Research Of Guangzhou's Secondhand Housing Market And Its Hedonic Price

Research of Guangzhou's Secondhand Housing Market and its Hedonic PriceAs a product, house has its obvious heterogeneity, i.e. there is obvious difference among the characteristics of effective composing among these housing products. Hedonic price model is often used overseas to estimate the implied price of housing characteristics, to indicate buyers' consumption favoritism, and to analyze urban housing market. From 1960s, the theory of hedonic price is widely used in real estate field overseas, by investigation of buyers' favorites in location, building structure and environment etc. researchers demonstrated relation between housing characteristic and price in a quantitative manner. Currently in our country research of housing price is focus on qualitative aspect, seldom based on housing characteristic quantitative aspect, and the research on second hand housing price based on real data is even much less. First hand and second hand housing market in some area whose housing market development is relative higher, e.g. Guangzhou, is rather active, which provides conditions for real date research. In this article, the author takes Guangzhou's second hand housing market as research object, constructs second hand house's hedonic price model to analyze urban second hand housing market. It is the issue this article is to try resolving.This discourse consists of 5 chapters. The first chapter deals with research background and research cause, research ways, contents and meaning. The second chapter systematically summarizes hedonic price model theory and model research situation in world wide scale. The third chapter constructs hedonic price model for common second hand housing market, and discusses in detail the research data's selection and how these data are quantitated. In the forth chapter, detail analysis for real data result is made from the whole market, subdivision market and development market aspects, through research of Guangzhou second hand housing market by using model set by previous chapter. The fifth chapter is conclusion and prospect, its conclusion is shown at several aspects: 1. by the basis of standard land-value and second hand housing price index, made regional division for its second hand market, totally divide Guangzhou into 56 subdivision; 2. by the basis of district, from the view of housing market development, divide Guangzhou into 4 regions: stable development region composed of Dongshan, Liwan and Yuexiu district; strong development region composed of Tianhe and Hezhu district; active region composed of Panyu and Baiyun district; flexible region composed of Huangpu, Fangcun and Huadu district; 3. in this article logarithm model is used, hedonic price model for subdivision market is made, and each characteristic variable's hedonic price for subdivision market is calculated.Along with the housing market's development in the country, urban housing price issue becomes real estate business and academic focus, and at the same time, housing price is undoubtedly one of the most sensitive social issues. At this aspect, this article has certain research meaning, its academic meaning is mainly shown in the selection and quantitation of second hand housing characteristic variables, the construction of second hand housing hedonic price model, the real data research for Guangzhou's second hand housing market, and by this way the hedonic price of Guangzhou's common second hand housing is calculated. And what's more, this article has certain meaning in practice, it gives a reference method and tool for government, business and consumer decision making.