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Space matters: the importance of amenity in planning metropolitan growth
Citation
Mahmoudi, P and Hatton MacDonald, D and Crossman, N and Summers, D, Space matters: the importance of amenity in planning metropolitan growth, Australian Journal of Agricultural and Resource Economics, 57, (1) pp. 38-59. ISSN 1364-985X (2013) [Refereed Article]
Copyright Statement
Copyright 2012 Australian Agricultural and Resource Economics Society
DOI: doi:10.1111/j.1467-8489.2012.00608.x
Abstract
Most 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.
Item Details
Item Type: | Refereed Article |
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Keywords: | hedonic pricing, water management and policy, spatial lag, fixed effects, open |
Research Division: | Economics |
Research Group: | Applied economics |
Research Field: | Environment and resource economics |
Objective Division: | Environmental Policy, Climate Change and Natural Hazards |
Objective Group: | Environmental policy, legislation and standards |
Objective Field: | Environmental protection frameworks (incl. economic incentives) |
UTAS Author: | Hatton MacDonald, D (Professor Darla Hatton MacDonald) |
ID Code: | 103161 |
Year Published: | 2013 |
Web of Science® Times Cited: | 19 |
Deposited By: | TSBE |
Deposited On: | 2015-09-23 |
Last Modified: | 2017-11-27 |
Downloads: | 0 |
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