Potential and Network Analysis Application of Estimating Housing Prices in Northern District of Sapporo

抄録

The aim of the current study is to introduce a new point of view about treating the locational attributes of the housing units in the specification of hedonic price equations. The classical single center city model estimates a negative price gradient from the central business district, but this model is no more valid for the multi-centered modern metropolitan cities. The price formation of the housing unit is determined with a complementary spatial interaction between the housing unit and all the urban services that take place around the housing. Moreover, the proximity to these centers is not sufficient enough to define this spatial interaction because the effect of the urban services on the price of the housing unit varies according to their attractiveness or mass too. This study extends the prior model specification efforts by introducing accessibility measures that are derived from the potential model into the hedonic price equations.