Influence of POI Accessibility on Temporal–Spatial Differentiation of Housing Prices: A Case Study of Hangzhou, China
Publication: Journal of Urban Planning and Development
Volume 148, Issue 4
Abstract
People usually take point of interest (POI) accessibility into consideration when choosing a residential location. Based on a digital map and actual traffic time costs, this paper measures the accessibility of residential communities to the urban center, employment center, and other related POIs in Hangzhou, China. Furthermore, three different models of geographically weighted regressions are constructed in order to explore the dynamic impact of the accessibility of POIs on housing prices. The results show that the geographically and temporally weighted regression model has the best goodness of fit. The evolution of POI accessibility is an essential driving force for the temporal–spatial differentiation of housing prices; significant differences also exist in their impact on residential prices across time and space. The residential prices in Hangzhou present an evolving multicenter spatial distribution pattern. In addition to the accessibility of central business district (CBD) and employment concentration, the quality of education resources and access to convenient transportation have become more prominent in terms of the impact on housing prices over time.
Get full access to this article
View all available purchase options and get full access to this article.
Data Availability Statement
The following data, models, or code used during the study were provided by a third party. Direct requests for these materials may be made to the provider as indicated in the “Acknowledgments.” The GTWR code can be found at: https://www.researchgate.net/publication/329518786_GTWR_ADDIN_Valid_till_Aug_31_2021.
The following data, models, or code generated or used during the study are available from the corresponding author by request: GWR, MGWR, and GTWR models.
The following data, models, or code generated or used during the study are proprietary or confidential in nature and may be provided only with restrictions (e.g., anonymized data): CRIC housing price data.
Acknowledgments
This research is funded by the National Natural Science Foundation (No. 72174178). We would like to thank the anonymous referees and the editor for their useful comments and suggestions. Thanks to Dr. Bo Huang for the GTWR addin on ResearchGate.
References
Adair, A., S. McGreal, A. Smyth, J. Cooper, and T. Ryley. 2000. “House prices and accessibility: The testing of relationships within the Belfast urban area.” Hous. Stud. 15 (5): 699–716. https://doi.org/10.1080/02673030050134565.
Bae, H., and I. H. Chung. 2013. “Impact of school quality on house prices and estimation of parental demand for good schools in Korea.” KEDI J. Educ. Policy 10 (1): 43–61. https://doi.org/10.22804/kjep.2013.10.1.003.
Ball, M. J., and R. M. Kirwan. 1977. “Accessibility and supply constraints in the urban housing market.” Urban Stud. 14 (1): 11–32. https://doi.org/10.1080/00420987720080021.
Billings, S. B. 2011. “Estimating the value of a new transit option.” Reg. Sci. Urban Econ. 41 (6): 525–536. https://doi.org/10.1016/j.regsciurbeco.2011.03.013.
Bina, M., and K. M. Kockelman. 2009. “Location choice vis-à-vis transportation: The case of recent homebuyers.” Expanding Sphere Travel Behav. Res. 18: 597–619.
Brunsdon, C., A. S. Fotheringham, and M. Charlton. 2002. “Geographically weighted summary statistics—A framework for localised exploratory data analysis.” Comput. Environ. Urban Syst. 26 (6): 501–524. https://doi.org/10.1016/s0198-9715(01)00009-6.
Clark, D. E., and W. E. Herrin. 2000. “The impact of public school attributes on home sale prices in California.” Growth Change 31 (3): 385–407. https://doi.org/10.1111/0017-4815.00134.
Debrezion, G., E. Pels, and P. Rietveld. 2011. “The impact of rail transport on real estate prices: An empirical analysis of the Dutch housing market.” Urban Stud. 48 (5): 997–1015. https://doi.org/10.1177/0042098010371395.
Dziauddin, M. F., and M. Misran. 2016. “Does accessibility to the central business district (CBD) have an impact on high-rise condominium price gradient in Kuala Lumpur, Malaysia?.” In Vol. 23 of SHS Web of Conf. Les Ulis, France: EDP Sciences.
Eluru, N., I. N. Sener, C. R. Bhat, R. M. Pendyala, and K. W. Axhausen. 2009. “Understanding residential mobility: Joint model of the reason for residential relocation and stay duration.” Transp. Res. Rec. 2133 (1): 64–74. https://doi.org/10.3141/2133-07.
Fletcher, M., P. Gallimore, and J. Mangan. 2000. “Heteroscedasticity in hedonic house price models.” J. Property Res. 17 (2): 93–108. https://doi.org/10.1080/095999100367930.
Gawande, K., R. P. Berrens, and A. K. Bohara. 2001. “A consumption-based theory of the environmental kuznets curve.” Ecol. Econ. 37 (1): 101–112. https://doi.org/10.1016/S0921-8009(00)00269-X.
Gunaydin, A. S., and S. Tascioglu. 2021. “Investigation of historical city centers in terms of accessibility: Case of Trabzon castle, Turkey.” J. Urban Plann. Dev. 147 (4): 5021036. https://doi.org/10.1061/(ASCE)UP.1943-5444.0000729.
