房價與停車位價格之綜效分析 —以臺北市為例

Abstract

房價量化研究領域中，常以特徵價格理論（Hedonic Price Theory）為基礎，建立價格函數之迴歸模型，探討各項不動產特徵對房價的影響。停車位作為不動產之附屬設施，多數研究亦將其納入影響房價的變數中，以觀察其邊際效果。然而實務上停車位大多係單獨計價後再與房地合併移轉 ，因此在其他不動產特徵相同的情況下，含有停車位之不動產其交易總價自會較無停車位者為高，導致停車位變數缺乏實際意義。本研究認為停車位對房價的影響效果不應僅透過迴歸模型之特徵變數加以衡量，而可結合綜效（synergy）的觀點，探討停車位與房地能否相輔相成，產生一加一大於二的價值。\n本研究以臺北市2013年至2019年，大樓或華廈之實價登錄交易資料為基礎。首先應用特徵價格理論，使用單獨交易之房地資料與停車位資料，分別建立房地與停車位價格之複迴歸模型。而後選取房地與停車位合併交易案例，將其中對應的變數代入前述房地模型與停車位模型，以估計兩者分別交易之總價。最後透過Wilcoxon signed-rank test，比較房地與停車位之總價，在合併交易或分別交易有無顯著差異。另外為增加研究之全面性，本研究探討各種不動產條件下，其綜效之存否與差異。實證結果顯示，房地與停車位可透過合併交易產生綜效，亦即房地與停車位合併交易之總價，顯著高於分別交易之總價。此種綜效顯著出現於高總價、小坪數、大坪數不動產產品，以及鄰近捷運站、位於新開發區、周圍停車格密度高之不動產。

In field of research on housing prices, Hedonic Price Theory is often used as a basis to establish a regression model of price to measure the impact of real estate characteristics on housing prices. Parking spaces are a facility of real estate, and most studies also include them in the variables that affect housing prices to observe their marginal effects. However, in practice, parking spaces are mostly priced separately and then transacted with the real estate. Therefore, if other real estate characteristics are the same, the total transaction price of real estate containing parking spaces will be higher than those without parking spaces.The parking spaces as variables will lack practical significance. This study believes that the impact of parking spaces on housing prices should not only be measured by the regression model, but can be combined with the perspective of synergy to explore whether parking spaces and real estate can complement each other, resulting in the value of “1＋1>2”.\nThis study selects the price data of apartments in Taipei City from 2013 to 2019.First, base on Hedonic Price Theory, This study use separately traded real estate data and parking space data, respectively establish a regression model for the prices of real estate and parking spaces. Then select the real estate and parking space combined transaction data, and use the corresponding variables into the aforementioned real estate model and parking space model to estimate the total price of the two when they separate transactions. Finally, through the Wilcoxon signed-rank test, compare the total prices of the houses and parking spaces, and observe if there is a significant difference between combined transaction and the separate transaction. In addition, in order to increase the comprehensiveness of the research, this study also observed this synergy under different real estate conditions. The empirical results show that the combined transaction of real estate and parking spaces can produce synergy, that is, the total price of the combined transaction of real estate and parking spaces is significantly higher than the total price of separate transactions. This kind of synergy is evident in real estate that is high total prices, small area, large area, near MRT stations, in new development areas, and in high density area of parking spaces.