Learning Outcome - Collect and categorise public domain data and organise it into a suitable format for analysis - Analyse, test & appraise complex information on property markets using a range of statistical and interpretive techniques and Apply well developed judgement and responsibility to independently undertake a complex property market analysis research project.

Description:

This assignment requires you to assess medium/high density apartments in Box Hill, Victoria. You are required to utilise statistical analysis and regression modelling (as presented in topic 2) to examine past sales of these apartments.

The data is available in Cloud and is actually real data collected from CoreLogic. The data provides you with sale prices and the attributes of the apartment. You will then be required to do an appraisal on three apartments listed for sale using the modelling results.

Requirements:

This assignment is an individual assignment.

The preferred method of referencing is according to the Harvard System. There is no excuse for incorrect referencing. If you use any source you MUST reference it and have in-text citation. That means that within or at the end of the paragraph you will have a reference. Marks will be lost for improper or incorrect referencing. You can check what is required here by using student resources online at:

http://www.deakin.edu.au/current-students/study-support/study-skills/handouts/authordate- harvard.php

The assignment represents 25% of the assessment for this unit. The assignment is divided into five parts. It is to be typed and presented in the following format:

Cover page. Introduction. Table of Contents.

Answers (each part to have its own sub heading, e.g. Part A, Part B etc.) Conclusions
Reference List and Appendices

For guidance on preparing a University assignment and how to reference correctly you go to the Deakin Study Support website:

http://www.deakin.edu.au/current-students/study-support/study-skills/handouts/report.php

The body of the report should not exceed 2,500 words (inclusive of tables & references). Word count does not include any appendices.

A marking Rubric will be provided on CloudDeakin.

Assignment One

Part A:

Melbourne's population is predicted to grow significantly. Which brings in the question, where will they be accommodated? High density apartments on the urban fringe have been a focus of policy makers and local councils as a possible solution (Derkley, 2014). Whitehorse Council (2013) have identified Box Hill as a high density housing area, due to its proximity to Deakin University and Box Hill TAFE and the need to provide more accommodation for students.

Discuss the current state of the medium to high density housing market in Box Hill. Within your discussion identify the drivers of this development growth, the advantages and disadvantages for investors and existing residents.

Part B:

Using the data provided within MMP321 CloudDeakin, titled "Box Hill Apartments Data" complete the following tasks:

i) Produce and discuss a descriptive statistics table for the variables; sale price, building age, number of bedrooms, bathrooms, carparks, apartments in the building and rental yield.

ii) Produce a histogram for the variable; sale price. Provide a discussion about the distribution of the data. Address what the histogram suggests about the data

Part C:

Again using the Box Hill data, run a regression model using ‘sale price' as the dependent variable. Tabulate your results and provide a discussion on what you have calculated. Within your discussion you must address, at a minimum; the goodness of fit, what the coefficients imply and the independent variables of significance.

Is there a problem using this model given the data set? If so, show how you can overcome the problem.

Part D:

Identify three apartments currently for sale in Box Hill. Using your results from the regression modelling, estimate the sale price for each apartment. Tabulate your results and provide a discussion on the market price of the apartments and what the sale price calculated from the regression model. Provide a comparison and discussion on the regression model results and the actual asking price.
(Please note: you must select three apartments from different apartment complexes and there must be at least 15 apartments in the complex).

Part E:

Discuss the advantages and disadvantages regression modelling has over other real estate appraisal approaches when estimating the value of a property.