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What Makes a Locality Attractive? Estimates of the Amenity Value of Parks for Victoria
Author(s) -
Evangelio Roberto,
Hone Simon,
Lee Moses,
Prentice David
Publication year - 2019
Publication title -
economic papers: a journal of applied economics and policy
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.245
H-Index - 19
eISSN - 1759-3441
pISSN - 0812-0439
DOI - 10.1111/1759-3441.12259
Subject(s) - amenity , value (mathematics) , hedonic pricing , house price , locality , geography , range (aeronautics) , work (physics) , construct (python library) , economics , econometrics , agricultural economics , statistics , mathematics , engineering , computer science , finance , mechanical engineering , linguistics , philosophy , aerospace engineering , programming language
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 some types of parks can have substantial positive impacts on house prices, particularly in regional Victoria. The results of this work can be used to construct estimates of the amenity value of a park for a rapid cost‐benefit analysis.