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1 Modelling Spatial Variation of Housevalue Determinants Youngok Kang* Abstract : Lots of characteristics such as dwelling, neighborhood, and accessibility characteristics affect to the housevalue. Many researches have been done to identify values of each characteristic using hedonic technique. However, there is a limit to identify interaction of each characteristic and variation of each characteristic among the accessibility context. This paper has implemented the Expansion Method research paradigm to model the housevalue determination process in the city of Seoul. The findings of this paper have revealed the presence of contextual variations in the housevalue determination process. The initial model for housevalue reveals that as F 1 increases (i.e., larger the number of rooms/bathrooms, larger parking space) and/or F 2 increases (i.e., higher owner occupied housing units, higher apartment housing units) and/or F 3 increases, (i.e., higher the ratio ofhigher than college graduated households, 8 school zone, older housing units) the estimated housevalue increases. However, the above relationships drift across their respective contexts. The houses which have negative F 1 value, the housevalue does not fluctuate according to the distance to the city center or subcenters. However, the houses which have positive F 1 value, the closer to the subcenters or shorter to the river, the higher the estimated housevalues. On the other hand, in areas far from the subcenters, the estimated housevalues does not fluctuate much according to the corresponding F 2 level. In areas close to the subcenters, the estimated housevalues vary tremendously according to the F 2 value. In the residual analysis, it is revealed that large apartment which are located in Kangnam, IchongDong, MokDong are underestimated. This paper has contributed to our understanding of the housevalue determination process by providing an alternative conceptualization to the traditional approach. Key Words : Estimation of Housevalue, Expansion Method, Hedonic Regression, Spatial Interaction between Determinents, Residual analysis, GIS Research Fellow, Center for UIS, Seoul Development Instituteykang@sdi.re.kr 907

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7 y = F F F 3 R 2 =.735 y = D D F F 1 D F 1 D F 1 D F F 2 D F 2 D F 2 D F F 3 D F 3 D F 3 D 3 R 2 =.789 y= f(f) y = f(f) = a 0 F 0 + a 1 F 1 + a 2 F 2 + a 3 F 3 a 0 = D D 3 a 1 = D D D 3 a 2 = D D D 3 a 3 = D D D 3 913

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15 Kim, Y. and Johnson, R.L., 2002, The impact of forests and forest management on neighboring property values, Society and Natural Resources, 15, Lacaster, K. J., 1966, A new approach to consumer theory, Journal of Political Economy, 74, Leichenko, R. M., Coulson, E. and Listokin, D., 2001, Historic preservation and residential property values: an analysis of Texas cities, Urban Studies, 38(11), Mather, P.M., 1975, Computational Methods of Multivariate analysis in Physical Geography, Wiley, London. Mcdonald, J.F. and Bowman, H.W., 1979, Land value function: a reevaluation, Journal of Urban Economics, 6, McDonald, J.F. and McMillan, D.P., 1990, Employment subcenters and land values in a polycentric urban area: the case of Chicago, Environment and Planning A, 22, Rosen, Sherwin, 1974, Hedonic prices and implicit market: product differentiation in pure competition, Journal of Political Economy, 82(1), Smith, B.A., 1978, Measuring the value of urban amenities, Journal of Urban Economics, 5, Unwin, D. J., 1975, An Introduction to Trend Surface analysis: Concepts and Techniques in Modern Geography 5, Gepabstracts, Norwich. Waddel, P., Berry, B.J., and Hoch, I., 1993, Housing price gradients: the intersection of space and built form, Geographical Analysis, 25(1), Wilhelmsson, M., 2000, The impact of traffic noise on the values of single-family houses, Journal of Environmental Planning and Management, 43(6), Yeates, M. H., 1965, Some factors affecting the spatial distribution of Chicago land values, Economic Geography, 41, , 1990, The North American City, Fourth Edition, Harper & Row Publishers, New York. Correspondence : Youngok Kang, Center for UIS, Seoul Development Institute(ykang@sdi.re.kr, phone : , fax: ) 921

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<3136C1FD31C8A35FC3D6BCBAC8A3BFDC5F706466BAAFC8AFBFE4C3BB2E687770> 부동산학연구 제16집 제1호, 2010. 3, pp. 117~130 Journal of the Korea Real Estate Analysts Association Vol.16, No.1, 2010. 3, pp. 117~130 비선형 Mankiw-Weil 주택수요 모형 - 수도권 지역을 대상으로 - Non-Linear Mankiw-Weil Model on Housing