What are Adelaide's Park Lands actually worth to the city around them?
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Australia's greenest city, and a landmark public asset whose economic value had never been measured through what people actually spend near it.
Spendmapp’s bank-transaction data measured observed consumer spending within specified buffers around the Park Lands, and a share of that spending was then attributed to the presence of the parks under three separate assumptions. It is a more direct measure than the amenity-based valuations parklands are usually given.
The inner parks were found to stimulate between $35 million and $119 million in spending, and the larger catchment between $221 million and $746 million. Each range is the span produced by the three attribution assumptions rather than a margin of error.
The work put a spending figure against the Park Lands that can be set beside the cost of holding them, in place of the amenity-based valuation such assets usually carry.
