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首页> 外文期刊>Transportation Research >Regional impact of rail network accessibility on residential property price: Modelling spatial heterogeneous capitalisation effects in Hong Kong
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Regional impact of rail network accessibility on residential property price: Modelling spatial heterogeneous capitalisation effects in Hong Kong

机译：铁路网络可及性对住宅物业价格的区域影响：在香港建模空间异质资本化效应

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摘要

With new rail lines, residents can enjoy higher accessibility and more activity opportunities. However, better access to public transport can potentially increase land prices in catchment areas. In this research, we aim to investigate whether this capitalisation effect goes beyond the conventional catchment area and how such an effect varies across different regions. In a departure from previous studies, we employed a gravity-based accessibility measure to capture the regional impact of rail lines using a cross-sectional analysis of 2001 and 2011 residential apartment data in Hong Kong and a difference-in-difference approach to estimate repeated sales transacted in both years. We used a three-level hierarchical estimation method that allowed the price effect to vary by submarket. The results indicated that the network accessibility of rail lines had a statistically significant capitalisation effect on property prices that varied across different submarkets. Although the three major new rail lines had a greater impact on the built environment in suburban areas, the elasticities in property price with regard to accessibility were still larger in urban areas in both 2001 and 2011. We also establish that the improvements in rail accessibility had a substantially greater effect on the changes in property price between 2001 and 2011 in several new town submarkets along the new lines. From a regional perspective, we conclude that the price effect of new transport infrastructure goes beyond the local catchment areas and call for urban policies that address housing affordability issues across different submarkets in the region and a re-examination of land value capture policies.
机译：凭借新的铁路线，居民可以享受更高的可访问性和更多的活动机会。然而，更好地获得公共交通工具可能会增加集水区的土地价格。在这项研究中，我们的目标是调查该资本化效应是否超出了传统的集水区以及这种效果如何在不同地区变化。在以前研究的偏离中，我们采用了基于重力的无障碍措施，以利用2001年和2011年的住宅公寓数据的横截面分析捕获铁路线的区域影响以及估计重复估算的差异差异方法销售在两年内交易。我们使用了一种三级分层估计方法，使价格效应差异因子报表而异。结果表明，铁路线的网络可访问性对不同子报价各不相同的房价具有统计上显着的资本化影响。虽然这三大主要的新铁路线对郊区建造的环境产生了更大的影响，但2001年和2011年的城市地区的房地产价格的弹性仍在大大程度上。我们还规定了铁路可访问性的改进对新行业的几个新城镇二十次新城区的2001年和2011年之间的财产价格变化的影响大幅提高。从区域角度来看，我们得出结论，新的运输基础设施的价格效应超出了当地的集水区，并呼吁在该地区的不同子报和土地价值夺取政策的重新审查中应对城市政策。

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