The Research Of Characteristic Price In Wuhan Residential Secondary Market Based On Hedonic Model

Residence is a typical heterogeneous commodity. Hedonic price model is commonly applied to estimate the implicit prices of every characteristic, and reveals consumer preferences in order to study City's residential market. At present, it is because of the late development of the domestic housing market that researchers pay more attention to the residential market, and less attention to the residential secondary market research. However, in the economically developed regions, because of resource endowment constraints, the residential market is on a decline, and the secondary market is developing so quickly that the secondary market trading volume in some areas surpasses that in the residential market. At the same time, Wuhan City circle was approved to carry out the establishment of the "two-oriented society," which brings significant opportunities for the development of the residential industry. Therefore, the application of the hedonic price model to study the secondary market of Wuhan City Residential prices is particularly necessary in the theory and practice.The first part presented the basis of hedonic price model theory, and then summed up the research status quo at home and abroad. In the theory, the thesis discussed the assumptions, hedonic price function, implicit price function, consumer choice and market equilibrium, and then proposed a general model of hedonic price method.The second part constructed a theoretical hedonic price model of residential secondary market of Wuhan City. According to literature at home and abroad, and combing the reality of Wuhan City, the thesis systematically selected the independent variable and dependent variable. In the same time, function systle, parameter estimation methods and three test methods were discussed.The third part gave an account of obtaining and measuring methods of the research data. The thesis briefly describes the geographical division, the development of economy and the residential secondary market of Wuhan City. The thesis focused on the three ways of obtaining data, qualitative and quantitative methods to quantify data, simultaneously analyzed the expected impact of the characteristics variables on residential prices.In the forth part, the thesis regarded the residential secondary market of Wuhan City as the whole market and carried on the experiential research. This part consisted of two sections. The first section come to the linear mode, and ten characteristic variables were selected into the model. The results of symbolic analysis showed that seven characteristics such as construction area, towards, decoration, life and services support, sports facilities, external environment and internal environment had positive impact on prices, three characteristics such as age, floor area ratio and center distance had negative impact on prices. In the hedonic price analysis, the thesis got the hedonic prices and the sort of importance of characteristic variables. The second section took logarithmic model as the improved model of lineal model, and fifteen characteristic variables were selected into the model. The results of symbolic analysis showed that twelve characteristics such as construction area, towards, decoration, floor, parking spaces, subway or light rail, life and services support, sports facilities, property Management, Property management fees, external environment and quality of residents had positive impact on prices, three characteristics such as age, floor area ratio and center distance had negative impact on prices.At last, the thesis carried on the experiential research of market segmentation for residential secondary market of Wuhan City. The thesis reviewed the residential market segmentation literature, and then subdivided the residential secondary market into three sub-markets on the basis of the comprehensive use of principal component analysis and SOM network. Subsequently, the thesis established hedonic price models of each market segment. The results showed that the residential market had segments, and there were much difference between them.