Research On The Effect Of Local Public Goods Supply On Residential Market In Wuhan City

As a pillar industry of the national economy,real estate is of vital importance to the development of China's society,and its prices have always received much attention from the society.Commercial housing is a heterogeneous commodity,and the price varies greatly depending on its characteristics,location and neighborhood environment.With the increase of residents' demand for local public goods,the impact of public goods supply on housing prices becomes more pronounced.Exploring the effect of local public goods supply on the real estate market price is a hot issue in the micro-level research of related fields.Therefore,this paper systematically grasps the impact of Wuhan's local public goods supply on the residential market and quantitatively identifies residents' preferences for public goods,which has important theoretical and practical value for the development of Wuhan residential market.This paper first analyzes the development status and the supply of public goods based on the real estate data of Wuhan City in 2018 and a series of policies.Secondly,taking the small high-rise and above residential quarters in the seven central urban areas of Wuhan as the research object,the theory of supply and demand,urban location theory and hedonic price model are the theoretical basis.In general,the independent variables are selected from the architectural features,location features and neighborhood features,and the public goods hedonic variables are selected from five aspects: education,transportation,medical care,landscape resources and interfering public goods.The commodity housing market was refined into the housing market and the rental market,and house prices and rents were used as the dependent variables for this study.Then,using multivariate regression and principal component analysis and measurement methods,the basic hedonic price model and improved model of commercial residential buildings are constructed respectively,This paper conducts an empirical study of the micro-mechanisms and effects of public goods supply on the residential market,including housing sales and leasing markets,and compares the different effects of public goods supply on housing prices and leasing prices.The empirical research of the thesis found that:(1)The Linear-logarithm hedonic model is better than the linear hedonic model.The principal component analysis method can effectively improve the rent based hedonic model,but the improvement effect on the house price base model is poor.(2)From the effect of the impact of local public goods supply on residential prices,the effects of different types of public goods on different sub-markets are different.The ranking of public goods impacts of house prices and rents is basically the same: transportation and education resources have the greatest effect,followed by medical,landscape and interfering public goods.Education,transportation and landscape resources have a significant positive effect on housing prices and rents in Wuhan.Interfering public goods have a small negative effect on house prices and rents,while medical resources are different.The impact of the effect on housing prices and rents showed a positive effect.The tertiary hospitals showed a negative impact on housing prices and a positive effect on rents.In addition,the impact of landscape resources on housing prices is not significant,but it has a large positive impact on rents.(3)From the perspective of residents' preference for public goods,the different starting points of renting and buying cause differences in preferences.Home buyers prefer educational resources,and tenants prefer transportation resources.Moreover,the supp ly of public goods has a targeted impact on housing prices,and a decentralized effect on rents.Subway stations and interfering public goods have the same effect on house price and rent,while other public goods characteristic variables show differences in significance and degree of influence.(4)From the perspective of the spatial difference between the supply of local public goods and the price of housing,the uneven distribution of various public goods in the central urban area of Wuhan leads to large differences in the prices of commercial housing in various urban areas,among which Wuchang District has the most abundant public goods supply,and the highest price.Based on the status quo of Wuhan real estate and public goods,the results of empirical research,the following suggestions are made for selecting various public goods in this paper:(1)Rationally allocate resources,increase investment in education in areas where education resources are relatively scarce,and promote fair and equal developme nt of educational resources among regions.Standardize rail transit construction and strengthen process supervision,improve accessibility between urban areas,and maximize the social value of public goods.Establish medical cooperation to improve the utilization of medical resources,and appropriately tilt high-quality medical conditions to the suburbs to alleviate the pressure on urban space.(2)The government level controls the density of housing development around the landscape resources,and the developer level gives full play to the landscape advantages and value points.(3)Improve the surrounding environment of interfering public goods and reduce the negative impact on residential prices.(4)Optimize the supply channels of public goods,alleviate the untimely feedback of market demand,and supply unevenness,and promote the coordinated development of urban public goods market and real estate market.