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Analysing Melbourne's Property Market Dynamics: A Hedonic Price Prediction Approach Using Real Estate Data
- 1 New York University
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Abstract
In this article, Melbourne housing prices of existing homes are analysed with focus on many factors which affect property prices. Such factors include existence of spatial characteristics, type of property, mode of sale. By use of the data set, the research identifies broad findings relating to housing market. Such knowledge includes: seclusion of the detached houses, the role of number of rooms, and the role of the size of the land in determining the price. Thus, existence and distribution of these elements in relation to property prices may be revealed by regression analysis, which also shows main predictors and temporal tendencies within this process. The analysis offers insights into housing processes and challenges perceived by those interested in owning a home in the context of persisting growth of urbanization. The study admits its weaknesses, for example that it focused on Melbourne and only used data from the past even though this work makes a huge contribution towards understanding the housing market in Melbourne. Recommendations for future study are also made, with a stress on the fact that the range of variables must be expanded, the social consequences should be analysed, as well as the impact of technology on the housing market. Stakeholders who are interested in addressing housing affordability and sustainability in Melbourne and other metropolitan environments can use this detailed research as a basis to build their efforts
Keywords
Melbourne, House prices, Property values
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Cite this article
Zhao,X. (2024). Analysing Melbourne's Property Market Dynamics: A Hedonic Price Prediction Approach Using Real Estate Data. Advances in Economics, Management and Political Sciences,143,48-64.
Data availability
The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.
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Volume title: Proceedings of ICFTBA 2024 Workshop: Finance's Role in the Just Transition
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