Research On The Hedonic Price Of Commercial Housing In Nanchang Based On Hedonic Price Model

With the development and maturity of the real estate market in our country,real estate industry has become one of the pillar industries of national economic development in China,real estate transactions also greatly increased,and real estate is closely related to the fundamental interests of everyone.Therefore,the research on the price of urban housing has a very important practical significance.The assessment of urban real estate is becoming more and more important.Original three largest real estate evaluation methods: cost approach,income approach and market approach in the specific application also has some limitations.Residential commodity is a kind of typical heterogeneity,and the common way to study the relationship between different attribute characteristics and their price is the hedonic price method.Taking Nanchang city as an example,on the basis of the three traditional real estate evaluation,this paper puts forward the real estate evaluation by using hedonic price model to compensate for the limitations of three traditional evaluation methods.In this paper,I first made clear the theoretical basis of hedonic price model and the precondition of the application of the housing market.Then analyzed compared with the traditional three real estate evaluation method,hedonic price model has certain advantages in real estate appraisal.Then this paper introduced the concept of housing hedonic price model and the selection of feature variables,including the architectural features,location features,neighborhood characteristics.And determined the function form.Then determined the study area is the nine area of Nanchang City,This paper selected 12 variables that affect the housing price in Nanchang city.Corresponding quantification of each variable,and 137 effective samples were randomly selected.Using the sample data to construct the model of the housing hedonic price model for empirical study.Regression results show that,effect of housing prices in Nanchang by the characteristic variable residential area,total floor,living facilities,bus lines,age and residential distance of CBD.Which is the most significant impact on the price of residential life supporting,the second is the number of bus lines in the reaction zone.Finally,this paper selected the specific case by using the hedonic price method and the market method respectively,the advantage of hedonic price model in real estate appraisal is further verified.According to the characteristics of the residential market in Nanchang City,reasonable construction index system,can be a very good explanation of the intrinsic price of Nanchang housing market characteristics.,improving the accuracy of the assessment of real estate,but also for batch assessment.