Abstract Dubbed ‘The City of Cars’, congestion is a prominent issue in Auckland, New Zealand. Auckland's first Bus Rapid Transit (BRT) system - the Northern Busway - was implemented in 2008. The 6.2-km (km) busway network services the northern suburbs and provides a link to the Central Business District (CBD). This research aims to assess the impact of the Northern Busway on nearby residential property values. Spatio-temporal autoregressive (STAR) modelling is used to examine the accessibility impacts of the BRT under the difference – in – differences (DID) framework alongside a typical OLS and a strictly spatial model. We have observed two main findings. Firstly, the average sale price for properties in the treatment group (within 800 m of the Northern Busway) increased by approximately 3.69% as a result of the opening of the Northern Busway. Second, consistent with previous literature, we find that OLS estimates suffer from high spatial autocorrelation bias, while co-integrating spatial and temporal dependencies within a STAR model improves the precision of estimation. While the models produced a relatively modest accessibility premium on house prices, given traditional importance of private cars coupled with high income levels in the case study area, it would take a generational shift to make a significant impact on house prices as the area becomes more desirable due to reduced traffic congestion/travel time.

中文翻译：

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快速公交对新西兰奥克兰住宅物业价格的影响

摘要 被称为“汽车之城”的交通拥堵是新西兰奥克兰的一个突出问题。奥克兰的第一个快速公交 (BRT) 系统——北部公交专用道——于 2008 年实施。6.2 公里 (km) 的公交专用道网络为北部郊区提供服务，并提供与中央商务区 (CBD) 的连接。本研究旨在评估北部公交专用道对附近住宅物业价值的影响。时空自回归 (STAR) 建模用于检查 BRT 在差异中差异 (DID) 框架下以及典型 OLS 和严格空间模型下的可达性影响。我们观察到两个主要发现。首先，由于北公交专用道的开通，处理组（北公交专用道800米以内）的物业平均售价上涨了约3.69%。其次，与之前的文献一致，我们发现 OLS 估计受到高空间自相关偏差的影响，而在 STAR 模型中协整空间和时间依赖性提高了估计的精度。虽然这些模型对房价产生了相对温和的可达性溢价，但考虑到私家车的传统重要性以及案例研究地区的高收入水平，随着该地区变得更受欢迎，需要代际转移才能对房价产生重大影响由于减少了交通拥堵/旅行时间。