage notation orders
Detailed analysis
23rd April 2012
Contents
Abstract Introduction What is Heritage Significance? What is a Heritage notation order? What are the benefits of heritage listing? What does a heritage listing entail? How is the community affected? What are the disadvantages of heritage listing? The role of local government planning. The role of the Commonwealth. The positive impact of heritage listing on value. The negative impact of heritage listing on value Conclusion References 3 4 5 5 7 8 8 9 11 12 12 13 14 15
1. 2. 3. 4. 5. 6. 7. 8. 9. 10.
Property Values
2
Abstract
When determining Heritage property values, multiple factors must be taken into consideration both general and specific. General factors may include zoning, planning overlays, types of surrounding properties, general amenities, alternative property use, tenancy opportunities returns, current socio-economic conditions, size of property and the quality of the building. Specific factors may include prestige associated with ownership, maintenance, building efficiency, refurbishment costs and operational costs and perception of risk. When considering demand for heritage-listed properties, there are buyers in the marketplace who are prepared to pay a premium for properties of heritage significance whilst there are some who will not even consider the property due to heritage listing. The impact on value of a heritage-listed property can be two ways, both positive and negative. These are the initial effects associated with the action of heritage- listing and the subsequent change in values over time. Available data, both locally and internationally indicate that on a macro level a heritage listing on a property is not a significant factor in determining property value, either at the time of listing or afterwards. However, there are individual cases where the effects are more significant, either positive or negative. The initial effect