Understanding the Impact of Bus Rapid Transit (BRT) on Land Values: A Case Study of Brisbane’s BRT System
The re-emergence of bus-based traffic mode, Bus Rapid Transit (BRT), has aroused great interest from urban planners since it provides high quality services but with less expenditure and flexibility advantages compared to metro and light rail.
However, there is a world-wide paucity of research examining its ability to spur land development, which might mainly due to the short operating time in most cities. This is of interest for urban planners and decision-makers since they expect the value of mass transit is not limited to the improvement of urban mobility but more. For example, mass transits often have a positive impact on land value around its corridors, and thus promote land development in long term. As such, it can be a useful tool to channel urban development by integrating land use and transport planning so as to achieve environmentally friendly urban development and so on.
On the other hand, although BRT’s capital costs are a fraction of rail transits’, they are still a financial burden for many cities. Recently, the source of alternative funding attracting most interest internationally is land value capture (LVC). A key prerequisite for LVC is that there is sufficient “value” generated by transit services, implying a need for research on the extent to which increased accessibility of BRT service can be capitalized into land value.
Drawing on Brisbane’s BRT system as a case study, this project seeks to conduct a comprehensive impact evaluation of BRT on land value and on the basis of that further explore the potential that applying LVC to finance BRT project in Australian urban context.
Funding: CSC (China Scholarship Council), UQ