You are employed in a property research company (Properties Inc.) that does research and analysis on the Sydney property market. Its main business is consulting work. To prepare for any potential client work, your boss, Belle Lee has provided you with some confidential data from several real estate agents and asked you to generate some descriptive statistics of data.

To provide you with some guidance she has indicated that the following information is needed:

· Median price by:

o Location;

o Property type;

o Number of bedrooms;

o Property condition;

o Distance from the nearest shopping centre;

o Distance from the nearest bus stop;

· Proportion of sales (based on number of properties) by:

o Property condition;

o Location;

o Internal size;

· Proportion of property condition by:

o Owner occupied; and

o Overseas;

In addition to this, Belle would also like some insights into the:

· relationship of sales price and distance from the nearest shopping centre;

· relationship of sales price and internal size.

· relationship of sales price and total household income.

Objective

Remember that the purpose of this exercise is to transform the data into useful information to understand the Sydney property market. The above is a suggestion of things for you to explore in trying to understand this market. Please extend your analysis to include other relevant observations. Credit will be given to creative/in-depth ideas and analysis.

Please write a short report on the key features of the Sydney property market using the descriptive statistics that you have learned.

Common reporting mistakes made by students (avoid these )

Remember the scenario, you only have a sample of the population data thus whatever statistics you produce is only more the sample with this in mind:

· Do not make assertions about the population based on the descriptive statistics you produced. Remember this is only a sample of the population. Your reporting must reflect this fact it must at no point suggest that this applies to the population as this is the purpose of inferential statistics.

· Do not assert causality, i.e. do not make statements which say that x causes or leads to y e.g. an increase in income leads to an increase in price. Remember (1) you only have a sample, (2) how do you know there are no other confounding factors. If you find that there is a positive relationship then all you can say is that there is a positive relationship between the two variables.

I urge you to please take note of all of this when you are writing up your report.

Commonly missed point made by students (consider these )

Remember this is a statistical report thus justification of why certain variables and calculations are made e.g. justifying why the median is used instead of the mean.

In addition to this, remember that you will be assessed on the quality of the reporting and graphs. There is a temptation to simply copy and paste the output from the RShiny app (where you retrieved your data). Do not do this as it does not follow best practice. Be thorough and specific with your statements. Each sentence must serve a purpose.

Finally remember to be specific with your reporting e.g. if you are reporting a relationship what type of relationship is it e.g. positive?, negative?, linear?, non-linear?

Data

Each student will be assigned a personalized data set. Each individual data set refers to the problem above and has the same structure. However, values of some of the key variables will vary across students, meaning that statistical results and any inferences drawn from them may differ across students.

You can find your data set here:

https://econ1203.teaching.unsw.edu.au/

Since this a group assessment, please use only one set of data using any one of your zIDs. This is a very useful app to begin to understand the data you have on have. I’d encourage you to explore your data before you undertake the analysis and reporting.

Each data set contains a sample of 293 observations, where each observation refers to a separate survey response. There are 11 variables, and they are as follows:

Variable	Description
*PType*	Indicator of the type of property sold: 1=Apartment 2=House 3=Townhouse 4=Villa 5=Other
*location*	Location of the property bought 1 = Eastern suburbs 2= Northern suburbs 3 = Sydney CBD 4 = Western suburbs 5 = Southern suburbs
*bedroom*	Number of bedroom(s) in the property
*intsize*	Internal size of the property in square metres (Sqm)
*pricesold*	The price at which the property was sold
*Tincome*	Total annual income of the household who purchased the property
*ownerocc*	Indicator of whether the property is occupied by the owner(s). 0 = Not occupied by the owner(s) 1= Occupied by the owner(s)
*overseas*	Indicator of whether the property has been purchased by someone overseas i.e. not an Australian citizen. 0 = Purchased by an Australian citizen 1= Purchased by overseas person (non-Australian)
*Pcondition*	The condition of the property 1 = Very Poor 2= Poor 3 = Average 4 = Good 5 = Very Good
*shops*	Distance from the nearest shopping centre (in km)
*bus*	Distance from the nearest bus stop (in km)

Report structure

Below I've provided some guidance on the first milestone. For this milestone report you can break it down into three parts:

· Introduction: which summarises what the purpose of this report and highlights how this report is going to be structured. Remember to provide some background information about the topic.

