Spatial Variation Patterns And Causes Of Urban Housing Price-An Empirical Analysis For Hangzhou

With the development of urban housing reform, the extent of housing market in China increases gradually. Urban housing prices have become the focus in the real estate academics community and the practice fields. The study on distribution rules, causes and evolutionary mechanisms of the space variation of urban housing prices is an important branch in urban economy and urban geography. For the housing product is a heterogeneous commodity, the relationship between housing characteristics and housing prices is usually analyzed from the hedonic price perspectives by foreign researchers, and the formulation mechanism of the space variation of housing prices is revealed based on space distributions of housing characteristics. This study attempts to apply the hedonic price theory to the housing market in China and build a hedonic price model to study the space variation of housing prices for a specific urban. The main contents and conclusions are as follows:Space variation theories of housing prices, models of hedonic price and spatial expression technologies by GIS are summarized. It is shown that the hedonic price theory is suitable for the space variation study of housing prices, while kriging is applicable to the space estimation of housing prices. The six administrative divisions in Hangzhou are selected as the study areas, including Shangcheng, Xiacheng, Westlake, Gongshu, Jianggan, and Binjiang. Twenty-four housing characteristics are selected as the model variables. Five hundred and thirty-seven housing districts in the study area are investigated and twenty hundred and twelve effective samples are obtained. The related variables of these samples have been coded and quantized by four ways, including actual observations, hierarchical assignments, comprehensive evaluations of scoring and dummies.The contour of housing prices and three-dimensional effect pictures are drawn based on GIS and spatial interpolation techniques. It is shown that the housing prices in Hangzhou reach a peak in the urban landscape centre (Westlake) and decrease in gradient to the adjacent region. Several sub-centers have been observed for the space distribution of housing prices. The barrier effects of the city railway and environmental effects of the canal are significant. The price variables of 348 housing districts are divided into five groups by cluster analysis. It is found that the low-cost housings are mainly distributed in the fringe of the city, while the high-cost housings are mainly located in the core of the old city. The housing prices tend to increase from the fringe of the city to the west lake.The hedonic price model for the whole housing market is built. The whole housing market is divided into six sub-markets according to the subdivisions in Hangzhou, and the significance of these submarkets was verified by Chow test. The base effect, hedonic price effect and feature number effect was evaluated by the analysis framework of housing price differentiation. It is shown by the empirical analysis that the effect of housing characteristics on housing prices is different, and the descending order is location factor, construction factor and neighborhood factor according to the effect degree. Finally, it is concluded that the living historical inertia, urbanization and paradigm shit of real estate are three external powers that exacerbate the space variation of housing prices in Hangzhou.