不動產跨區購買之溢價分析

Is it more expensive for cross area buyer?

高雄地區不動產交易近年價量齊揚，市場消息與媒體皆歸咎於跨區購買者的遷入，本研究爰以2013年第一季至2014年第一季，就改制前高雄市之跨區購買者，透過特徵價格的估計過程反映搜尋成本與定錨效果，並對實價登錄制度之成效提出評估分析。實證結果顯示，跨區購買者的溢價率平均為3.28％；住宅大樓的溢價率高於透天住宅，導因住宅大樓的個別條件相對透天住宅複雜多元；另跨區購買者跨入不同發展趨勢之地區，其溢價率僅有些微差異且FTG檢定無法拒絕虛無假設，意謂制度影響屬全面性的，不同市場區隔的搜尋成本若有差異應是資訊數量不足所造成；又高價格認知的跨區購買者受定錨效果影響，對透天住宅加價意願可能更高，此情形亦顯示實價登錄制度實施後定錨影響仍然存在。實證結果另發現跨區購買者溢價程度隨著制度進程逐季下降，且使跨行政區的在地購買者幾乎沒有溢價購買現象，此與相關文獻認為實價登錄實施前跨鄉鎮市區購買者有溢價購買之結論相較，制度轉變造成溢價購買情形的變化皆明確表明市場資訊不對稱情形獲得改善。後續政策應著力於提升價格資訊即時性與價格資訊以外之其他資訊的提供，並就不同建築型態特徵為登錄項目之差別建置，方能使不動產制度更臻完善及市場效率更為提升。 Recently, price and volume of real estate dealing are both rising in Kaohsiung area. It is attributed to the movement of cross area buyers. This study analyzes the purchasing behavior of cross area buyers by searching cost and the anchoring effect in Kaohsiung City from 2013Q1 to 2014Q1. The results show the average premium rate of the cross area buyers is 3.28%, and the premium rate of residential buildings is higher than detached houses. When the cross area buyers get involved into various development area, there is only a slight difference between them. It means insufficient information causes a comprehensive system effect. The cross area buyers with high price perception are easily influenced by the anchoring effect that they are more willing to accept the higher price of the detached houses, and after the actual price system is implemented, the foregoing phenomenon still exists. Moreover, premium rate of cross area buyers is declined along with the system process quarter by quarter, and local cross areas buyers are free from the premium purchasing phenomenon. Comparing to previous study, it shows information asymmetry is little improved because of the actual price system. More transpancy is needed in the long run.

Recently, price and volume of real estate dealing are both rising in Kaohsiung area. It is attributed to the movement of cross area buyers. This study analyzes the purchasing behavior of cross area buyers by searching cost and the anchoring effect in Kaohsiung City from 2013Q1 to 2014Q1. The results show the average premium rate of the cross area buyers is 3.28%, and the premium rate of residential buildings is higher than detached houses. When the cross area buyers get involved into various development area, there is only a slight difference between them. It means insufficient information causes a comprehensive system effect. The cross area buyers with high price perception are easily influenced by the anchoring effect that they are more willing to accept the higher price of the detached houses, and after the actual price system is implemented, the foregoing phenomenon still exists. Moreover, premium rate of cross area buyers is declined along with the system process quarter by quarter, and local cross areas buyers are free from the premium purchasing phenomenon. Comparing to previous study, it shows information asymmetry is little improved because of the actual price system. More transpancy is needed in the long run.