A Study on the Flipping’s Effects on Prices of Neighboring Houses in Taipei

• Main Authors: Yi Chang, 張懿
• Other Authors: 王宏文
• Format: Others
• Language: zh-TW
• Published: 2016
• Online Access: http://ndltd.ncl.edu.tw/handle/93220709869042363537

碩士 === 國立臺灣大學 === 公共事務研究所 === 104 === In 2011, the government levied Luxury Tax, and the policy design implied that house flipping caused the rise of house prices. However, for the time being, there is no empirical research indicating a correlation between “house flipping” and “house prices”. Therefore, the study uses the house sales data in Taipei from 2007 to 2009 to analyze what the flipping’s effects on the prices of neighboring houses in Taipei. Through the two-steps research design, the study uses hedonic model to empirically determine if the houses that have been previously flipped (hereinafter referred to as “Flip”) will affect the prices of neighboring houses which was not flipped (hereinafter referred to as “Non-Flip”. The findings show that (1) the flipping’s effects on the prices of neighboring houses depend on the characters of each regions and the characters of Flips themselves. (2) the flipping’s effects on the prices of neighboring houses are positive in Wenshan and Shilin district. (3) the flipping’s effects on the prices of neighboring houses will be positive if the monthly growth of the Flip’s prices are low. (4) the flipping’s effects on the prices of neighboring houses will be negative if the monthly growth of the Flip’s prices are low or the area is less than 49.65 square meters. The implication of these findings is that if policy makers want to prevent the house prices from rising by reducing the number of flippers, then they should take the characters of each region and the characters of Flips themselves into consideration. Besides, because there are limitations of using the “holding period” to predict the buyers’ motivations, we hope that the policy makers and researchers could develop a better operational definition of “property speculation” in the future.