Analysis Of The Effects Of Monetary Policy On Real Estate Price

Since 1998 since the implementation of the housing system reform, China's real estate market showing a trend of rapid growth, in 2002 China's real estate completed investment accounted for the national GDP 6.44%, to 2015 real estate completed investment accounted for 14.18% of national GDP, apparently the real estate industry has become an important part of our national economy, its development is of great significance to the impact of macroeconomic stability in China.Monetary policy implementation of the main goal is the development of macroeconomic stability, due to the industry is capital intensive and high debt industry characteristics, so by the market in the amount of capital and interest rate changes is very obvious; and because they occupied an important position in the national economy, the monetary policy in the level of regulation of the economy at the same time also affected the changes in the price of real estate, so the real estate market by monetary policy to regulate and control the impact is very significant. The depending on the direction of monetary policy regulation, the 2002 to 2016 during the implementation of the central bank monetary policy divided into six stages, and effect of influence in various stages of China's monetary policy and other real estate policy second and third tier city real estate prices respectively were analyzed. The results show that the adjustment and control of our country's monetary policy is indeed on the price of real estate exist strong impact and influence of previous monetary policy on China's second and third tier city real estate prices with the same direction, since 2012, especially in 2014 so far, the same impact of monetary policy on a second and third tier cities real estate prices appears obvious regional differences. From the population structure, prices are expected, the contradiction between supply and demand and private capital four aspects, the paper analyses lead to monetary policy affects the efficiency difference showed, demographic factors and expect home prices have been interfered with the monetary policy in the real estate market effect; contradiction between supply and demand and private capital are the main factors leading to the recent monetary policy affects the real estate prices, regional.The conclusion of this paper shows that in the regulation of second and third tier cities in real estate prices, monetary policy alone is not is universal and its effect on the price of real estate by the interference of external factors. Therefore, this paper suggests: first of all, in the unified monetary policy, credit policy for the real estate market in the implementation of to vary by city; secondly, monetary policy in affecting the real estate prices and cooperate with other policies, jointly contribute to the stability of the real estate market, the healthy development; finally, the government should positive and objective to guide the private capital in the real estate leasing market investment, establish the hire purchase parallel of the housing system, weaken the interference of external factors impact on the monetary policy real estate market effect.