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Report on Rent Property on Suburbs of Australia

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Added on  2020-04-07

Report on Rent Property on Suburbs of Australia

   Added on 2020-04-07

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SECTION 1 This report looks into rented properties in 4 suburbs of Australia and targets only students. It uses information on not just weekly rents paid but also on other aspects of the accommodation. These aspects include- type of dwelling, number of bedrooms in the accommodation , suburb chosen, and bond amount of the property rented . DATA 1 IS MISSING The secondary data is taken from the website of Department of Finance, Services and Innovation as partof Rental Bond Board Property Data. A sample size of 500 is chosen. The table below is snapshot of this data: BondAmountWeeklyRentDwellingTypeNumberBedroomsPostcodeSuburb$2,900$725Flat32031RANDWICK$2,480$620Flat12031RANDWICK$1,960$490Flat22150PARRAMATTA$2,200$550Flat22031RANDWICK$2,280$570Flat22031RANDWICKSECTION 2 Data 1 missingSECTION 3: Looking at the secondary data , we focus on the categorical variable - Dwelling Type. It has two options - flat and house. We provide a pivot tale for a 2*2 classification where the 2 attributes are dwelling type and suburb. We can observe the following:Most students live in flats – 462 /500 or 92.4%.Most of them prefer to live in Parammatta, while least number in Auburn, despite lowest rents here. Sydney has no student sin houses.
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Row LabelsFlatHouseAUBURN3819PARRAMATTA15112RANDWICK1177SYDNEY156Grand Total46238The above information is visually seen below. The high blue bars for flats show their dominance over houses.We ten turn to hypothesis testing to check is the proportion of houses is less than 10%required sample proportion = p = 38/500 = 0.076Ho: p= 0.1H1: p < 0.1Using the left tail hypothesis test with z distribution we get Test value = (0.076 – 0.1)/ SE where SE = (0. 1 *.9 /500)^.5 = 0.0134The z test value = ( 0.076 0.1)/ 0.0134 = -1.789. The test value is more than critical value for 95% confidence ( -1.645) in absolute terms. This leads to the conclusion that that at a 5% level of significance
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or 95% confidence level, we DO NOT ACCEPT the null hypothesis. There is statistical evidence that proportion of houses in rented dwellings is less than 10%.This means that flats are dominant in a systematically important way. It is no chance that this sample has rejected the null hypothesis. However if we choose a 99% confidence then we will be accepting the null hypothesis. This is because the critical value will be -2.33. thus, the idea that houses are less than 10% of al rented places for students can be debated depending on the confidence level and the precision level we choose. SECTION 4: We turn to the next parameter which is no of bedrooms – looking at flats and houses with 2 bedrooms only. The table and chart use the same information on average weekly rents across suburbs. Auburn is the cheapest suburb among the 4 , with rent of $393.17on weekly basis. Sydney is expectedly the most expensive with a rent of more than double Auburn rents - $840.74 Row LabelsAverage of WeeklyRentAUBURN393.167PARRAMATTA474.159RANDWICK608.278SYDNEY840.738
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