What makes a locality attractive? Estimates of the amenity value of parks for Victoria

Roberto Evangelio (), Simon Hone (), Moses Lee () and David Prentice
Additional contact information
Roberto Evangelio: Infrastructure Victoria
Simon Hone: Aither
Moses Lee: Infrastructure Victoria

No 201804, Technical papers from Infrastructure Victoria

Abstract: This paper provides the first estimates of the effects of parks on house prices within Victoria. We estimate hedonic regressions of house prices on the distance to six types of parks as well as a wide range of other amenities that may impact on house prices. We find that moving from the median to the first percentile of distances from a park is associated with increased property prices of up to $86,000. Parks are more likely to have a positive effect on house prices in regional Victoria than in Melbourne, where we speculate that for some types of parks, congestion or other types of negative externalities may be present. The current guidelines for cost-benefit analysis for transport projects do not include values for amenity effects. So the results of this work can be used to construct estimates of the amenity value of a park for a rapid cost benefit analysis.

Keywords: Cost-Benefit Analysis; Parks; Amenity; Hedonic Regressions; Australia; Victoria (search for similar items in EconPapers)
JEL-codes: C21 D61 D62 R00 (search for similar items in EconPapers)
Date: 2018-12-06
New Economics Papers: this item is included in nep-env, nep-tre and nep-ure
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://repec.infrastructurevictoria.com.au/RePEc/inv/tpaper/IVT201804.pdf (application/pdf)
Our link check indicates that this URL is bad, the error code is: 500 Can't connect to repec.infrastructurevictoria.com.au:80 (A connection attempt failed because the connected party did not properly respond after a period of time, or established connection failed because connected host has failed to respond.)

Related works:
Journal Article: What Makes a Locality Attractive? Estimates of the Amenity Value of Parks for Victoria (2019)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:inv:tpaper:201804

Access Statistics for this paper

More papers in Technical papers from Infrastructure Victoria Contact information at EDIRC.
Bibliographic data for series maintained by Llewellyn Reynders ().