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- W2407796628 abstract "Australian State Housing Authorities have used urban renewal programs to improve housing stocks and strengthen service delivery within poor communities with concentrations of social housing. This project examines the impact of the Neighbourhood Renewal Program (NR) in Victoria. The approach rests on the key insight that if NR reverses problems like crime and vandalism (i.e. 'negative externalities'), this will have benefits in terms of higher house prices in the local private housing market, and so it is possible to measure the benefits attributable to the program statistically. The project uses Valuer-General data for house prices and quasi-experimental statistical techniques used extensively in places like the US. NR is found to be the source of a statistically significant price premium within the boundaries of five (out of seven) NR areas examined. In the NR areas where price premiums are found to be positive, housing externality benefits sum to $372m at 2011 prices. Across the five NR areas with such benefits, expenditure outlays to 2010-11 total $106m (at 2011 prices), so every dollar spent in NR in these areas is responsible for $3.50 of housing externality benefits. There are two NR areas (Doveton & Werribee) where zero or negative housing externality gains are detected. But even when these are taken into account, the measure remains a positive multiple with externality gains of $2.20 for every dollar invested in NR areas over a nearly 10-year period. Some of the housing externality gains accrue to government as a result of additional revenues from taxes and charges such as stamp duties, land taxes and property rates." @default.
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- W2407796628 date "2012-12-12" @default.
- W2407796628 modified "2023-09-27" @default.
- W2407796628 title "Cost-effective methods for evaluation of neighbourhood renewal programs" @default.
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