Study On The Spatial And Temporal Effects Of Urban Centers On Housing Prices

Since China's reform and opening up, the process of China's urbanization are accelerating. So a large number of cities set off the boom of the old district transformation and the new district planning and construction. The spatial structure within a city is going through the continuous evolution, and many cities have developed from a single center form to a multi-center form. With the rapid development of real estate, people began to pay increasing attention to changes of urban housing price. Then changes in urban centers are bound to affect the urban land or housing prices, and thus are reflected in their spatial distribution. Therefore, based on the perspective of the multi-center city, this article attempts to explore the impacts of urban centers on housing prices from time dimension and space dimension. The main work and conclusions of this paper are as follows:(l)This paper summarizes the hedonic price theory, location theory, rent-seeking theory, and the research progress of impacts of urban centers on housing prices. Based on the summary of previous studies, the variables used in this study are selected. Taking six administrative regions in Hangzhou City as the study areas, we collect residential data including 234 communities in 2003,343 communities in 2008, and 660 communities in 2011.Then four methods are used to code and quantify the sample data.(2)Based on reviewing the evolution of three urban centers which are West Lake, Wulin Square and Qianjiang New Town, we use hedonic price model and select the residential data in 2003,2008 and 2011 to build the model, in order to study the temporal effect. The results show that the three centers, West Lake, Wulin Square and Qianjiang New Town, have different influences on housing prices, which show some variation over time.(3) Based on hedonic price model, we select the residential data in 2011 to build three models to study the spatial effect. The results indicate that the impacts of three centers on housing prices show certain heterogeneity in space, and in general, the residential price gradients in Hangzhou show the characteristic of "north-east and south steep, western slow ".(4) The reasons for temporal effect and spatial effect are analyzed. For temporal effect, we explain the reasons from the evolution of three urban centers which are West Lake, Wulin Square and Qianjiang New Town. For spatial effect, we explain the reasons from five aspects, which are the different influence of urban centers, the expansion of urban space, transport development, urban planning and layout and land grading policy.