아파트 경매 가격 결정요인에 관한 연구 = (A) study on auction price determination of apartment -a Korean case

다국어 초록 (Multilingual Abstract)

Auction is, by definition, open competition and thus its price may be close to a transparent market price. However, while other real estate auction may involve some trouble in that participants have to investigate the property before attending the auction, apartment auctions may not require participant's any prior expertise because apartments are generally standardized on a regional basis throughout Korea. For this reason, it may be safe to say that the apartment auction price is a true market price determined by free competition with only regional differences.

From this viewpoint of free market, this paper attempts to explain what affects the apartment auction price. To do so, this thesis assumes several hedonic and occupancy-related variables as its key factors and then tries to capture the effect of these separate variables on both appraised value and auction price of apartments. Semi-log regression analysis was conducted to identify the main factors. Auction data of three specific regions in Korea from 2006 to 2010 were employed in this analysis. The three regions can be representatives of high, moderate, and low price regions, respectively, in Korea. The price was adjusted to a consumer price index in December 2010 in consideration of inflation during the study period.

The findings of this empirical study can be summarized as follows:
First, in regions where the price is high and moderate, variables related to reconstruction represented by old age(over 18 years after construction) and low story(under 10 stories) appeared to have significant influence on both apartment auction price and appraised value. This means that the price of apartments with old age and low story becomes higher in some regions where the price is already high and moderate. This strange phenomenon can be explained by an expectation of reconstruction of obsolete apartments, which normally serves as an alternative to new construction in crowded areas with no spare space left for buildings and offers the owners some financial benefits such as gains through price rise in general and allotment of new apartments with better quality when reconstruction process is completed. In contrast, these factors did not show any sign of impact on the price in a low price region under this study. Second, scenic views also showed the most significant impact on the price in a high price region and showed relatively weaker impact in a moderate price region while in a low price region, they did not show any sign of effect on the price just as the variables related to an expectation of reconstruction did not affect the price. Third, there was no significant difference in a variable related to the direction of apartments, namely, preference for the south-face, because most apartments in Korea actually face the south.

These findings can suggest that in regions where the price is high or moderate, people are more concerned about the quality of housing which can be represented by scenic views and reconstruction which is usually followed by better quality housing. There are some implications through these findings which housing constructors and governments alike should keep in mind:
First, housing markets are, by nature, regional, not national markets. The characteristics of housing markets are completely distinct according to regions as evidenced in this analysis. Therefore, constructors and policy makers should not be confused concerning the regional differences when they make plans to provide housing in specific regions and follow appropriate guidelines based on these regional characteristics. Second, governmental officials should also consider regional differences when they establish housing policies. For example, they should reflect these regional characteristics in building new towns or providing new apartments via reconstruction to solve the problem of chronic shortage of housing in Seoul, metropolitan city of Korea. Since there seems to be a clear preference for better quality housing in Seoul which is represented as a high or a moderate region in this study, quality should go first before economy in providing housing in this region. However, in regions with relatively lower income thus the price being lower in general, there should be a supply of housing designed for practical use with lower price.

목차 (Table of Contents)

• 제1장 서론 -----------------------------1
• 제1절 연구의 목적------------------------1
• 제2절 연구방법 및 범위 ---------------------4
• 제2장 경매가격 결정의 이론적 배경-------------6
• 제1절 부동산경매의 의의 및 절차 ----------6
• 1. 부동산 경매의 의의---------------------6
• 2. 부동산 경매의 유형---------------------6
• 3. 부동산경매의 절차---------------------9
• 4. 우리나라 아파트 경매시장 현황------------12
• 제2절 아파트 경매가격 결정 이론 ----------16
• 1. 경매시장에 대한 외국의 선행연구 ---------16
• 2. 아파트 경매가격 결정 요인에 대한 선행연구 ---17
• 3. 경매특성 변수 -------------------------20
• 4. 해당 아파트의 특성 변수 ---------------21
• 5. 아파트 경매의 위험요인 --------------------25
• 6. 국외 선행연구 ------------------------29
• 7. 국내 선행연구 ----------------------35
• 제3장 연구설계--------------------------42
• 제1절 자료와 변수--------------------------42
• 1. 자료-------------------------------42
• 2. 변수-----------------------------43
• 제2절 연구모형-------------------------52
• 제4장 실증분석 결과 -----------------------57
• 제1절 감정가격을 종속변수로 한 실증분석 결과------57
• 1. 강남구 실증분석 결과 -----------------57
• 2. 노원구 실증분석 결과------------------58
• 3. 광주 남구 실증분석 결과 ---------------58
• 4. 다중공선성 분석-----------------------59
• 제2절 낙찰가격을 종속변수로 한 실증분석 결과 ------63
• 1. 강남구 실증분석 결과 ----------------63
• 2. 노원구 실증분석 결과-----------------64
• 3. 광주 남구 실증분석 결과 --------------65
• 4. 다중공선성 분석---------------------66
• 제3절 지역별 비교 분석-------------------------70
• 1. 지역별 공통점----------------------70
• 2. 지역별 차이점----------------------70
• 제5장 결론 ----------------------------73
• 제1절 연구의 요약 및 시사점------------------73
• 제2절 연구의 한계점 및 향후 연구과제-----------76
• 참고문헌------------------------------77
• Ⅰ. 국내문헌---------------------------77
• Ⅱ. 국외문헌---------------------------80
• Abstract ---------------------------85

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