Quantitative Analysis Of Spatial Effect Of Rail Transit On Housing Prices In Hangzhou

With the development of social economy and the expansion of urban structure since the new century,the concentration of large populations has led to increasing traffic pressure in large and medium-sized cities,and public transportation problems need to be resolved.With the advantages such as punctuality,fast speed and large traffic volume,rail transit system has become the most stable and efficient public transportation mode in big cities.The planning and construction of rail transit has significant externalities,which have a very important impact on urban land use,planning and layout,and real estate development.Studying the spatial effect of rail transit on the surrounding housing prices has important reference significance for the decision-making of government departments,real estate developers and buyers.Hangzhou,as a "new first-line" provincial capital city in the period of rapid development,has relatively stable real estate market prices.Rail transit construction in Hangzhou are in different states,such as traffic-opening,construction and planning,and has not yet started,which makes Hangzhou a significant study object with speciality and representativeness.On the basis of combining and summarizing a large number of related literatures,this paper introduces hedonic price method and spatial econometrics method using characteristic price theory.The paper devided all the rail transit routes based on construction stage,and introduce 2,393 housing buildings samples in Hangzhou.Then analyze the empirical research on the spatial effect of rail transit on the surrounding housing price.Corresponding analytical index system has been constructed and the spatial error model is selected for regression analysis.In addition,this study also used GIS analysis tools to carry out supplementary research on two topics:distance-based single factor spatial effect and transfer sites' premium effect.The results show that:(1)The index system constructed in this paper has a good interpretation ability for housing prices in Hangzhou through the spatial error model;(2)The spatial effects of subway lines and stations in different construction stages are significantly different;(3)The spatial effects of subway stations on housing prices are different in different intervals;(4)The impact of Hangzhou subway stations on housing prices is more significant in the range of 1500m;(5)Transfer stations have a certain space premium effect on housing prices compared with the ordinary stations.