Research On Hangzhou Real Estate Price Index Based On Repeated Transaction Model

This paper combines qualitative analysis with quantitative research,and studies the establishment and application of Hangzhou real estate price index.Firstly,the paper systematically studies the theory and method of real estate price index.Secondly,the Hangzhou real estate price index is compiled by the repeated transaction method,the income and risk of real estate investment in Hangzhou are studied,and the relationship between the real estate market and the macro economy in Hangzhou is explored.There are 5 chapters in this paper.The main contents of the other chapters are as follows:The second chapter is the literature review of the real estate market index research,and systematically introduces the theory and method of the real estate price indexThe review of relevant literature is the basis of the study.This chapter combs the relevant literature of the real estate index research and summarizes the results of previous studies.The theory of hedonic price and the theory of repeated transaction is the theory of price index of heterogeneous commodities in foreign academic circles.The research object of the hedonic price theory is the theory that the heterogeneity of commodities,commodity is a collection consisting of a series of characteristics of the different characteristics of different commodities,consumer demand for commodities is not from the product itself,but from the attributes of goods.The utility that consumers derive from goods comes from their attributes,rather than the goods themselves.Different goods are different because of their attributes,so they bring different effects to consumers.This paper introduces the hedonic price theory,the source of the form,the theoretical model of the model,the defects such as systematic introduction;repeat sales method by tracking with a heterogeneous transaction price repeated construction of heterogeneous price index,can solve the heterogeneity problem,making the price change and rate of return can be compared.This chapter systematically introduces the development history,characteristics and estimation methods of the repeated transaction theory.The third chapter describes the development of Hangzhou's real estate market,mainly from the Hangzhou real estate market development reasons,the Hangzhou real estate market development situation and the Hangzhou real estate market point of view described.The fourth chapter,based on the repeated transaction method,this chapter makes use of the second-hand housing transaction data of Hangzhou real estate market to compile the real estate market price index of Hangzhou.After compiling the real estate market index,we quantify the investment income and risk situation of Hangzhou real estate market,and study the relationship between Hangzhou real estate market and Hangzhou macroeconomic fundamentals.The fifth chapter,this chapter is the conclusion,summarizes the research conclusions,points out the shortcomings of this paper and the future research direction,and puts forward relevant suggestions for the development of Hangzhou real estate market.Through the above research,the main conclusions are obtained as follows:(1)Repeat transaction method based on Hangzhou real estate price index can reflect the development status of the real estate market in Hangzhou City,with 70 large and medium-sized city house price index compilation and repeat sales method of Hangzhou real estate price index trend of the National Bureau of statistics published monthly,but the volatility of the price index of construction of repeat sales method obviously more than the average price of construction price index.(2)The Hangzhou real estate price index based on the repeated transaction law is more sensitive,and has directive function to the future trend of the house prices,and the second-hand housing price index in Hangzhou can roughly reflect the expectation of the consumers'purchase.(3)Real estate is an important investment tool,and it is of great significance to compare real estate with traditional financial assets.Hangzhou real estate investment risk is higher than the bond,but lower than the stock,but its yield is higher than the bond,stock return on investment,indicating that investment in real estate is a wise choice.(4)The Hangzhou house price index based on the repeated transaction method can reflect the prosperity of the real estate market in Hangzhou.There is a high correlation between the housing price index and the operation index of some real estate market.