Can Money Really Grow On Trees?
Increased leaf canopy cover is linked to a significant increase in property values, according to Green infrastructure: a vital step to brilliant Australian cities.
The report, released by infrastructure firm AECOM, compiled urban data analytics across three different suburbs in Sydney, and found that for every 10 per cent increase in the canopy coverage within the street corridor, the value of properties increased by an average of $50,000.
Annandale’s value increased to $60,761, Blacktown increased to $55,000 and Willoughby climbed to $33,152.
Report co-author and AECOM Cities Leader James Rosenwax said population growth in Sydney had placed enormous pressure on existing critical infrastructure like roads and utilities, but trees were often forgotten or undervalued.
“If we don’t put a financial value on trees there is less incentive to protect them when looking at the cost benefits of new roads, bridges or buildings,” he said.
“Unfortunately, the humble street tree is often in conflict with other forms of infrastructure and development.
“Our report found that without sufficient ‘green infrastructure’ Sydney would be hotter, more polluted and could be worth $50 billion less.”
The value a city derives from its urban trees is difficult to measure due to the disconnect between the beneficiaries and the direct costs borne by the councils, utilities and road authorities who manage them.
The report’s author and AECOM Director Roger Swinbourne said those who didn’t experience or understand a tree’s collective benefits would only perceive its costs such as potential to fall, dropping leaves across lawns, or shading of rooftop solar.
Originally Published by The Urban Developer, continue reading here.