From Housing Submarket Viewpoint to Analyze Court Auction House Prices in Tainan City

• Main Author: 林致慶
• Other Authors: 謝博明
• Format: Others
• Language: zh-TW
• Published: 2004
• Online Access: http://ndltd.ncl.edu.tw/handle/54192971818345595409

碩士 === 長榮大學 === 土地管理與開發學系碩士班 === 92 === In recent years, the continuous decline in macro-economic conditions has contributed to a slump in real estate market cycle. As a result, there has been a steady increase in mortgage arrears. A large amount of mortgage arrears have been released to the court auction housing market. Reported by the media, people gradually understand the court auction housing market conditions. In bidding a court auction house, what is the bidding process and what are factors affecting the auction price? What is the spatial allocation of different types of court auction houses in Tainan city and how does the spatial factor influence the court auction price? A hedonic price model is employed in this study to estimate the influence of the determinants on court auction house price. The heterogeneity of house location and house type has been indicated by previous research which has significant impacts on house price. To deal with this issue, the study employs the concept of housing submarket to classify house types into house (primarily semi-detached) and apartment complex and to classify spatial location into city center and suburban areas. It is worth to note these questions: whether if the court auction house price decreases with the distance to Tainan city center? Whether if the court auction house price changes with spatial location such as city center or suburban areas? The empirical results confirm that the court auction house price decreases with the distance to city center but has a turning point at the 4-5 km distance to city center where the house price was found to increase with the distance to city center. It is probably because there exists another city center in Tainan city. The results also suggest that there exists a spatial submarket in Tainan court auction housing market. It was found that the total floor area has the most significant and important effect on court auction house prices in the house submarket; the second significant factor is the distance to city center. In the apartment complex submarket, the total floor area is also the most significant determinant; the second is the age of the housing unit. Moreover, the number of storey and the distance to city center were found to change their significant level between house type submarkets. Also the number of storey and whether it is occupied were found to change their significance between spatial submarkets.