The Research Of Second-hand Housing Price In Qingdao City Based On Hedonic Model

With the rapid development of China’s economy and the acceleration of urbanization, the demand for housing is growing. And because of the limited supply of land, making the real estate market showing an overall shortage situation, further leading to an overall upward trend in real estate prices, making the real estate market supply and demand contradiction intensified. As housing is typical heterogeneous goods, housing characteristics of the building structure, neighborhood environment and location have a big difference, these features will affect the price level of housing. In addition to these common factors that impact the housing prices, in special circumstances, there are also special factors, such as the coastal city should consider the distance from the sea. Taking Qingdao City as an example, it is not only a good place for holiday, but also a good place to pension. On the background of aged tendency of population and the change of people’s ideas, more and more people will choose to purchase for leisure or pension uses. The second-hand housing occupies a large proportion of the entire real estate transaction in Qingdao, and the second-hand housing prices and new home prices have linkage, to a certain extent, also reflects the price of the entire housing market. Extensive literature confirm that previous studies focus more inland cities or mega-cities, compared with other inland cities, the paper pay more attention to the study of the unique features of Qingdao City. This paper will use hedonic price model to research Qingdao second-hand housing price, analyze the selected characteristics’ impact on second-hand housing prices of Qingdao. This paper is divided into five parts:First, by studying the relevant literature, summed up the domestic and international factors that affecting housing prices. Determined choose the starting point of the study of second-hand housing prices, and also the research contents and research methods.Second, introducing the hedonic model and the basic theory of the house price determinants, summarize the main theoretical basis and analysis methods.Third, combine the natural conditions of Qingdao, and then analysis the investment conditions of the housing market in Qingdao, study the supply and demand of housing market and also analysis the prices development of housing price.Fourth, basing on the collection of 599 samples of Qingdao valid statistical data, as well as the processing of second-hand housing samples. Through qualitative and quantitative analysis, combining the characteristic variables that have chosen to build housing prices Hedonic models, it shows that housing prices can be composed by housing key features, get the conclusion of the intensity of characteristics.Fifth, according to the empirical results of this paper get the appropriate revelation, and looking to the future improvement of the paper.According to use the hedonic model to analyze these characteristics, and finally found that in addition to other inland cities, architectural features, ease of transportation and other variables have the same impact on Qingdao city housing prices. The quality of tourism resources and the distance from the seaside and the sea view quality are significantly affect housing prices, which is different from other places inland cities. The results can provide a reference for consumers, real estate developers, government and real estate appraisal agency.Shortcomings, due to limited capacity, the macroeconomic factors are not considered in this paper, we only considered the micro factors. The innovation is that selected Qingdao the coastal city as the research object, in particular, selected the number of tourism resources, seascape quality, and the distance from the sea to study Qingdao hand housing prices.