The Effects Of Urban Expressway On Housing Prices

With the advancement of urbanization,the urban population is becoming saturated,and problems such as traffic congestion are increasingly apparent.Many cities have eased traffic pressure by building expressways.The expressway not only has basic functions such as improving traffic efficiency and improving the road network structure,which has an impact on urban traffic accessibility,but also brings external economic benefits and affects housing prices.In this paper,the third phase of the Hangzhou Qiushi Highway is used as an example to explore the impact of road facilities construction on accessibility,and further explore the relationship between accessibility changes and housing prices caused by road facility construction.The sample of house prices in this article is the second-hand house transaction data before the start of construction of the Qiushi Highway Phase III project(2012)and completion(2015),and uses Wulin CBD and Qianjiang CBD as urban centers to calculate the residential area to city.The traffic accessibility of the center analyzes the impact of the third phase of Qiushi Highway on the traffic accessibility;then,using the characteristic price model and the difference-in-difference method,according to the accessibility of the third stage of Qiushi Highway,the Hangzhou Expressway network entrance The three methods of accessibility and the change rate of traffic accessibility in urban centers divide the residential quarters into "experimental groups" and "control groups" to explore the impact of the construction of Qiushi Highway on residential prices.The main research work and results are shown below:(1)Construction of Hangzhou Road Network Data Set.Through the network analysis of ArcGIS,the actual road network distance and actual travel time from the residential area to the city center were calculated,which improved the expression level of accessibility.(2)The impact of the third phase of Qiushi Highway Project on the traffic accessibility of urban centers.The research in this paper finds that the opening of the third phase of Qiushi Highway Project can significantly improve the traffic accessibility of the surrounding areas,especially the Qianjiang CBD.In addition,this increase in accessibility can spread to other,more distant areas through the expressway network.(3)The opening of the third phase of Qiushi Highway will affect the housing price through the change of traffic accessibility as an intermediary factor.The results of the difference-in-difference method show that the third phase of Qiushi's Highway project will not directly have a significant premium on neighboring houses;on the contrary,the opening of the third phase of Qiushi's Highway will reduce the price of houses near the entrance and exit of the expressway network.However,due to the opening of the third phase of the Qiushi Highway,there will be a significant increase in the accessibility of the Wulin or Qianjiang CBD,and the price will rise significantly due to the opening of the highway.It can be seen that the premium effect of highway on houses will not be directly generated by neighboring houses.It will increase the accessibility of traffic in some areas and further have a positive impact on housing prices in the area.