Essentially, hedonic models analyse the price differential between two houses that vary only by one characteristic and the monetary trade-offs individuals are willing to make with respect to the changes in that characteristic. Hedonic models use data on housing market transactions to determine the implicit price of housing attributes.
Planners and policymakers may use those models to inform the ongoing discussions about the direction and typology of growth that is sought for any city. Those models contribute to informing planners on how individuals value amenities and developers on how to design development projects that preserve profit-maximization behaviour (Heal, 2001 Anderson and West, 2006). Hedonic pricing models supply information to make appropriate decisions regarding the provision of those amenities and to design more effective zoning and land-use regulations. New Zealand is a spatially unique landscape where urban and environmental amenities shape the urban configuration of each city and determine land-use regulations.
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