Urban parks, value uplift and green gentrification: An application of the spatial hedonic model in the city of Brisbane

This paper explores the impact of urban parks on real estate prices making use of a hedonic price approach. Focusing on Brisbane, Australia, as a case study site, we use spatial hedonic models to analyse housing sales data across 15,000 sales transactions to investigate the effects of parks on nearby housing prices, paying attention to park typology and classification. Our findings indicate that recreational and sport parks are differently associated with price variations. The study also examines a specific and significant inner-city park currently undergoing a major redevelopment-namely Victoria Park. Our analysis of the Victoria Park site seeks to quantify the value uplift, that is, the future increase in property prices as a result of the transformation of the current private golf course in this location into a new publicly accessible parkland. This study's property economics modelling analysis indicates the conversion of Victoria Park from a golf course to public parkland will increase property prices by an average of 3 % for properties located within 750 m of the park. The article concludes with a discussion of value capture opportunities that these findings present as well as challenges of green gentrification for this and similar urban renewal projects and possible policy responses.