Abstract: The commodification of natural resources such as water, and the resultant creation of property rights in water (in NSW and Queensland) has raised questions as to the manner in which we currently define, measure and value property rights. The transition from open access to property rights in water has drawn attention to just how we ascertain whether “particular rights” are in fact legal property rights. Property in the more familiar sense of land and buildings conveys a tenor of regularity, constancy, and fixity – this is not so with property rights in water, which as a class of property are inherently sui generis. We have only a partial and incomplete vision as to how water property rights are defined, measured, and particularly ascribed worth. Arguably, current valuation practice breaks down when applied to “new” property rights such as water, and is potentially a deforming force of convention. There is a need to overturn as well as disturb our current complacency in valuation practice, and to develop the tools to properly ascribe worth to water as a property right
Publication Year: 2003
Publication Date: 2003-01-01
Language: en
Type: article
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Cited By Count: 1
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