The dynamics of Swedish national and regional house price movement

In this study, the recent persistent growth of regional house price pattern in Sweden is explained by the fundamental variables and the regional distributive perspective on household income and wealth are indicated to be important to understand the different level and development of regional housing market. We also discuss the long running relationship between house prices and migration flows and highlight its critical role on house price analyses.     

编制城市存量房价格指数的难点及相应对策

城市存量房价格指数是房地产价格指数中的一种，用来反映城市存量房价格的波动情况，预测价格的变动趋势，指导市民理性交易，并同时为政府部门制定相应政策提供依据，由于城市存量房交易情况错缩复杂，在指数编制过程中会遇到很多疑难问题。本文首先对典型区域的选择问题，基期的确定问题，样本资料的选取问题进行了细致的阐述，并提出了相应的解决对策。随后本文对区域性因素调整问题从定性和定量两个方面进行了重点分析，并建议使用德尔菲法确定影响程序，从而在定性分析的基础上得出区域性修正系数，在定量分析的基础上介绍了存量房价格指数的计算方法。     

房地产税对房产价格影响效应分析

基于2000~2012 年我国30 个省的房地产税和房价的面板数据,通过平稳性分析、协整检验以及回归分析,研究了我国房地产税和房价之间的关系。研究发现,房地产税对房价有正U 型影响效应,即短期内房地产税能有效抑制房价的上涨,而长期内房地产税的征收则会带动房价的上涨,同时,房地产税对房价的影响具有显著的区域差异,而且各房地产税种对房价的影响也不尽相同。而且上期房价、利率以及其他宏观经济环境对房价也有一定的影响。因此,我国现行房地产税收制度改革过程中,需要考虑宏观经济环境的影响,针对不同地区制定相应的税收政策。     

Mind the gap: implications of overseas investment for regional house price divergence in Britain

The UK has had a long-standing regional house price gap with prices in London much higher than the rest of the UK. Using price data from 1969 to 2016 we track price differentials through several cycles of boom and bust, and note the growing divergence of London, particularly central London, from the rest of Britain. In explaining this divergence, we highlight the growing importance of international investment since the global financial crisis. We conclude that, although ‘Brexit’ may have brought the latest long London boom to a close, there is nothing to suggest that the regional house price gap will close. Given the ongoing importance of global financial inflows to major world cities, this has significant implications for how governments approach affordability and housing policy.     

异质信念对中国房价波动的影响效应研究

购房者行为模型表明,异质信念对房价具有正向影响,无论公共预期如何,异质信念都将促进房价上涨。通过工具变量 2SLS 法对中国 35 个大中城市的实证分析表明,异质信念对房价波动显示出显著的解释力,并表现出明显的区域效应;以是否实施限购区分的分样本分析表明异质信念对房价的影响与公共预期的方向无关,从而验证了提出的推论,为异质信念条件下的政策调控提供了思路     

基于VAR 模型的三线城市商品房价格动态计量分析——以唐山市为例

通过构建VAR 模型,对三线城市商品房价格进行动态计量分析。模型系统内选取唐山市1995~2009 年相关指标数据为对象,通过协整检验、Granger 因果检验、脉冲响应函数和方差分解,考察三线城市商品房价格与其相关因素的相互影响关系。以期对三线城市商品房价格宏观调控提供参考依据,并提出更有针对性的建议。结果显示三线城市商品房价格与 GDP、商品房竣工面积和销售面积之间存在长期均衡稳定的关系。商品房价格对其自身的促进作用十分显著;商品房竣工面积是商品房价格变动的重要影响因素,对商品房价格有正向冲击;商品房价格与GDP 的相互促进作用显著;商品房销售面积对商品房价格的影响并不显著,但商品房价格推动销售面积增长。     

House prices in Sweden: The significance of attributes

The paper describes an empirical study of house prices in Sweden. The purpose is to assess marginal (hedonic) prices of different characteristics of single family houses and to indicate regional variations in these. The method used—regression of house prices on attributes—allows us also to calculate regional prices of a house with a given set of attributes, i.e. comparing prices of identical houses in different regions. On the basis of a large number of sales it is possible to conclude that the real estate markets of Sweden do not differ qualitatively from those of USA and Great Britain. The same types of characteristics seem to have hedonic prices. The most important are the size of the building and the lot, the age of the real estate, the quality of its interior, and its location both in terms of accessibility and social environment. Regional variation in prices of ‘identical’ houses are substantial. The price level of the most expensive region is three times the price level of the cheapest region. Implicit prices on attributes also vary regionally, most pronounced in the cases of social environment, lot size, accessibility and living space.     

