Analysis of the Premium of Second-Hand Housing Prices in Surrounding Communities in Middle School Districts: Taking Shenzhen as an Example

This paper selects the data of 185 residential quarters in three major urban districts of Shenzhen, and establishes a characteristic price model by quantitatively analyzing the quality of secondary schools to study the impact of secondary education facilities in Shenzhen on the degree of capitalization of housing prices. The results show that among the factors affecting the second-hand housing prices in the surrounding areas of middle schools, the characteristics of the school have significant influences. Among them, the rate of higher education, teachers and key schools above the school are positively boosting the prices of second-hand houses, while the effect of the student-teacher ratio is negative. At the same time, there are differences in the characteristics of schools between provincial middle schools and non-provincial middle schools affecting the second-hand house prices. Among them, the prices of second-hand houses in non-provincial middle schools are mainly influenced by school characteristics such as the rate of enrollment and student-teacher ratio, while in the vicinity of provincial middle schools, the price is mainly influenced by the number of teachers and the student-teacher ratio. The distance from the subway, CBD and the age of the building have a negative impact on the housing prices around the middle school, and each additional 1 km from the major commercial service centers and subway stations, house prices fell by 13.9% and 28.7% respectively. For every one year of building age, house prices fell by 6.8%. This study reveals the impact and extent of the quality characteristics of secondary education on residential prices, and more comprehensively reflects the impact mechanism of housing prices in Shenzhen secondary school districts. © 2019 Peking University.