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    Financial measures of the non-shelter benefits of neighbourhood renewal programs; a quasi-experimental approach

    Access Status
    Fulltext not available
    Authors
    Wood, Gavin
    Cigdem, M.
    Date
    2014
    Type
    Conference Paper
    
    Metadata
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    Citation
    Wood, G. and Cigdem, M. 2014. Financial measures of the non-shelter benefits of neighbourhood renewal programs; a quasi-experimental approach.
    Source Title
    7th Australasian Housing Researchers' Conference, AHRC 2013: Refereed Proceedings
    ISBN
    9780646909226
    School
    Bankwest-Curtin Economics Centre
    URI
    http://hdl.handle.net/20.500.11937/53684
    Collection
    • Curtin Research Publications
    Abstract

    In this paper we implement a robust quasi-experimental methodological design to evaluate Victoria's Neighbourhood Renewal (NR) program. NR's main objective is to tackle disadvantage in neighbourhood areas with concentrations of public housing. This paper draws on housing attributes recorded in the Victoria-General's Transactions and Valuations datasets and applies propensity score techniques combined with a difference-in-difference estimator to measure the impact of seven NR program sites. These quantitative techniques are used to arrive at financial measures of the non-shelter benefits (housing externalities) generated by renewal programs. It is the first study to apply quasi-experimental techniques in Australian housing and urban studies. Our findings suggest that five NR sites generate a housing externality benefit of $372m, and an increase in total stamp duty revenues of $5.3m. Benefit/cost measures indicate a positive multiple with average externality gains of $2.2 for every dollar invested over a nearly 10 year period 2002-2011.

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