TY - JOUR
T1 - Capitalised nonmarket benefits of multifunctional water-sensitive urban infrastructure
T2 - A case of living streams
AU - Akbari, Saloomeh
AU - Polyakov, Maksym
AU - Iftekhar, Md Sayed
PY - 2023/10
Y1 - 2023/10
N2 - Living streams are an important element of decentralised stormwater management solutions. They are actively promoted due to their ability to generate multiple ecosystem services, including water quality improvement, biodiversity protection and aesthetics. However, a lack of monetised values of ecosystem services of living stream projects makes it difficult to assess the net benefits of investing in such projects. This study uses the hedonic pricing method to estimate the capitalised amenity values of living streams and other public open spaces (POS) in housing and lot markets for the first time. The study area includes two newly greenfield-developed suburbs in the Perth metropolitan area. We find the positive impact of living streams and other POS on the house and lot prices. However, living streams generate greater value than other types of POS. Furthermore, the POS (including living streams) that support active recreation are valued more than basic POS without active recreation features. Finally, we observe, for the first time, that the benefits of planned but not yet constructed POS (including living stream) are similar to the completed POS (including living stream) in both housing and lot markets. This information is useful for policymakers and developers making informed decisions about water-sensitive urban infrastructure.
AB - Living streams are an important element of decentralised stormwater management solutions. They are actively promoted due to their ability to generate multiple ecosystem services, including water quality improvement, biodiversity protection and aesthetics. However, a lack of monetised values of ecosystem services of living stream projects makes it difficult to assess the net benefits of investing in such projects. This study uses the hedonic pricing method to estimate the capitalised amenity values of living streams and other public open spaces (POS) in housing and lot markets for the first time. The study area includes two newly greenfield-developed suburbs in the Perth metropolitan area. We find the positive impact of living streams and other POS on the house and lot prices. However, living streams generate greater value than other types of POS. Furthermore, the POS (including living streams) that support active recreation are valued more than basic POS without active recreation features. Finally, we observe, for the first time, that the benefits of planned but not yet constructed POS (including living stream) are similar to the completed POS (including living stream) in both housing and lot markets. This information is useful for policymakers and developers making informed decisions about water-sensitive urban infrastructure.
KW - Australia
KW - living streams
KW - nature-based solutions
KW - public open space
KW - water-sensitive urban designs
UR - http://www.scopus.com/inward/record.url?scp=85170093581&partnerID=8YFLogxK
U2 - 10.1111/1467-8489.12533
DO - 10.1111/1467-8489.12533
M3 - Article
AN - SCOPUS:85170093581
SN - 1364-985X
VL - 67
SP - 524
EP - 540
JO - Australian Journal of Agricultural and Resource Economics
JF - Australian Journal of Agricultural and Resource Economics
IS - 4
ER -