Journal of Korea Planning Association (국토계획)

Korea Planning Association (대한국토도시계획학회)
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Temporal Reaction of House Price Based on the Distance from Subway Station since Its Operation - Focused on 10-year Experience after Opening of the Daejeon Urban Transit Line -

개통 이후의 지하철역 거리에 기반한 주택가격의 시간적 반응 - 개통 후 10년의 대전 도시철도를 중심으로 -

  • Kang, Jae-Won (Dept. of Urban Engineering, Chungbuk National University) ;
  • Sung, Hyungun (Dept. of Urban Engineering, Chungbuk National University)
  • Received : 2019.01.17
  • Accepted : 2019.03.19
  • Published : 2019.04.30
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Abstract

This study analyzed whether a subway accessibility impact on house price is constant since its operation over time or not. The study was approached specifically to answer two research questions. One is "Are there significant temporal variations in the relationship between subway accessibility and housing price transacted after its opening?" The other one is "How the pattern of its temporal variation in housing price is formed as a function of the distance from the nearest station?" The study area is the subway station areas in the Daejeon metropolitan city, South Korea. Its first subway line has started to be opened in 2006 with 12 stations and then opened its additional 10 stations in 2007. It can be more appropriate to observe its impacts of subway accessibility on housing price because it has only one transit line with more than 10-year reaction term to its operation. The study employed alternative models to estimate yearly variation of subway accessibility on house price for the station areas with 500-meter and 1-kilometer radius respectively. While the study originally considered both a hedonic price model with interaction terms of its access distance to yearly transacted housing and a time-variant random coefficient model, the former model was finally selected because it is better fitted. Based on our analysis results, the reaction of house price to its transit line had significant temporal variation over time after opening. In addition, the pattern in its variation from our analysis results indicates that its capitalization impact on house price is over-estimated in its first several years after the opening. In addition, its positive capitalization impact is more effective in the 1000-meter station area than in the 500-meter one.

Keywords

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