Status Poles and Status Zoning to Model Residential Land Prices: Status-Quality Trade off Theory (Short Paper)

This study describes an approach for augmenting urban residential preference and hedonic house price models by incorporating Status-Quality Trade Off theory (SQTO). SQTO seeks explain the dynamic of urban structure using a multipolar, in which the location and strength of poles is driven by notions of residential status and dwelling quality. This paper presents in outline an approach for identifying status poles and for quantifying their effect on land and residential property prices. The results show how the incorporation of SQTO results in an enhanced understanding of variations in land / property process with increased spatial nuance. A number of future research areas are identified related to the status pole weights and the development of status pole index.