Street trees: paying their way in property value benefits
US research has demonstrated that property value benefits of street trees exceed the costs of their planting and maintenance, yet this has not been demonstrated in the Australian context. By unpacking the effect of street trees from other house, property and suburb features of 2,299 house sales between 2008 and 2010, this research derived a dollar value of BrisbaneRSQUOs street trees. Annual property value benefits of leafy streets, in 2010, were found to be worth more than twice the annual costs of street tree planting and management. For every $ 1 of CouncilRSQUOs investment in BrisbaneRSQUOs street trees in 2010, leafy streets were returning $ 2.27 to property owners in higher house sale prices, an estimated $ 1.23 m in state stamp duties, and almost $ 1 m in Council rates revenue. When combined with the results of an analysis of the extent, structure and needs of BrisbaneRSQUOs street tree population in 2010, a business case and priorities for future investments emerged.
Plant, L.J., Morrison, T. and Rambaldi, A. (2016). Street trees: paying their way in property value benefits. Acta Hortic. 1108, 13-24
urban forest, street tree cover, benefit/cost analysis, hedonic price model