Impacts of City Public Goods Supply on Housing Price
|School||Huazhong University of Science and Technology|
|Course||Management of land resources|
|Keywords||House Price Public Goods Supply Equalization of Public Services Regional Difference Large and Medium-sized Cities|
The real estate is a heterogeneous commodities, the price is closely related to thesurrounding nature and economic factors. The public resources of house location has a veryimportant impact on the housing price.With the rapid economic development, the livingstandard has also improved, and the requirements for real estate is no longer merelysatisfied to the scope of residence, but more concern with the comfort level of urban areas.In recent years, the housing price rising has become the focus of the whole society, thereasons for house prices change has become the focus of experts and scholars too. Mostscholars studied it from the relationship between supply and demand of the real estatemarket, the constitute of real estate values, and the national real estate policy and so on, butfew to study the difference of house price change between different city or region.What caused the fluctuation difference of housing price between inter-city andinter-regional? In this paper, we intend to explain the differences from the city’s publicgoods supply level. In the existing study of the relationship between public goods supplyand housing prices, scholars often only studied one public resource, such as mass transit,green parks, it is difficult to find the effect difference of cities public goods supply level onhousing price. Therefore, it is very necessary to quantitative studies the effect of differentcities public goods supply for the housing price. In this paper, we attempts to analysis therelation between urban public goods supply and housing price through the combination oftheoretical models and empirical analysis. First, we sort out the research findings ofscholars, discussed the affect mechanism of urban public goods supply and housing price.And then, we build the relation model of urban public goods supply and housing prices,empirical analysis the relation with panel data of China’s35large and medium-sized citiespublic goods supply and the housing price. Finally, we make relevant recommendationsbased on our finding, and wish to provide reference for the healthy development of the city’s real estate market.The main results as follows: Overall, the public goods supply level and housing priceof China’s large and medium-sized cities have increased in study period, but the publicgoods supply level and house price have a larger gap in different regions; On the nationallevel, the supply level of public goods raise has positive impact on house prices, but thecurrent city government public goods expenditure have a stronger impact on housing price;On regional level, the elasticity coefficient of the eastern public goods supply have anstronger impact on housing prices. This shows that the higher economic development level,the greater the demand for public goods; For different types of real estate, commercialresidential price influenced significant by the public goods supply level, but the impact ofoffice buildings and commercial buildings is not significant, because they are in the core ofcity, where has a high public goods supply level.