You are Jacky Tobin, a data analyst working for the City of Blue Lakes in their Research and Analysis department. You have been asked by the Real Estate Institute of Victoria Chief Executive Officer (REIV CEO), Ms Inika Vera?Mae, to analyse the sample data from a recent survey of 120 house sales in Blue Lakes as part of the REIV’s report on housing characteristics across various shires and municipalities. Her email making this request of you is reproduced below.
Email from the REIV CEO
To: Jacky Tobin
From: Inika Vera?Mae
Subject: Analysis of recent housing survey data
Regarding the recent survey of 120 house sales in Blue Lakes, the REIV requires answers to the following questions. Your responses will be used as part of our report into comparing house prices (and other housing characteristics) across various shires and municipalities in Victoria.
1. Regarding the price of houses in Blue Lakes.
a. Can you provide me with an overall summary of the price of houses?
b. Can you also provide a summary on the number of main rooms that these houses have?
c. There are about 30,000 stand?alone houses in the Blue Lakes region. Can you please provide an estimate of the total value of all stand?alone houses?
2. Regarding house price, houses constructed with a specific material (cladding) type, houses that have been either been renovated or built in the last 10 years, and houses that are older.
a. Can you please provide a summary of the cladding material (Timber, Veneer, Brick and Render) used?
b. Further, can you provide this same summary assessment of the cladding materials used in each of the 4 suburbs? Is there a difference in the cladding materials used across the 4 suburbs?
c. Do renovated and newly built houses appear to be worth more than those that have not been renovated?
3. I am also interested to learn if there is any evidence to suggest that:
a. The number of main rooms is related to the price of a house?
b. The lot size is related to the price of a house?
c. The distance to the nearest train station is related to the price of a house?
4. Can you please explain to me, in a simple way, why the median house price is most often used when reporting the “average” house price?