Hansen, K. 2014. “Moving house for education in the pre-school years.” Br. Educ. Res. J. 40 (3): 483–500. https://doi.org/10.1002/berj.3092.
Helbich, M., W. Brunauer, E. Vaz, and P. Nijkamp. 2014. “Spatial heterogeneity in hedonic house price models: The case of Austria.” Urban Stud. 51 (2): 390–411. https://doi.org/10.1177/0042098013492234.
Heyman, A. V., and D. E. Sommervoll. 2019. “House prices and relative location.” Cities 95: 102373. https://doi.org/10.1016/j.cities.2019.06.004.
Hoogendoorn, S., J. van Gemeren, P. Verstraten, and K. Folmer. 2019. “House prices and accessibility: Evidence from a quasi-experiment in transport infrastructure.” J. Econ. Geogr. 19 (1): 57–87. https://doi.org/10.1093/jeg/lbx027.
Huang, B., B. Wu, and M. Barry. 2010. “Geographically and temporally weighted regression for modeling spatio-temporal variation in house prices.” Int. J. Geog. Inf. Sci. 24 (3): 383–401. https://doi.org/10.1080/13658810802672469.
Huang, N., J. Li, and A. Ross. 2018. “The impact of the cost of car ownership on the house price gradient in Singapore.” Reg. Sci. Urban Econ. 68: 160–171. https://doi.org/10.1016/j.regsciurbeco.2017.10.009.
Huh, S., and S. J. Kwak. 1997. “The choice of functional form and variables in the hedonic price model in Seoul.” Urban Stud. 34 (7): 989–998. https://doi.org/10.1080/0042098975691.
Hui, E. C. M., C. Liang, Z. Wang, and Y. Wang. 2016. “The roles of developer’s status and competitive intensity in presale pricing in a residential market: A study of the spatio-temporal model in Hangzhou, China.” Urban Stud. 53 (6): 1203–1224. https://doi.org/10.1177/0042098015572317.
Iacono, M., and D. Levinson. 2011. “Location, regional accessibility, and price effects: Evidence from home sales in Hennepin County, Minnesota.” Transp. Res. Rec. 2245 (1): 87–94. https://doi.org/10.3141/2245-11.
Ibrahim, M. R. 2017. “How do people select their residential locations in Egypt? The case of Alexandria.” Cities 62: 96–106. https://doi.org/10.1016/j.cities.2016.12.012.
Jacobsen, R., J. W. Snyder, and A. Saultz. 2014. “Informing or shaping public opinion? The influence of school accountability data format on public perceptions of school quality.” Am. J. Educ. 121 (1): 1–27. https://doi.org/10.1086/678136.
Jiang, H. B., W. Z. Zhang, and S. Wei. 2017. “Public service facility accessibility as influenced by public transportation in Beijing.” Prog. Geogr. 36 (10): 1239–1249. https://doi.org/10.18306/dlkxjz.2017.10.006.
Kang, C. 2016. “Spatial access to pedestrians and retail sales in Seoul, Korea.” Habitat Int. 57: 110–120. https://doi.org/10.1016/j.habitatint.2016.07.006.
Kuang, W., Y. Wang, and H. Ma. 2016. “Subway stations and spatial distribution of housing prices.” China Soft Sci. 4: 45–57. https://doi.org/10.3969/j.issn.1002-9753.2016.04.005.
La, V. 2015. “Capitalization of school quality into housing prices: Evidence from Boston public school district walk zones.” Econ. Lett. 134: 102–106. https://doi.org/10.1016/j.econlet.2015.07.001.
Levkovich, O. D., J. Rouwendal, and R. van Marwijk. 2016. “The effects of highway development on housing prices.” Transportation 43 (2): 379–405. https://doi.org/10.1007/s11116-015-9580-7.
Liu, J., Y. Deng, Y. Wang, H. Huang, Q. Du, and F. Ren. 2020. “Urban nighttime leisure space mapping with nighttime light images and POI data.” Remote Sens. 12 (3): 541. https://doi.org/10.3390/rs12030541.
McCord, M., P. T. Davis, M. Haran, S. McGreal, and D. McIlhatton. 2012. “Spatial variation as a determinant of house price: Incorporating a geographically weighted regression approach within the Belfast housing market.” J. Financ. Manage. Prop. Constr. 17 (1): 49–72. https://doi.org/10.1108/13664381211211046.
McMillen, D. P. 2004. “Geographically weighted regression: The analysis of spatially varying relationships.” Am. J. Agric. Econ. 86 (2): 554–556. https://doi.org/10.1111/j.0002-9092.2004.600_2.x.
Mills, E. S. 1967. “An aggregative model of resource allocation in a metropolitan area.” Am. Econ. Rev. 57 (2): 197–210. https://www.jstor.org/stable/1821621.
