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Money Crime has no impact on property prices in Melbourne: report

07:05  13 july  2018
07:05  13 july  2018 Source:   theage.com.au

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Crime in Melbourne has no impact on property prices from suburb to suburb, Infrastructure Victoria has found. The report , to be presented at the Despite increasing concern over crime in Victoria, in June the Crime Statistics Agency found the number of criminal incidents in the year to March 2018

What Crime has no impact on property prices in Melbourne : report . By: theage.com.au 14 hours ago.

There will be more property crime in areas with higher house prices.© Provided by The Age There will be more property crime in areas with higher house prices.

Crime in Melbourne has no impact on property prices from suburb to suburb, Infrastructure Victoria has found.

The report, to be presented at the Australian Conference of Economists in Canberra on Friday, shows homes in country Victoria can expect a hit of as much as 5 per cent hit to their value from a higher crime rate.

But crime has had no impact on property in Melbourne suburbs, it finds.

Law and order will be a key battleground in November's state election, while both homeowners and policymakers remain nervous about a possible slide in property prices.

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Share: Infrastructure Victoria study of 300,00 properties found violent crime rates in Melbourne had no statistically significant impact on house prices . Infrastructure Victoria study of 300,00 properties

Melbourne crime rates have no impact on property prices in the capital city’s suburbs, the latest report of Infrastructure Victoria has revealed. The study of 300,000 Victorian properties between 2013 and 2016 saw that violent crime rates in Melbourne 's suburbs had no statistically major impact on

The presentation comes a day after National Australia Bank downgraded its property forecasts and pencilled in a 2.3 per cent drop in Melbourne house prices this year and a sharper 3.7 per cent fall in Sydney.

Despite increasing concern over crime in Victoria, in June the Crime Statistics Agency found the number of criminal incidents in the year to March 2018 was down nearly 9 per cent compared to the same period last year.

The Infrastructure Victoria study of 300,000 Victorian properties between 2013 and 2016 found violent crime rates in Melbourne's suburbs had no statistically significant impact on house prices.

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no impact on property prices from suburb to suburb, Infrastructure Victoria has found in a report of 300,000 Victorian properties between 2013 and 2016 found violent crime rates in Melbourne ’s "Because there is less variation in crime rates across metropolitan Melbourne , buyers do not

Property crime is a category of crime that includes, among other crimes , burglary, larceny, theft, motor vehicle theft, arson, shoplifting, and vandalism. Property crime is a crime to obtain money, property , or some other benefit.

The findings are in contrast with a decade of academic literature on property markets in Sydney, America and England which have consistently found a significant substantial negative effect on house prices.

The researchers combined figures from property datbase CoreLogic with postcode-level data from the Victorian Crime Statistics Agency.

Researchers Melek Cigdem-Bayram and David Prentice found a proportional increase in mostly violent crimes would be more likely to hit regional areas.

"Because there is less variation in crime rates across metropolitan Melbourne, buyers do not respond to difference that are not there," the report said.

"It is likely that Melburnians expect a certain level of exposure to crime irrespective of where they live."

No such phenomenon occurred for crimes against property including burglary or theft, the researchers found, regardless of whether the property was in a regional or urban area.

"Put directly, there will be more property crime in areas with higher house prices as there is more valuable property to steal," the report stated, but this had no direct effect on house prices.

Overall, psychological harm to homebuyers by crimes targeted at people was more significant than the influence of property-related crimes such as burglary.

"One possible explanation for why this may be the case is that some measures of self-protection can be taken to reduce the likelihood of property-related crimes while this is less the case for crimes targeted at individuals," the report found.

The Infrastructure Victoria authors said the findings could be used to better target investment in justice services in areas where crime had an influence on other parts of the economy, including house prices.

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