Demonstration Study On Shenyang Commercial Residency Hedonic Price

There is nothing vitally interrelated with common people but basic necessities of life. With the problem of feeding people solved, there is no doubt that the problem of accommodation has been the greatest event to the common people. So, the rising house price became the painfulness of the common people. But, for a long time, the back of high house price is that real estate empty space purchases the difficult problem leading being excessive perplexing so always our country real estate developing enterprise indeed. But, unused real estate space has boring the real estate developers in the back of high house price for a long time. Meanwhile, the discussion about house price between government departments and real estate developers lasted for several years. Since the dwelling house is one of the heterogeneity commodities, some tradition price theories came across extremely large challenge when studying house price. Hedonic price model that depend on people's subjectivity experiences can solve these problems effectively and this model provide a good house price researching method.This research studied the price of house in Shenyang city based on the hedonic price model. First, the thesis regards the housing market of the Shenyang city as the uniform market and carries on the experiential research with the basic model. And then, the thesis subdivides the housing market of Shenyang according to the house price into high-grade market and low-grade market, and build hedonic price model respectively. The research has ascertained the key factor affecting dwelling house price.The frame of this research can be divided into five chapters:The first chapter introduces the current situation and problem of the house market in Shenyang. And then, described the problem that the tradition price theories come across. Above this, the research introduces the hedonic price model which has its own advantage in studying house price.In chapter two the thesis has systematically summarized the research dynamics of the hedonic price theory and the marketplace subdivides theory. When subdividing market we can use several standards such as location variable, mentality variable, behavior variable, customer benefit and product service variable. The hedonic price theory indicates that the heterogeneity of housing makes housing characteristics become the factors of influencing housing utility, and housing is sold as the assembling of inherent characteristic on the housing marketing. Each housing characteristic has corresponding one implicit market, and these implicit markets constitute the whole housing market.In chapter three the thesis describes the hedonic variable and the method of the research data. First, the thesis regards the housing market of the Shenyang city as the uniform market and carries on the experiential research with the basic model. At last chose 18 housing characteristics as the model independent variables. Among them: 7 structure characteristic variables, including Floor acreage, Housing age, Orientation, Decoration degree, Housing floor, Garage and parking space, Attic; 7 neighborhood characteristic variables, including Natural environment, Inner environment, Community management,Nearby university, Life establishment, Education establishment, Recreation and sports facility; 2 location characteristic variables, is Distance to CBD, Traffic condition. We take 8 districts as the research object. The source of the research data are divided into three kinds mainly: housing listing data, investigating data of housing community and electronic map data of Shenyang based on GIS. The author has carried on the field survey of 120 housing communities, and got 463 effective samples. According to the influencing degree from great to small, the order is Floor acreage, Housing age, Housing floor, Distance to CBD, Recreation and sports facility, Community management, Decoration degree, Nearby university, Natural environment, Education establish- ment, Life establishment.In chapter four the thesis subdivides the housing market of Shenyang according to the average house price of Shenyang market in 2006 into high-grade market and low-grade market, and build hedonic price model respectively. Then, the author adopts Chow Test verifying that the models of market segment have the significance difference in the statistics. Comparing the result of uniform market model and subdivided market, we can find that Floor acreage, Housing age, Recreation and sports facility, Distance to CBD, Housing floor are key factors both to the uniform market and subdivided markets. In addition, the key factors of different markets are different. Nearby university plays a very important part in low-grade market. Community management, Decoration degree and Life establish -ment are very important for high-grade market.Chapter Five sum up the full text.To sum up, the thesis studies the house market in Shenyang based on hedonic theory. The research conclusion of the thesis may have application value in following three aspects: Firstly, real estate developers can design different product combination according to the hedonic price, and pricing the housing product through synthetically considering characteristic factors of housing, such as construction area, housing age, decoration degree, and distance to CBD. Secondly, the hedonic price has revealed the influence factors of the housing price, which can help consumers to choose the appropriate housing, and offer the decision basis. Thirdly, from the angles of the housing characteristic, it offers a new kind of appraisal method for the real estate assessing organization.