Park, Y., and H. W. Kim. 2017. “The cross-level impact of landscape patterns on housing premiums in micro-neighborhoods.” Urban For. Urban Greening 24: 80–91. https://doi.org/10.1016/j.ufug.2017.03.020.
Rosen, S. 1974. “Hedonic prices and implicit markets: Product differentiation in pure competition.” J. Polit. Econ. 82 (1): 34–55. https://doi.org/10.1086/260169.
Rouwendal, J., and E. Meijer. 2001. “Preferences for housing, jobs, and commuting: A mixed logit analysis.” J. Reg. Sci. 41 (3): 475–505. https://doi.org/10.1111/0022-4146.00227.
Saadi, I., K. Boussauw, J. Teller, and M. Cools. 2016. “Trends in regional jobs-housing proximity based on the minimum commute: The case of Belgium.” J. Transp. Geogr. 57: 171–183. https://doi.org/10.1016/j.jtrangeo.2016.10.010.
Saghapour, T., and S. Moridpour. 2019. “The role of neighbourhoods accessibility in residential mobility.” Cities 87: 1–9. https://doi.org/10.1016/j.cities.2018.12.022.
Sánchez, B., J. Velázquez, I. Gómez, E. Sánchez, F. Herráez, and C. Chasco. 2022. “A well-being index for housing in the central districts of Madrid, Spain.” J. Urban Plann. Dev. 148 (2): 04022002. https://doi.org/10.1061/(ASCE)UP.1943-5444.0000793.
Shi, Y., and R. Zhang. 2010. “Temporal–spatial impact effects of large-scale parks on residential prices: Exemplified by the Huangxing Park in Shanghai.” Geog. Res. 29 (3): 510–520. https://doi.org/10.11821/yj2010030014.
Song, W., N. Mao, P. Chen, Y. Yuan, and Y. Wang. 2017. “Coupling mechanism and spatio-temporal pattern of residential differentiation from the perspective of housing prices: A case study of Nanjing.” Acta Geogr. Sin. 72 (4): 589–602.
Song, Z., W. Chen, Q. Che, and L. Zhang. 2010. “Measurement of spatial accessibility to health care facilities and defining health professional shortage areas based on improved potential model—A case study of Rudong county in Jiangsu province.” Sci. Geogr. Sin. 30 (2): 213–219. https://doi.org/10.13249/j.cnki.sgs.2010.02.013.
Tan, R., K. Zhou, and H. Xu. 2019. “Effects of urban road centrality on property values: Spatial hedonic analysis of the housing market in Wuhan, China.” J. Urban Plann. Dev. 145 (2): 5019005. https://doi.org/10.1061/(ASCE)UP.1943-5444.0000507.
Tyrväinen, L. 2001. “Economic valuation of urban forest benefits in Finland.” J. Environ. Manage. 62 (1): 75–92. https://doi.org/10.1006/jema.2001.0421.
Wang, A., L. Lu, S. Bao, and Q. Zhu. 2017. “Research on the influence factors of residential land price in Hefei based on GWR model.” Hum. Geogr. 32 (5): 89–97. https://doi.org/CNKI:SUN:RWDL.0.2017-05-014.
Willing, R., and D. Pojani. 2017. “Is the suburban dream still alive in Australia? Evidence from Brisbane.” Aust. Planner 54: 67–79. https://doi.org/10.1080/07293682.2017.1296875.
Zhang, C., M. Xiong, and X. Wei. 2022. “Influence of accessibility to urban service amenities on housing prices: Evidence from Beijing.” J. Urban Plann. Dev. 148 (1): 05021063. https://doi.org/10.1061/(ASCE)UP.1943-5444.0000795.
Zhang, M., X. Meng, L. Wang, and T. Xu. 2014. “Transit development shaping urbanization, evidence from the housing market in Beijing.” Habitat Int. 44: 545–555. https://doi.org/10.1016/j.habitatint.2014.10.012.
Zheng, S., W. Hu, and R. Wang. 2016. “How much is a good school worth in Beijing? Identifying price premium with paired resale and rental data.” J. Real Estate Finance Econ. 53 (2): 184–199. https://doi.org/10.1007/s11146-015-9513-4.
Information & Authors
Information
Published In
Journal of Urban Planning and Development
Volume 148 • Issue 4 • December 2022
Copyright
© 2022 American Society of Civil Engineers.
History
Received: Nov 16, 2021
Accepted: Jun 10, 2022
Published online: Sep 9, 2022
Published in print: Dec 1, 2022
Discussion open until: Feb 9, 2023
Authors
Metrics & Citations
Metrics
Citations
Download citation
If you have the appropriate software installed, you can download article citation data to the citation manager of your choice. Simply select your manager software from the list below and click Download.
Cited by
- Yulin Zhou, Xiaoshan Wei, Feng Lan, Spatial Differentiation of Centralized Resettlement Communities and its Driving Mechanism Based on the Perspective of Dual-Dimensional Living Functions: Evidence from Xi’an, China, Journal of Urban Planning and Development, 10.1061/JUPDDM.UPENG-4785, 150, 1, (2023).