| Real estate market plays a pivotal role in the development of the national economy.Since China entered the new normal of economic development,the commodity residential price continued to rise while its regional differentiation increased,which has triggering a series of economic and social problems.It is pointed out in the Nineteenth National Congress that the social contradictions in the new era have been transformed into "the contradiction between the people's growing need for a better life and the imbalance and inadequate development." The regional differentiation in residential prices reflect the imbalance of regional development.The 13 th Five-Year Plan also pointed out that it is necessary to optimize the housing supply and demand structure,keep the real estate market running smoothly,and accelerate the modernization of the housing industry.At present,there is a strong need in our society for maintaining a stable and balanced real estate market.This paper intended to do some research of the spatial correlation and spatial differentiation of residential prices,find their temporal and spatial evolution patterns,and further analyzing their influencing factors.The study has some important theoretical and practical significance for promoting the healthy development of residential market.Hangzhou,the capital city of Zhejiang Province,which is rather developed in economy,with the developing progress of the residential market,a problem occurs that the difference in residential prices in different districts becomes larger and larger.The eight main districts of Hangzhou,known as Shangcheng District,Xiacheng District,Gongshu District,Xihu District,Binjiang District,Jianggan District,Xiaoshan District and Yuhang District,in which exist the most active,rapidly growing and representative real estate market among whole city.This paper took Hangzhou as a case study to explore the spatial correlation and spatial differentiation of urban residential prices.Base on the Hedonic price theory,this paper took 198 sample residential quarters as the main research objects from the main city of Hangzhou in year 2011 to 2015,then selected 11 characteristic variables from architecture characteristic,location characteristic and neighborhood characteristic of residential quarters,to construct the spatial database based on the sample residential quarters' geographical and residential characteristic attributes.Further,by constructing the Hedonic price model based on OLS estimation,the spatial lag model(SLM)and the spatial error model(SEM)based on ML estimation,and the spatial dynamic panel model(SDPD)which further consider the time-delay characteristic of residential price,provides support for quantitative analysis of the spatial correlation of residential prices.Based on the empirical results,this paper then discussed the influnce of each characteristic variables for residential price,and their spatio-temporal evolution.By constructing a geographically weighted regression model(GWR),empirically tested the spatial non-stationary nature of urban residential prices,and visual graphically represented the spatial differentiation of the influence of each characteristic variables on residential prices.The results show that:(1)The residential price in the main city of Hangzhou has an obvious circle pattern,showing an inverted U-shaped distribution that decreases from the center to the edge.The spatial expansion is mainly east-west.(2)There is significant spatial correlation and dependence of residential prices in the mains districts of Hangzhou city,there exists significant spatial agglomeration characteristics of residential prices;(3)there is time-delay for prices,the current residential prices are not only dependent on the characteristics of the residential quarters,but also depends on its previous price level.The spatial dynamic panel data model is a better tool for describing the spatial correlation of residential prices;(4)There is significant spatial differentiation of urban residential prices,and the spatial differentiation of the influence of each characteristic variables on residential prices appears to change with the evolution of urban spatial structure and residents' values and lifestyles.The research conclusions have certain reference value for decreasing the differentiation of residential prices,coordinating urban and rural integration and the spatial pattern of the residential prices,and promoting the orderly and healthy development of the real estate market.The innovations of this paper are as follows:(1)Accurate and reliable first-hand data with practical analysis value;(2)In both spatial correlation and spatial differentiation aspects,empirically test the spatial effects of residential prices using multi-disciplinary knowledges;(3)Reveal the dynamic process of the spatial correlation and differentiation of residential prices. |
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