The purpose of this study is to investigate the housing price factors by using hedonic approach based on variables including physical elements, building site, regional environment in Chongju city. This study employed regression analysis and correlatio...
The purpose of this study is to investigate the housing price factors by using hedonic approach based on variables including physical elements, building site, regional environment in Chongju city. This study employed regression analysis and correlation research method to achieve the major objectives of this study.
The followings are major findings as ;
Firstly, the physical factors using variables in this research are a building feature, a floor space, a number of rooms, heating systems, kitchen facilities, garden space, a basement, a garage, and the building age. The results from correlation analysis between the factors and the housing price is analysed. The results show that a building feature, a floor space, a number of rooms, a kitchen facilities, garden space, a basement have highly affected to determine housrng price in Chongju city.
Secondly, a site variable aaong other factors such as housing environment, a site space, disqust facilities has only high correlation with housing price.
Thirdly, there are high correlations between housing price and environmental amenity, a distance to a market but shows no relationship between housing price and regional environmental factors.
Fourthly, the building size, a number of rooms, garden space, the degress of satisfaction for housing have high correlations among variables.
Fifthly, housing price in hedonice price function has significantly high coefficients in the physical factors, a building feature, a floor space, a number of rooms, garden space, a basement, a housing age. Especially a building site, a site space, a distance to the core of city have highly affected to housing price.
Sixthly, the physical elements, a building feature, a floor space, a number of rooms, garden space, a garage, a housing age have also highly affected to housing price in the east Chongju city.
Seventhly, the physical elements, a building feature, a floor space, a number of rooms, a basement, a housing age have also significantly affected to housing price in the west Chongju city.
With the results as above, a physical elements and a building site of housing are main variables to determine the housing price in Chongju city. Specifically, the difference of housing price variables between the east parts and the west parts of Chongju city is due to amenity difference of two areas environment as regional factor.
In conclusion, the important factors affected to housing price in Chongju city are building feature, a floor space, a site space, a number of rooms, garden space, a basement, a housing age.