Application of Hedonic Price Method for Price Analysis of Aged Houses in Taipei –Case study for Impacts of Exterior Wall Renovation
Date Issued
2012
Date
2012
Author(s)
Chen, Wen-Ting
Abstract
Exterior wall renovation is currently one of the major methods to achieve urban renewal quickly and effectively, and the government also aimed to improve the city appearance and enhance the quality of living environment through the subsidy policy. In recent years, more theses showed that exterior wall renovation can enhance the value of housing. Therefore this thesis formed the hedonic price model of aged housing through the hedonic price method analysis and discussed the impacts of exterior wall renovation.
This study collected and analysed used 5 exterior wall renovation cases in Da-an district provided by Taipei government, 32 old housing of a similar nature in the vicinity, and 81 actual deal datas provided by property agency. In order to analyze exterior wall renovation effectively, this adopt semi-logarithmic model to form the hedonic price model.
This considered market price fluctuations and used two methods to find a more realistic manner. Model one can analyze the value of each transaction resulting from the annual impact on the real estate by adding transaction year factors. Model two conbimed house price index to discount all transactions to the second quarter of 2011 and it can eliminate the difference between the market price fluctuations.
This concluded that model one and model two resulted similar both in the model explanatory power and significant part. However model one used a wider range of price level, this suggested that model two was more close to the actual situation. The significant factors of affecting the old housing price included:
1.The house price reduced by 16.55% in 2008 trading year.
2.The house price reduced by 14.4% in 2009 trading year.
3.The house price increasedd by 7.26% in 2011 trading year.
4.When the real estate transfer area increased, the real eatate value increased by 1.1%/ping.
5.Exterior wall renovation made the real eatate value increase by 15.67%.
Subjects
Exterior Wall Renovation
Hednic Price Method
Aged Houses
Urban Renewal
SDGs
Type
thesis
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