基于计量经济模型的房价与地价关系研究

针对房价与地价间相互因果关系的争论,本文根据2002年第三季度到2006年第四季度A城市房价和地价的数据,利用协整检验和Granger因果关系的计量方法,对二者关系进行了检验,结果发现房价与地价之间存在着互为因果的双向联系,但房价对地价有着重要影响,在两者关系中起主导作用。     

Housing careers,asset accumulation and subsidies to owner occupiers — A microsimulation

Owner occupiers in the UK housing market receive considerable central government subsidies, namely through provision of tax relief upon mortgage interest, through exemption of private house sales from capital gains tax and through tax advantages relative to those who pay rent out of their net incomes. This paper sets out a framework for assessing the incidence of these subsidies upon different groups of owner occupiers over time, and suggests how regional fluctuations in house price inflation, size of house purchase loan and residential mobility behaviour affect the incidence of exchequer subsidy.     

Do Urban House Prices Converge?

We investigate two aspects of housing market price dynamics. Firstly, whether the spatial pattern of house prices in a metropolitan housing market converge or diverge over time and secondly, whether suburbs with relatively low (high) house prices 20 years ago continue to occupy the same relative position in the house price distribution. The empirical work uses a property transaction database for Melbourne to examine the changing distribution of suburban house prices over a nearly 20-year period (1990–2009) that spans two housing cycles. We focus on convergence measures that use Melbourne submarket-based repeat sale house price indexes as a unit of measurement. We find that house prices diverge, and so the gap between low-priced submarkets and high-priced submarkets is increasing. A second key result is that low-priced submarkets typically remain at the low end of the house price distribution, because their rates of appreciation fall short of those at the upper end of the house price distribution. The geography of house price dynamics suggests that the price gradient with respect to distance from the central business district is becoming steeper.     

Spatial analysis of the relationship between housing values and investments in transportation infrastructure

The relationship between residential location, location value and accessibility has been of long interest to regional scientists. Studies investigating the relationship between house price and changes in accessibility, however, have been fewer in number, and predominantly have centered upon the house price impact of fixed rail investments. Neglected have been the impacts of smaller road investments made on a regular basis by municipalities and state departments of transportation. This research therefore reports on the spatial relationship between house price and investment in road-based transportation infrastructure by combining two spatial databases, both centered on Columbus, OH. The first contains information on all single-family detached houses sold in 1990. The second contains detailed spatial and temporal information on all accessibility-changing road investments in the same area, since 1978. Results indicate that while moderate, past, current and approved (but not begun) road investments have distinct and significant impacts on house price.An earlier version of this paper was presented at the 40th Annual Meeting of the Western Regional Science Association in Palm Springs, California, February 2001, and was awarded The Charles M. Tiebout Prize in Regional Science. Randall Jackson, Morton OKelly, W. Randy Smith, Donald Haurin, Frank Mittlebach, the editor and an anonymous reviewer all provided valuable comments on previous drafts. Research funding was provided by the E. Willard and Ruby S. Miller Fellowship and through the Committee on Urban Affairs at Ohio State.Received: March 2001/Accepted: November 2003     

Silver bullet or trojan horse? The effects of inclusionary zoning on local housing markets in the United States

Many local governments are adopting inclusionary zoning (IZ) as a means of producing affordable housing without direct public subsidies. In this paper, panel data on IZ in the San Francisco metropolitan area and suburban Boston are used to analyse how much affordable housing the programmes produce and how IZ affects the prices and production of market-rate housing. The amount of affordable housing produced under IZ has been modest and depends primarily on how long IZ has been in place. Results from suburban Boston suggest that IZ has contributed to increased housing prices and lower rates of production during periods of regional house price appreciation. In the San Francisco area, IZ also appears to increase housing prices in times of regional price appreciation, but to decrease prices during cooler regional markets. There is no evidence of a statistically significant effect of IZ on new housing development in the Bay Area.     

