Regarding high voltage overhead transmission lines (HVOTLs): Perceptual differences among homeowners, valuers and real estate agents in Australia

Abstract

Purpose

Professionals’ market knowledge and business experience can facilitate transactions of residential property potentially impacted by stigmatised installations, such as large-scale public infrastructure. The purpose of this paper is to explore perceptions and assessments among homeowners, valuers (appraisers) and real estate agents (realtors) regarding infrastructure in general and high voltage overhead transmission lines (HVOTLs) in particular.

Design/methodology/approach

Informed by a literature review, separate surveys in Queensland, Australia, analyse via non-parametric and parametric means informational and perceptual variables concerning HVOTLs among 600 homeowners, 90 valuers and 90 real estate agents.

Findings

The findings reveal statistically significant differences in risk and valuation perceptions of homeowners, valuers and real estate agents relating to the placement of major linear forms of infrastructure.

Research limitations/implications

This study adds to a now-solid body of literature pertaining to property effects of HVOTLs. It extends the analysis among classes of real estate professionals and provides new comparisons for further analysis and commentary.

Practical implications

The results speak to property professionals, land use planning and electricity authorities. Prior research can be triangulated with that obtained here from valuers and real estate agents who act as informants, gatekeepers and confidants in the market place. Various hypotheses address specific points of professional practice.

Social implications

This study shows that property professionals’ disposition to HVOTLs and other large-scale infrastructure is likely to be a good deal more measured than that of homeowners, so that valuers and real estate agents might exercise a mediating influence in placement and installations decisions.

Originality/value

This research raises understanding of differences in market knowledge and perception of essential infrastructure among clients and property agents. As a point of difference, it concentrates on examining empirically what texts refer to as “information asymmetry” in residential real estate markets.

Citation

Wadley, D., Han, J.H. and Elliott, P. (2019), "Regarding high voltage overhead transmission lines (HVOTLs): Perceptual differences among homeowners, valuers and real estate agents in Australia", Property Management, Vol. 37 No. 2, pp. 178-196. https://doi.org/10.1108/PM-04-2018-0024