1# RECORD 5daebbd8a0184c5c9466ba6f122cd075b81067f22# TITLE: Analysing Melbourne's Property Market Dynamics: A Hedonic Price Prediction Approach Using Real Estate Data3# YEAR: 2024.0 VENUE: Advances in Economics, Management and Political Sciences DOI: 10.54254/2754-1169/2024.ga189584# AUTHORS: Xinyi Zhao5# PAGES: 17 CANDIDATE TABLE PAGES (1-based): []6# 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 efforts789===== PAGE 1 (score 8, numeric-paren 0, table-words 0, var-words 8) =====1011 12 13Analysing Melbourne's Property Market Dynamics: A 14Hedonic Price Prediction Approach Using Real Estate Data 15Xinyi Zhao1,a,* 161Institute of New York University, Brooklyn, United States 17a. xz3831@nyu.edu 18*corresponding author 19Abstract: In this article, Melbourne housing prices of existing homes are analysed with focus 20on many factors which affect property prices. Such factors include existence of spatial 21characteristics, type of property, mode of sale. By use of the data set, the research identifies 22broad findings relating to housing market. Such knowledge includes: seclusion of the 23detached houses, the role of number of rooms, and the role of the size of the land in 24determining the price. Thus, existence and distribution of these elements in relation to 25property prices may be revealed by regression analysis, which also shows main predictors 26and temporal tendencies within this process. The analysis offers insights into housing 27processes and challenges perceived by those interested in owning a home in the context of 28persisting growth of urbanization. The study admits its weaknesses, for example that it 29focused on Melbourne and only used data from the past even though this work makes a huge 30contribution towards understanding the housing market in Melbourne. Recommendations for 31future study are also made, with a stress on the fact that the range of variables must be 32expanded, the social consequences should be analysed, as well as the impact of technology 33on the housing market. Stakeholders who are interested in addressing housing affordability 34and sustainability in Melbourne and other metropolitan environments can use this detailed 35research as a basis to build their efforts 36Keywords: Melbourne, House prices, Property values. 371. 38Introduction 39The real estate market is a crucial segment which indicates the overall economic development in a 40country. It highlights the ongoing urban expansion and changes in the social dynamics of the 41population and their living conditions. The development of the housing or the real estate market also 42mirrors the economic growth in a country. As a result, accurate price prediction of properties is a 43crucial matter because it helps government in formulating policies and regulatory frameworks which 44ensures a healthy and the long-term development of the sector [1]. In the contemporary literature, the 45housing market in Melbourne has garnered significant attention over the past decade due to extensive 46changes in the price level and ongoing volatility in the market. A wide range of literature suggests 47that the market experienced several fluctuations in the property prices due to different macroeconomic 48indicators like changes in the level of interest rates, government expenditure, population, demand for 49housing, and investment level [2]. However, another strand of literature suggests that the house prices 50are also influenced by internal factors like the characteristics of the properties and the locality of the 51Proceedings of ICFTBA 2024 Workshop: Finance's Role in the Just Transition 52DOI: 10.54254/2754-1169/143/2024.GA18958 53© 2024 The Authors. This is an open access article distributed under the terms of the Creative Commons Attribution License 4.0 54(https://creativecommons.org/licenses/by/4.0/). 5548 56