# RECORD 5daebbd8a0184c5c9466ba6f122cd075b81067f2 # TITLE: Analysing Melbourne's Property Market Dynamics: A Hedonic Price Prediction Approach Using Real Estate Data # YEAR: 2024.0 VENUE: Advances in Economics, Management and Political Sciences DOI: 10.54254/2754-1169/2024.ga18958 # AUTHORS: Xinyi Zhao # PAGES: 17 CANDIDATE TABLE PAGES (1-based): [] # 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 ===== PAGE 1 (score 8, numeric-paren 0, table-words 0, var-words 8) ===== Analysing Melbourne's Property Market Dynamics: A Hedonic Price Prediction Approach Using Real Estate Data Xinyi Zhao1,a,* 1Institute of New York University, Brooklyn, United States a. xz3831@nyu.edu *corresponding author 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. 1. Introduction The real estate market is a crucial segment which indicates the overall economic development in a country. It highlights the ongoing urban expansion and changes in the social dynamics of the population and their living conditions. The development of the housing or the real estate market also mirrors the economic growth in a country. As a result, accurate price prediction of properties is a crucial matter because it helps government in formulating policies and regulatory frameworks which ensures a healthy and the long-term development of the sector [1]. In the contemporary literature, the housing market in Melbourne has garnered significant attention over the past decade due to extensive changes in the price level and ongoing volatility in the market. A wide range of literature suggests that the market experienced several fluctuations in the property prices due to different macroeconomic indicators like changes in the level of interest rates, government expenditure, population, demand for housing, and investment level [2]. However, another strand of literature suggests that the house prices are also influenced by internal factors like the characteristics of the properties and the locality of the Proceedings of ICFTBA 2024 Workshop: Finance's Role in the Just Transition DOI: 10.54254/2754-1169/143/2024.GA18958 © 2024 The Authors. This is an open access article distributed under the terms of the Creative Commons Attribution License 4.0 (https://creativecommons.org/licenses/by/4.0/). 48