The Research On The Effects Of Public Resources On The Real Estate Price In Wuxi

Housing system reformed in China for more than 20 years, as people's demand constantly released, the real estate market has become the heart of China's economic growth, and at the same time, the price of real estate market has become the focus of people, is one of the most important topics. The domestic research is mostly from the angles of the real estate market supply and demand, real estate policies and real estate prices constitute, do the qualitative analysis, but there is less quantitative research of the factors which influence the real estate prices and the difference of housing space and price. Housing is a heterogeneous goods, the housing price will generate differences due to the different characteristics. Public resources have an important effect for real estate market price. In domestic limited quantitative research of public resources effects for real estate market price, scholars usually choose only a kind of public resources, such as subway, park, lack of the research of comprehensive consideration of public resources'effects for real estate market price, so it is difficult to find the influence of the difference of housing space for the real estate market price .So the quantitative research of important influence of public resources in real estate market price is very urgent.Hedonic price model, a quantitative study of the value of public resources, is the main method for Western developed countries. It has good applicability and relevance. With the background of commercial real estate market, from a consumer point of view of the housing needs to study the monetary value of public facilities resources is feasible. Through the research and analysis, we can estimate the value of public resources, help the government scientific evaluate the investment feasibility and economic benefits, help developers do the product positioning and marketing, provide help to purchasing decision of consumers.The purpose of this paper is through quantitative analysis of the value of public resources for the added value of real estate, to measure public resources'social value and economic value in Wuxi City. This paper uses hedonic price methods, based on Wuxi City real estate market data and the distance data between real estate projects and the nearby public resources, obtains 84 sets of samples. Select the real estate prices as the dependent variable, volume rate, green rate, the distance from housing to the CBD real estate projects, the distance from real estate projects to the periphery of public resources (including subway stations, parks green space, schools, hospitals and bus stations) as the independent variable. Features Wuxi City real estate market variables hedonic price model which included six established in, makes a quantitative study of public resources'influence for real estate prices.The paper constructs a evaluation indexes of hedonic price model of real estate market in Wuxi, conclude the distance from residential projects to the CBD, the distance from residential projects to the subway station, the distance from housing projects to park and green space, the distance from residential projects to education, the distance from residential projects to medical auxiliary, the distance from residential projects to bus station. Empirical analysis shows that if the Log distance from residential to CBD, educational resources, green parks, subway stations, bus stations, health care resources increased by 1 unit, the surrounding residential prices will reduce by 15%, 10%, 9.2%, 6.5%, 6.5 %, 6.3%. The results also show that the public resources'impact on real estate prices is different. The most important is the educational resources, medical resources are less affected. This paper examines the operational characteristics of the hedonic price model when it is used in the value of public resources study in China, and expands the application of hedonic price model. At last, based on the results of quantitative analysis and interpretation, provides a feasibility proposal for investment construction and operation of public resources in Wuxi.