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Space matters: the importance of amenity in planning metropolitan growth
journal contribution
posted on 2023-05-18, 13:07 authored by Mahmoudi, P, Darla Hatton MacDonaldDarla Hatton MacDonald, Crossman, N, Summers, DMost Australian capital cities require many 100,000s of additional dwellings to accommodate demographic change and population pressures in the next two or three decades. Urban growth will come in the form of infill, consolidation and urban expansion. Plans to redevelop environmental amenities such as parks and open green spaces are regularly being put forward to local councils and State governments. Maintaining parks and reserves represents one of the largest costs to local councils. To aid in the evaluation of some of the different propositions, we report the results of a spatial hedonic pricing model with fixed effects for Adelaide, South Australia. The results indicate that the private benefits of a close proximity to golf courses, green space sporting facilities, or the coast, are in the order $0.54, $1.58, and $4.99 per metre closer (when evaluated at the median respectively). The historic Adelaide Parklands add $1.55 to a property’s value for each additional metre closer. We demonstrate how the estimated model could be used to calculate how local private benefits capitalized in property values change with changes in the configuration of a park.
History
Publication title
Australian Journal of Agricultural and Resource EconomicsVolume
57Pagination
38-59ISSN
1364-985XDepartment/School
College Office - College of Business and EconomicsPublisher
Wiley-Blackwell Publishing AsiaPlace of publication
United KingdomRights statement
Copyright 2012 Australian Agricultural and Resource Economics SocietyRepository Status
- Restricted