Essay Descriptive Statistics – Market Conditions – Property Price Estimation – Statistics Assignment Help

Assignment Task :

Task #1: Market conditions  

Your client would like to know more about the market conditions about the real estate market in Melbourne (including all suburbs). Please provide the time series graphs for quarterly sale volume (the number of sold properties) as well as mean and median sold price for the 2016- 2018 period. 

Has the average property price increased in the first quarter of 2018 compared to the last quarter of 2017? 

Have the mean and median property price increased in the first quarter of 2018 compared to the first quarter of 2017? Which measure (mean or median) is more suitable to use to describe the property price evolution? 

Discuss the results, including the limitations of the tests. 

Task #2: Descriptive statistics 

Discuss briefly your sample, including the number of observations, outliers. Provide the descriptive statistics of the sample. How you choose to do this is entirely at your discretion. However, it is recommended that you consider using both summary statistic and graphical methods while also noting any peculiarities within the data set. In addition, your client would like to see: 

• the histogram of the sold price for the entire sample1 

• and the histograms of sold price for the year 2016 and the year 2017 on the same figure. 

Task #3: Property price estimation 

Your client would like to purchase the following property: 

• Suburb: Balwyn North 

• Distance: 9.2 

• Rooms: 4 

• Type: House 

• Car: 2 

• Bathroom: 3 

• Landsize: 700 

• BuildingArea: 220. 

You are expected to build a regression model of house prices. In doing so, make sure that you use an appropriate number of predictors to develop your estimates. Once you have constructed an appropriate model, use it to obtain: