競賣賣却價格과 一般去來價格의 格差에 관한 實證硏究

Abstract

The auction can be said to be the effective and fair transactional method because it is conducted through public competition among buyers according to the prescribed rules. But the real estate auction in Korea is understood as a means for enabling people to purchase at the lower price than real estate transactions practiced through negotiation at the ordinary market. The complexity of the legal relationship between right and obligation, the characteristic of court auction, has made a great contribution to leading people to understand the auction as the means for purchasing real estate at low prices. If so, is the price agreed on through the court auction low than the general market though the object defective in title is excluded? This study attempted to analyze whether the discount generally occurred through the auction in Korea. For this purpose, it selected as the object for its analysis the apartment traded in Dobong-gu and Kangnam-gu, Seoul, and Suji-gu, Yongin, in Kyonggi Province, whose sales prices showed the uphase, the plateau and the downtrend over the period between Jan, 2007 and June, 2008. And then it attempted to make an empirical analysis of the difference in the prices agreed on between apartment knocked down through auction and that traded at the general market by using the hedonic price model. As a result, it was found that the sales price at auction was lower than transaction prices at the general market in all the areas. It was found that the rate of price gaps was -3.54% in Dobong-gu, -7.40% in Kangnam-gu and -12.45% in Suji-gu. These findings are identical with the general understanding that the sales price at auction would be lower than transaction prices at the general market in Korea. But it was found that there was a considerable difference in the rate of price gap in the selected areas according to transactional methods. In turn, it attempted to analyze the price gap by dividing the transactional environment into the housing size, the household size and the market condition in anticipation of changes in the price gap in both markets according to the environment where transactions occurred. As a result, it was found that the situation that demand becomes high occurred. Namely, the general transactional price increased higher than the selling price at auction and accordingly the gap between both prices became narrow as the housing size was small, the household size was big and competition in the auction market became intense at the period of the rise in prices(as a result of the higher rate of competition for the bid. Conversely, it was found that the situation that demand becomes low occurred. Namely, the general transactional price increased higher than the selling price at auction and accordingly the gap between both prices became larger as the housing size was large, the household size was small and competition in the auction market became low at the period of the fall in prices(as a result of the lower rate of competition for the bid and the absence of bidders. Accordingly, the auction can be said to be the transactional mechanism favorable to the seller compared to general transactions when it has potential demand and can trigger competition. The results of this study showed that there was a difference the transactional environment between the auction and the general transaction from the seller's position. Especially, it was found that the auction discount did not occur unlike the general understanding that the auction is the means for purchasing the house at the low price because of the particular housing characteristic and the market conditions. Beginning investors are required to exercise care under that its popularity is high as the means for financial technology.

Key Words : Real Estate Auction, Auction Selling Price, General Transactional Price, Hedonic Price Model