# RECORD c49249533069d801725af6064afc1523fa876dc1
# TITLE: Access-based land value appreciation for assessing project benefits
# YEAR: 2023.0  VENUE: Journal of Transport and Land Use  DOI: 10.5198/jtlu.2023.2297
# AUTHORS: Yadi Wang; D. Levinson
# PAGES: 28  CANDIDATE TABLE PAGES (1-based): []
# ABSTRACT: The traditional mobility-oriented travel-time saving benefit assessment method has been repeatedly questioned for numerous intrinsic flaws, motivating the search for alternative benefit assessment approaches. Although a wealth of literature confirms the capitalization effect of access benefits induced by transport improvements to land or real estate value, the access-based land value uplift method hasn’t yet been widely recognized and employed as an official tool assisting transport decision-making. The present paper collects 136 empirical studies and aims to disentangle the obstacles hindering the promotion of the access-based assessment method by systematically reviewing methodological design, the access metrics used, and the target real estate sub-markets or land use types upon which access benefits are quantified. First, it was found that almost half of the sampled studies just investigated the general effects of transport operation on real estate prices without incorporating sufficient temporal and locational considerations, thereby failing to isolate project-specific incremental impacts. Second, while the hedonic pricing model remains the most popular model, a trend towards embracing more advanced modelling techniques such as spatial lag, spatial error, and Difference-in-Differences (DID) models to control for bias caused by spatial dependence has been observed. Third, Euclidean distance and distance buffer rings are the most widely used operational measures of access. Primal access measures covering the number of opportunities available at a destination and travel impedance are recommended. Last, over 86% of sampled empirical studies target the residential real estate market. The lack of non-residential land uses in the literature presents a significant research gap that should be addressed.


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Copyright 2023 Yadi Wang & David Levinson 
https://dx.doi.org/10.5198/jtlu.2023.2297 
ISSN: 1938-7849 | Licensed under the Creative Commons Attribution  Noncommercial License 4.0  
 
The Journal of Transport and Land Use is the official journal of the World Society for Transport and Land Use 
(WSTLUR) and is published and sponsored by the University of Minnesota Center for Transportation Studies. 
THE JOURNAL OF TRANSPORT AND LAND USE jtlu.org 
VOL. 16 No. 1 [2023] pp. 469 496 
 Access-based land value appreciation for assessing project benefits
 
Yadi Wang 
University of Sydney and Stantec 
yadi.wang@stantec.com 
David Levinson 
University of Sydney 
david.levinson@sydney.edu.au 
 
Abstract: The traditional mobility-oriented travel-time saving benefit 
assessment method has been repeatedly questioned for numerous intrinsic 
flaws, motivating the search for alternative benefit assessment approaches. 
Although a wealth of literature confirms the capitalization effect of access 
benefits induced by transport improvements to land or real estate value, the 
access-based land value uplift method hasn’t yet been widely recognized and 
employed as an official tool assisting transport decision-making. The present 
paper collects 136 empirical studies and aims to disentangle the obstacles 
hindering the promotion of the access-based assessment method by 
systematically reviewing methodological design, the access metrics used, and 
the target real estate sub-markets or land use types upon which access 
benefits are quantified. First, it was found that almost half of the sampled 
studies just investigated the general effects of transport operation on real 
estate prices without incorporating sufficient temporal and locational 
considerations, thereby failing to isolate project-specific incremental 
impacts. Second, while the hedonic pricing model remains the most popular 
model, a trend towards embracing more advanced modelling techniques 
such as spatial lag, spatial error, and Difference-in-Differences (DID) 
models to control for bias caused by spatial dependence has been observed. 
Third, Euclidean distance and distance buffer rings are the most widely used 
operational measures of access. Primal access measures covering the number 
of opportunities available at a destination and travel impedance are 
recommended. Last, over 86% of sampled empirical studies target the 
residential real estate market. The lack of non-residential land uses in the 
literature presents a significant research gap that should be addressed. 
 
Keywords: Land use, land value capture, project evaluation, accessibility  
Article history: 
Received: November 4, 
2022 
Received in revised form: 
May 2, 2023 
Accepted: May 21, 2023 
Available online: Decem-
ber 28, 2023 
 
 
1 
Introduction 
Transport improvements go far beyond allowing people and vehicles to travel faster. The 
current practice of planning for, and evaluating, transport places overwhelming weight on 
the movement function of transport infrastructure, resulting in wide application of the mo-
bility-oriented transport project evaluation framework, and travel time savings are generally 
deemed to be the primary performance metric of mobility benefits. A substantial number of