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Keywords:

  • hedonic pricing model;
  • environmental evaluation;
  • water bodies
  • C21;
  • D12;
  • Q51

This is the first Australian study to apply the hedonic pricing method to value environmental quality of an urban water body. It demonstrates the technique using a case study of a degraded urban lake that is currently undergoing a programme of water quality restoration and foreshore improvements. The results show that the community places significant value on proximity to the lake and on waterfront location. A range of other data was also generated that adds to the usefulness of this approach for general planning purposes. It is suggested that this technique would be a useful tool to aid in the allocation of public funds among competing environmental improvement projects.