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Influence of Conservation of Native Vegetation on Land Values in Moree Plains Shire, NSW

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  • Sinden, Jack A.
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    Abstract

    The Native Vegetation Conservation Act was introduced on January 1st 1998 to protect native grassland and woodland in New South Wales. The Act has limited clearing of native vegetation and development to crops and pasture, has protected biodiversity, and may have enhanced soil and water conservation. But an analysis of variations in the prices paid for farm land in Moree Plains Shire, with the complementary hedonic and bargaining methods, shows how buyers, sellers, and the market as a whole, value the characteristics of the land. It shows that the Act has led to substantial losses in land values for the farmers. The Act has imposed higher costs on those who had kept most vegetation, and on those who most need to retain their options to clear and develop. Stewardship payments will alleviate the financial situation for some and property plans will provide long-term security for both farmer and vegetation. But the magnitudes of the losses suggest that introduction of individual policies like these must be preceded by a review of the whole strategy of vegetation protection in New South Wales. We must first decide how much to protect and how to allocate the losses in an equitable manner.

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    Bibliographic Info

    Paper provided by University of New England, School of Economics in its series Working Papers with number 12903.

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    Date of creation: 2003
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    Handle: RePEc:ags:uneewp:12903

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    Keywords: Environmental Economics and Policy; Land Economics/Use;

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    1. Wolinsky, Asher, 1987. "Matching, search, and bargaining," Journal of Economic Theory, Elsevier, vol. 42(2), pages 311-333, August.
    2. David A. King & J. A. Sinden, 1988. "Influence of Soil Conservation on Farm Land Values," Land Economics, University of Wisconsin Press, vol. 64(3), pages 242-255.
    3. Scitovsky, Tibor, 1990. "The Benefits of Asymmetric Markets," Journal of Economic Perspectives, American Economic Association, vol. 4(1), pages 135-48, Winter.
    4. Elena G. Irwin, 2002. "The Effects of Open Space on Residential Property Values," Land Economics, University of Wisconsin Press, vol. 78(4), pages 465-480.
    5. David M. Henneberry & Richard L. Barrows, 1990. "Capitalization of Exclusive Agricultural Zoning into Farmland Prices," Land Economics, University of Wisconsin Press, vol. 66(3), pages 249-258.
    6. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
    7. Fiorenza Spalatro & Bill Provencher, 2001. "An Analysis of Minimum Frontage Zoning to Preserve Lakefront Amenities," Land Economics, University of Wisconsin Press, vol. 77(4), pages 469-481.
    8. Maler, Karl-Goran, 1977. "A note on the use of property values in estimating marginal willingness to pay for environmental quality," Journal of Environmental Economics and Management, Elsevier, vol. 4(4), pages 355-369, December.
    9. Cynthia J. Nickerson & Lori Lynch, 2001. "The Effect of Farmland Preservation Programs on Farmland Prices," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, Agricultural and Applied Economics Association, vol. 83(2), pages 341-351.
    10. Nash, John, 1950. "The Bargaining Problem," Econometrica, Econometric Society, Econometric Society, vol. 18(2), pages 155-162, April.
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