Research On Influence Of Housing Prices Affected By Qingdao Metro Line M2 Using Hedonic Price Model

Since reform and opening up 1978, with the rapid development of the China’s socialist economy, more and more people are working or living in the city and this phenomenon has led to the urbanization speeding up, the urban scale expanding rapidly, and the Urban traffic congestion problem worsening. As the city traffic is the guarantee of the city development, traffic congestion question has become the bottleneck of urban economic development. It is a urgent choice for the city development to find a effective tool of urban transport to ease the traffic problems. The subway has become an important tool to ease traffic situation with its outstanding competitive advantages. Because of its characteristics of fast, safe, on time, the subway has a strong accessibility, and the accessibility has strong radiation function to attract a variety of life, entertainment, business, office and other facilities along the subway station, to strengthen the land development efforts and also improve the land use, accelerating economic development along the metro lines, and also promoting the rise in price of the surrounding residential property. Therefore, in terms of practice and theory, having a study about the effects of subway on residential prices around is importantly significant.The problem about the subway’s impact on housing prices has become a focus of research scholars at home and abroad for the past few years. Through the research and study of references concerning about the subway’s impact on housing prices, the writer found that domestic and foreign scholars mostly used price method quantitative study of the subway’s impact on housing prices. This article is based on hedonic price theory, and it selects the first phase of Qingdao metro line M2, which is in the building, as the research object, and also the least square principle as the foundation, carrying out a regression analysis by using the SPSS software, the paper builds the characteristics of the price model of the Qingdao metro line M2 impact on peripheral residence price and analyzes the effects of subway on surrounding residential prices.The article first discusses this research backdrop and meaning, the research status about the subway’s effects on the surrounding real estate at home and abroad, the main part, technology road map and methods of research, etc. Then the article elaborates characteristics of urban metro and influential factors of housing prices, and discusses theoretical analysis and effect mechanism of the subway’s impact on housing price. And then this paper introduces the theoretical basis of hedonic price model, including definition of characteristic price model, theory of characteristic price, assumptions, specific forms, characteristic variables of the subway’s impact on surrounding residential prices, the modeling parameter’s methods of estimation and model testing. Then this paper introduces the sources of paper’s data, the selection and mutator methods of characteristic variables, all these make full preparations for building model. At last the paper respectively use the linear model and semilog model to carry on the preliminary trial and selection, and then eliminates some samples according to the trial’s outcome, and does another regression analysis, obtaining the hedonic price model of the Qingdao metro line M2 effect on surrounding residential prices, conducting a statistical inspection and an test about the model’s economic significance and using the research results of the Hangzhou metro, Shenzhen metro, the Beijing subway for reference, the writer gets the influence degree and the radius of influence of the subway on surrounding housing price of different distances.Finally this research and study gets the following results:(1)The maximum radius of influence of the Qingdao metro line M2 on surrounding housing prices is 2000 meters;(2)Within the metro area of influence, the subway project on the surrounding residential prices have a positive impact-value-added effect, on average,the added-value reaching 15.97%. The housing price in most affected area (0-500m) is higher than that in minimum impact area (1000-2000m) by 35.9%.Finally the writer reviews the main conclusions of this article, and sums up this paper’s innovation point, and points out the deficiency existing in this research and provides the possible research direction for later generations. At the same time, through this study the writer brings up a few policy implications, which are as following:The government should have a reasonable utilization of the land besides the subway station; The government should combine the Urban rail transit planning and the urban planning; We should establish a mechanism for the Urban Railroad Transportation and real property law joint development.