· Main body: which should tell the reader what you investigated, what you found, what interpretations and what judgements you made based on your investigation.

· Conclusions: which should summarise the findings of your investigation and any concluding comments.

Because this is a short milestone report you don't need an executive summary, table of contents and appendix for this report.

· Template can be found below:

Administrative details

*Length:*	No longer than 1,000 words, (excluding labels of graphs and any captions, footnotes, titles and any appendices). Should you exceed the limit of 1,000 words a 20% penalty will be imposed and an additional 20% will be added should you exceed this limit by 20% e.g. if you had 1,200 words the penalty will be 40%. Total length including all discussion, tables and graphs should not exceed 10 pages. Similarly, should you exceed this limit a 20% penalty will be imposed and in the same spirit an additional 20% will be added should you exceed this limit on a per page basis e.g. if you had 12 pages the penalty will be 40%.
*Milestone mark:*	The milestone (10%) will be marked out of 10, and will constitute 10% of your total course mark. Note that there is a peer assessment component to this assessment. Your tutor’s mark is worth 7.5% and the peer assessment component is worth 2.5%. In short, your peers will evaluate your effort for this milestone. If your overall mark is: · 75% and 100% you will receive 100% of the 2.5% (inclusive of 75%); · 50% and 75% you will receive 75% of the 2.5% (not inclusive of 75%); · 25% and 50% you will receive 50% of the 2.5% (not inclusive of 50%); · 0% and 25% you will receive 25% of the 2.5% (not inclusive of 25%);
*Due date:*	You must submit only one electronic copy for both you and your teammates to the course website by Friday 11:59 pm, Week 4, 26/06/2020. Browse and upload a copy of your document (only one for your team and preferably a PDF file) - do not paste text. The file naming convention can be found on moodle.
*Late submission:*	20% of the milestone mark will be deducted for every day or part thereof that the electronic copy is turned in after the deadline. Reports submitted more than five days late will not be marked and will be assigned a mark of zero. You and your teammates should be working on the material regularly before the due date. Extensions will only be granted in exceptional circumstances and must be approved by the lecturer-in-charge. For more details about late submission, see the Course Outline.
*Plagiarism:*	Evidence of plagiarism will be treated extremely seriously: automatic and immediate failure in the course is a possible penalty. See Part B of the course outline for further details about UNSW’s policies on plagiarism. If you are in doubt about how to identify or avoid plagiarism, follow the link to and complete the self-paced Working with Academic Integrity module on Moodle.
*Coverage:*	In your work for this milestone, you are only expected to use the statistical techniques developed in the text and lectures up until the end of week 2.

Marking schema

Calculation and presentation (85 marks)

The marks here will be broken down into four parts:

· Mean and median price calculation (30 marks)

o Location

o Property type

o Number of bedrooms

o Distance from the nearest shopping centre

o Distance from the nearest bus stop

o Property condition

NB: Remember to justify why you're using the mean/median and the issues associated with them.

· Proportion of sales calculation (15 marks)

o Property condition

o Internal size

o Location

· Proportion of property condition (10 marks)

o For each type there are two calculations proportion that are owner occupied and proportion that are overseas.

· Bivariate relationships (30 marks)

o Reporting the relationship and appropriate statistics.

o Evidence of the fact that they undertook an analysis e.g. scatterplot.

o There should be at least three of these, one for sales price and distance to shops one for sale price and internal size and one for sales price and total income.

NB: In attempting this section remember that you report the relationship accurately remember that you have correlation not causation. In explaining this relationship, you should consider reporting any regression results that come out of the analysis. When reporting any scatterplots remember that you follow best practice.

Reporting and analysis (15 marks)

· Justification and quality of reporting of mean/median price.

· Justification and quality of reporting of proportion of sales.

· Justification and quality of reporting of proportion of property condition.

· As part of these marks the overall quality of the graphs will be considered.

NB: This is focused on the whether the reporting is complete and context is appropriate i.e. there is a coherent story reports all the results accurately and summarises the calculations.

Additional notes

· Please make sure you check the word count and page limit as penalties apply strictly.

· There is also a late penalty which applies.

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