House price diffusion of housing submarkets in Greater Sydney

Abstract

Despite numerous studies investigating house price diffusion between regional cities, few have considered a spillover effect among housing submarkets within a metropolitan city. This study expands upon the limited literature to examine house price diffusion of housing submarkets (namely, low-priced and high-priced submarkets) in Greater Sydney, one of the most diverse housing markets in Australia, using convergence tests, cointegration techniques, Granger causality and dynamic ordinary least square cointegration tests. The results show that a long-run relationship in house prices exists between these two submarkets in Greater Sydney. Importantly, the empirical results show that a large degree of diffusion takes place from the less prosperous submarket to the high-end submarket. This supports the equity transfer hypothesis via a filtering process in which house prices in the low-priced submarket will be transmitted into the high-priced submarket. The study also finds that the low-priced submarket is the primary reactor to changes in economic fundamentals. These findings have some profound implications for policy-makers and housing investors.     

我国商品房价格的现状分析

通过分析我国商品房价格现状与居民收支状况，进行城市住房价格的国际比较， 出我国商品房价格与居民收入之比过高、使居民无足够的购买力。分析我国商品房价格过高的原因，寻找降低房价的出路。     

我国经济适用房对房价影响深度的实证研究

首先对我国目前经济适用房的研究现状进行了分析,然后通过计量经济学的回归模型,对2005年-2008年间的＂经济适用房资金投入指数＂和＂房地产价格指数＂的相关数据进行了实证分析,得出经济适用房对房价影响甚微的结论,在此基础上结合现状提出政策建议。     

中国房价涨势的需求拉动和溢出效应研究

基于 2006~2016 年中国 30 个省市的房价面板数据,运用固定效应模型和分位数回归从整体和局部的视角来探讨房价波动的影响因素。研究结果表明:从整体来看,收入和房价溢出水平拉动房价上涨的特征较为明显;在东部地区,人口因素对房价波动的正向影响强于其他因素;在中部地区,建设成本和房价溢出因素的变动对房价波动的影响最大;在西部地区,人口因素和房价溢出因素对房价涨势的影响最为显著。研究认为,应坚持贯彻“房子是用来住的,不是用来炒的”理念,遏制房地产的投机行为,使住房逐步恢复到原有的“居住”属性。     

限价房性质和发展方向研究

限价房是政府促进房地产业健康发展的一项重要举措.从分析限价房的背景、作用、房价上涨与住宅权的关系入手,对限价房的性质和未来地位进行了探讨,同时对限价房的发展方向提出建议.     

The influence of urban and natural amenities on second home prices

This paper estimates a spatial hedonic model to examine the influence of urban and natural amenities on second home prices in south Sweden, incorporating local and regional heterogeneity. With the results obtained in this paper, several important relationships between amenities and second home prices are revealed and price formation in this particular study region is indicated to be strongly related to place-specific factors, regional context and amenities. Key findings show that natural amenities have a significant influence on pricing of second homes when located in regions classified as rural, whereas access to an attractive local house market is shown to be more important for prices of urban second homes.     

浅议城市住宅用地规划对当代城市问题的作用

从城市规划的角度出发,对现在城市中房价不断上涨的情况进行了分析,对由于房价而出现的一些城市问题进行了研究,提出了城市住宅用地规划抑制房产价格的方法,以解决中低收入者住房问题.     

消费者理性决策对节能住宅推广的影响分析

为了探究影响节能住宅推广的原因,本文运用层次分析法从消费者购买决策的角度进行分析,发现节能住宅的价格和对节能环保内涵的了解是影响消费者购买节能住宅的最主要影响因素。因此,要将节能住宅推向市场,关键是要降低节能住宅的造价,并且要让购房者深入了解节能住宅带来的好处。