MMP321 Lecture Notes - Lecture 2: Hardstand, Standard Error, Data Quality
31 May 2021
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Document Summary
Regression analysis is widely used for predicting and forecasting in property as well as in many other professions. Regression analysis is commonly used when a number of independent variables are related to a dependant variable and it is able to explore the relationship each has with each other. Predicting future outcomes based on past patterns is highly advantageous for many property professions. Professions such as commercial property developers will use regression analysis to determine for example the value of newly constructed houses (dependant variable) and its relationship with square meters of land (independent variable) etc. This form of predictive analysis is very useful for the development firm as they may be able to determine with confidence the lot sizes required to meet their investment goals. Apm (australian property monitors/domain), corelogic rp data, zillow all use some form or regression to predict housing prices or build housing indices. A property valuer to determine the value of a property yet to sell.
