中古屋與法拍屋的屬性差異所形成產品風險之研究-以臺中市為例

The Study of product Risk that Cause by Difference between Used-residential Housing Market and Foreclosed Housing Market - the Case of Taichung City

鍾宏志(Hung-Chih Chung)

指導教授 ： 張詠盛

國立臺中科技大學/商學院/企業管理系碩士班/碩士(2017年)

摘要

房地產一直是國人喜歡的穩健投資，往往也是一生中最大金額的購買物件；在過去對於中古屋的估價模型以及法拍特徵影響的論述很多，但是對法拍屋在中古屋市場的產品風險評估則比較少見，所以如何評估法拍屋在中古屋市場的風險，這就是本研究所要探討。
本文以特徵價格理論為基礎，將2014年原台中市9855筆中古屋實價登錄的交易資料，將實證住宅類型包括全體樣本、公寓、大樓和透天厝等，以成交總價為依變數再依照建坪、地坪、屋齡等特徵屬性訂出標準住宅；然後將當年度法拍屋屬性依照標準住宅屬性得出法拍屋市價，再取拍定價的價差平方來評估產品風險。
本研究結果顯示：區位特徵屬性的重劃區和早期開發區相較於舊市中心區與產品風險呈正向關係；大樓和透天產品相較於公寓的產品風險呈正向關係；不點交產品相較於點交產品與產品風險呈正向關係；拍次與產品風險呈正向關係。這些趨勢特徵可以給法拍屋的購屋者做投標時風險評估的參考；但隨著家庭型態、經濟結構與生活型態的改變，購屋者對於區位以及類型的喜好也會改變，因此對產品風險的看法也會隨之調整。

關鍵字

特徵價格理論 ； 中古屋 ； 法拍屋 ； 標準住宅 ； 特徵價格屬性 ； 產品風險

並列摘要

Real estate has always been a steady investment for people in Taiwan, and it’s always the most important investment in their life. In the past, there are many papers about the evaluation models of the existing house and the feature difference of the auction house, however, the risk assessment of the auction house in the existing house market is relatively rare. So the study is to explore how to assess the risk of auction house in the existing house market.

This paper is based on the hedonic price method, and then put 9855 items real price transaction information of Taichung City in 2014 in linear regression equation to get the standard house model. The deal price is dependent variable of equation; the others such as area, floor and ages of house are independent variables. The building types of empirical research are including all samples, apartments, buildings and house.

The study evaluates product risk is based on the square of bidding price, and the results showed that the product risk of rezoning and early development zone compared to old downtown are more higher; Second, the product risk of buildings and house compared to apartments are more higher; Third, the product risk of auction house without court guarantee is more higher than house with court guarantee; Forth, the bidding times and risk of product has positive relation. These trends can be used as risk assessment for property buyers when they bidding, but with the family type, economic structure and lifestyle changes, buyers will change the preferences of location and types of buildings , so the product risk will be adjusted by time.

並列關鍵字

Hedonic price theory ； Used-residential ； Foreclosed house ； Standard building ； Housing characteristic ； Product risk

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