Assessment 2: Individual Assignment
You have been accepted as an intern in a real estate company based in the heart of Sydney CBD. Your first job is to conduct an analysis of the current state of the Sydney rental market in various suburbs, particularly those with a significant number of international students like Sydney CBD, Ashfield, Strathfield, Parramatta, Epping, Eastwood, Hurstville, Bankstown, and so forth.
- Individual task: locate and select data
For a suburb of your choice, you are required to collect data of ten 2-bedroom units / apartments for rent from a real estate website (realestate.com.auor domain.com.au). Each student must choose a different suburb. You are to record the following information about each of the 10 units for rent in each suburb:
- Number of bedrooms
- Number of bathrooms
- Dishwasher (yes / no)
- Walking distance to nearest train station (in minutes)
- Minimum total travel time to Sydney Opera House by public transport (in minutes – according to weekday normal timetables)
- Rent per week ($)
Determine and provide explanations for measurement levels of data specified above from
(a) to (f).
List and present the data collected in a table (template as below – Table 1). For each observation, list the source where you have obtained the data.
Table 1: Units for rent on realestate.com.au
1. Student name: …………… Student ID: ………………. Chosen suburb and code: …………..
|Unit||# of bedrooms||# of bathrooms||Dishwasher||Walking distance to nearest station (in minutes)||Total travel time to Sydney Opera House||Rent per week|
Source of listing in Table 1
From your sample, compute the 5-number summary and standard deviation for the weekly rent.
- Data description and analysis
Q4. Based on the descriptive statistics from individual data in Q3, briefly compare the weekly rent across different suburbs in terms of both central tendency and variability.
A recent industry report indicates that units with premium weekly rent (more than $500 per week) are more likely to include dishwasher in the property than lower-priced units. Analyse your combined sample and examine whether it is indeed the case for Sydney. Show the steps in your analysis (including justification for choice of techniques used and all calculations) and report your findings clearly.
It is a common perception that tenants are willing to pay more for properties with easy access to major means of transport like train stations. Explore the relationship between walking distances to train stations and rent per week for two-bedroom units/apartments. Use an appropriate graph and technique (including justification of choice of graph) and report your findings (including all output from Excel and interpretation of results).
Use your combined data to construct a 95% confidence interval for the average weekly rent in Sydney.
Another team based on Melbourne recently conducted a similar analysis for the market in Melbourne and are kind enough to share the data with you. Latest data from the team indicates that the average rent for 2-bedroom units in Melbourne is from $340 to $380 per week with a confidence level of 95%.
How does the confidence interval compare for the two markets (Sydney and Melbourne)? What inference can you draw from this comparison?
A recent study has claimed that the minimum weekly rent for a two-bedroom apartment in Sydney is $650. Use your combined data to test this claim. Report your findings with clear conclusions and all supporting calculations.
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- Please complete a first draft of your case study at least 24 hours prior to the due date and upload it. You will receive a report from the site on the extent to which any sections of your answer ‘match’ either published material or other student assignments.