dc.description.abstract | Summary
The purpose of this thesis is to construct housing price index used for comparing the local housing market around Taoyuan and Hsinchu area. By the way of using transaction materials from some realty companies in the area, the theory of hedonic price approach is applied to propose a basic model and a topical model, then to compile housing price indices for analyzing house price variation and its development tendency during 1995 to 2005.
According to the analysis result of empirical models, conclusions were obtained as follow:
First, the empirical results of the basic model show a robust explanation to housing price formation; After added more dummy variables to control the model, then it has obvious evidence confirmed on consumer’s behavior about housing price rise and drop changes.
Second, using the Box-Cox transformation method to detect the non-linear relations between the price and characteristics, the results further confirmed that the majority of housing price models has the feature of non-linear relations.
Third, if joined together with township (location) and house type variables to the topical model, housing price function may transform from non-linear to linear relations, which found a way for solving the functional uncertainty arguments when directly using semi-logarithm to housing price model.
Fourth, housing price index of this thesis carried on the comparison with the simple moving average housing price index, the results indicated that the former is better than the later in rationality, not only in integrity of yearly curve but also in the explanation to house price variation. Then, the hedonic price approach might be superior to moving average method in the explanation of housing price changing tendency.
Fifth, comparison with a housing price index in market which announced in regular by a realtor company, discovered that, take 2000 as base period, housing price index chart presented both are almost coincident, and if moved base period to 1995, then the dropped rate of housing price index that Taoyuan and Hsinchu area was obviously more expanding than what they announced of larger area.
Under the relative shortages of research resources, any moderate realty companies may use housing price index model that had constructed by this thesis, doing somewhat similar analysis to individual smaller market, and applying to housing price appraisals. It would be very helpful to understand the changes of the local house market. | en_US |