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The Impact of Noosa National Park on Surrounding Property Values: An Application of the Hedonic Price Method

Author

Listed:
  • Pearson, L. J.

    (Sinclair Knight Merz, Malvern VIC 3144)

  • Tisdell, C.

    (School of Economics, University of Queensland)

  • Lisle, A. T.

    (School of Economics, University of Queensland)

Abstract

This study deals with the valuation of a National Park in an urban area. The hedonic price method is used to estimate the impact of the headland section of Noosa National Park (NNP) on nearby unimproved land values. Unimproved land values of 641 house blocks surrounding NNP were used in a variety of regressions to provide values for both proximity and view of the park. The study found that a glimpse of NNP generates an increase of 7% in the land value. However, being in close walking distance to NNP has little impact upon the value of land. Properties located south of NNP headland were found to be valued at only 85% of comparable properties to the north. The variables with the greatest impact on price are direct distance to the ocean and a view of the ocean. If properties are closer to another urban park (not a national park), there is a strong negative relationship between price and distance to the park. But properties closest to NNP do not experience this relationship. It is suggested that disamenities of such a well-known park, including parking problems and "unsavory characters" may result in the direct distance to NNP not being a significant explanatory variable in relation to price. This information is useful to local governments with national parks within their borders who want to estimate the value of the park to their area, e.g. in relation to rates.

Suggested Citation

  • Pearson, L. J. & Tisdell, C. & Lisle, A. T., 2002. "The Impact of Noosa National Park on Surrounding Property Values: An Application of the Hedonic Price Method," Economic Analysis and Policy, Elsevier, vol. 32(2), pages 155-171, June Spec.
    • Handle: RePEc:eee:ecanpo:v:32:y:2002:i:2:p:155-171
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    Cited by:

    1. Prabath Nishantha Edirisinghe, "undated". "Are All Shifting Cultivators poor? Evidence from Sri Lanka's Dry zones," Working papers 113, The South Asian Network for Development and Environmental Economics.
    2. Concu, Giovanni B., 2007. "Investigating distance effects on environmental values: a choice modelling approach," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 51(2), pages 1-20.
    3. Roberto Evangelio & Simon Hone & Moses Lee & David Prentice, 2019. "What Makes a Locality Attractive? Estimates of the Amenity Value of Parks for Victoria," Economic Papers, The Economic Society of Australia, vol. 38(3), pages 182-192, September.
    4. Sandifer, Paul A. & Sutton-Grier, Ariana E. & Ward, Bethney P., 2015. "Exploring connections among nature, biodiversity, ecosystem services, and human health and well-being: Opportunities to enhance health and biodiversity conservation," Ecosystem Services, Elsevier, vol. 12(C), pages 1-15.
    5. Stephen Gibbons & Susana Mourato & Guilherme Resende, 2014. "The Amenity Value of English Nature: A Hedonic Price Approach," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 57(2), pages 175-196, February.
    6. Ambrey, Christopher L. & Fleming, Christopher M., 2011. "Valuing scenic amenity using life satisfaction data," Ecological Economics, Elsevier, vol. 72(C), pages 106-115.
    7. repec:ags:aare05:139324 is not listed on IDEAS
    8. David Christafore & Susane Leguizamon, 2015. "Willingness to Pay for Hospital Access in Areas with High Concentrations of Blacks," The Review of Regional Studies, Southern Regional Science Association, vol. 45(1), pages 87-104, Spring.
    9. Maria Rosa Trovato & Paolo Micalizzi & Salvatore Giuffrida, 2021. "Assessment of Landscape Co-Benefits in Natura 2000 Site Management Plans," Sustainability, MDPI, vol. 13(10), pages 1-38, May.
    10. Cyprian Chwiałkowski & Adam Zydroń, 2021. "Socio-Economic and Spatial Characteristics of Wielkopolski National Park: Application of the Hedonic Pricing Method," Sustainability, MDPI, vol. 13(9), pages 1-17, April.
    11. Pia Nilsson, 2011. "Cultural Landscape Characteristics and Heritage Values A Spatially Explicit Hedonic Approach," ERSA conference papers ersa10p397, European Regional Science Association.
    12. Boyd D. Blackwell & John Asafu-Adjaye, 2020. "Adding Jewels To The Crown: The Marginal Recreational Value Of Noosa National Park And Implications For User Fees," Discussion Papers Series 622, School of Economics, University of Queensland, Australia.
    13. Prasad Neelawala & Clevo Wilson & Wasantha Athukorala, 2013. "The impact of mining and smelting activities on property values: a study of Mount Isa city, Queensland, Australia," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 57(1), pages 60-78, January.
    14. de Oliveira Santos, Glauber Eduardo, 2016. "Worldwide hedonic prices of subjective characteristics of hostels," Tourism Management, Elsevier, vol. 52(C), pages 451-454.
    15. Lucy E. Keniger & Kevin J. Gaston & Katherine N. Irvine & Richard A. Fuller, 2013. "What are the Benefits of Interacting with Nature?," IJERPH, MDPI, vol. 10(3), pages 1-23, March.
    16. Leguizamon, Susane & Christafore, David, 2014. "Racial Differences in Willingness to Pay for Hospital Access," MPRA Paper 55926, University Library of Munich, Germany.
    17. C. Erinda IMERAJ & Ing. Zef IMERAJ, 2015. "“Environmental Economics for a Sustainable Development†Evaluation of Environmental and Recreational Values of the Area Lezhe –Shengjin using Indirect Approximate Method “Hedonic Price Methodâ€," Journal of Social and Development Sciences, AMH International, vol. 6(4), pages 21-29.
    18. Clem Tisdell, 2006. "Valuation of Tourism's Natural Resources," Chapters, in: Larry Dwyer & Peter Forsyth (ed.), International Handbook on the Economics of Tourism, chapter 16, Edward Elgar Publishing.
    19. Tisdell, Clement A., 2020. "The Fiftieth year of Economic Analysis and Policy: How, why, and to what extent has it changed?," Economic Analysis and Policy, Elsevier, vol. 68(C), pages 1-9.
    20. Hajkowicz, Stefan, 2007. "Allocating scarce financial resources across regions for environmental management in Queensland, Australia," Ecological Economics, Elsevier, vol. 61(2-3), pages 208-216, March.
    21. Natalia Porto & Manuela Cerimelo & Iván Albina & Juan Luis Schiavonni & Francisco Pizzi, 2020. "Atributos, puntuacion y precios hedonicos en la Provincia de Buenos Aires y CABA: un analisis basado en Booking y Airbnb," Asociación Argentina de Economía Política: Working Papers 4392, Asociación Argentina de Economía Política.
    22. George Halkos & Aikaterini Leonti & Eleni Sardianou, 2020. "Assessing the Preservation of Parks and Natural Protected Areas: A Review of Contingent Valuation Studies," Sustainability, MDPI, vol. 12(11), pages 1-24, June.
    23. Cyprian Chwiałkowski & Adam Zydroń & Dariusz Kayzer, 2022. "Assessing the Impact of Selected Attributes on Dwelling Prices Using Ordinary Least Squares Regression and Geographically Weighted Regression: A Case Study in Poznań, Poland," Land, MDPI, vol. 12(1), pages 1-20, December.
    24. Giovanni B Concu, 2009. "Measuring Environmental Externality Spillovers through Choice Modelling," Environment and Planning A, , vol. 41(1), pages 199-212, January.

    More about this item

    Keywords

    Hedonic; Land Value;

    JEL classification:

    • Q26 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Recreational Aspects of Natural Resources
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
    • R33 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Nonagricultural and Nonresidential Real Estate Markets

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