Hedonic price analysis of urban housing：An empirical research on Hangzhou, China

• Published in: Journal of Zhejiang University. A. Science Vol. 6; no. 8; pp. 907 - 914
• Main Author: 温海珍 贾生华 郭晓宇
• Format: Journal Article
• Language: English
• Published: Department of Civil Engineering, Zhejiang University, Hangzhou 310027, China%Center for Real Estate Studying, Zhejiang University, Hangzhou 310027, China 01.08.2005
• Subjects: 供求矛盾; 房地产市场; 房屋价格; 杭州市; Housing price; Hedonic price model; Housing characteristics
• ISSN: 1673-565X; 1862-1775
• DOI: 10.1631/jzus.2005.A0907

The hedonic price model is widely applied to study the urban housing market because of the heterogeneity of housing products. Literature indicated that the hedonic price theory mainly includes two parts： Lancaster＇s partiality theory and Rosen＇s characteristic market equilibrium analysis. This paper chose 18 characteristics as independent variables and set up a linear hedonic price model for Hangzhou City. The model was tested with 2473 housing samples and field survey data of 290 housing communities. This research found that 14 out of 18 characteristics had significant influence on housing price. They were classified into 5 groups according to their impact degree.