The value of green infrastructure to property prices: Evidence from the Gold Coast, Queensland, Australia

Green infrastructure supports residential choice, provides sustainable transport and contributes to liveable neighbourhoods. This study investigates the value of green infrastructure, defined as built environment features (e.g., green spaces, beaches), facilities (e.g., fitness equipment in parks) and sustainable transport infrastructure (e.g., heavy rail, light rail and bus), to property prices in the Gold Coast, Queensland, Australia as a case study. The main difference of this study from previous ones is the evaluation scope is not limited or attached to a particular transport infrastructure project but instead considers a whole city. The impacts of green infrastructure are measured taking account of geographical differences across the city using a multi-level regression modelling approach to identify the implicit value of green infrastructure in residential property prices. The results suggest only those elements of green infrastructure that can provide a direct service to people (e.g., fitness equipment) are positively valued. Importantly from a sustainable transport perspective, the current public transport network and services have a negative impact on property price suggesting public transport might not be meeting property owners’ expectations. The paper discusses the implications of the model results for literature and policy on green infrastructure.