O-BISM3206 ver or Under Asking -BISM3206

Classifying Property

Price Outcomes in the

Australian Market

  
BISM3206 Assignment

2025 S1 – Assignment

Context

The Australian real estate market is one of the most dynamic and competitive in the world, offering a

wide range of properties to both buyers and sellers. For homeowners looking to sell, setting the right

price is a critical, and often emotional, decision. After all, property transactions are among the most

significant financial events in a person's life.

Sellers typically set a listing price based on what they believe their home is worth and what the market

might bear. But things don’t always go as planned. Some properties attract intense buyer interest and

sell for more than the asking price. Others fall short, forcing the seller to accept less than they’d hoped.

If sellers had a way to estimate in advance whether their listed price is likely to be exceeded or undercut,

they could make more informed pricing decisions, better manage expectations, and potentially

maximize their return.

In this assignment, your task is to build a binary classification model that predicts whether a property

will be sold at a higher or lower price than the advertised price set by the seller.

Target Variable

The target variable price_outcome indicates whether a property was sold at a higher, equal or lower

price compared to the listing price.

The values in the price_outcome column are:

 Higher: Sold price is greater than the listed price

 Equal: Sold price is the same as the listed price

 Lower: Sold price is equal to or less than the listed price

This is a binary classification problem; therefore, you should not include any data where the target

value is ‘Equal’. Your model should learn to predict this outcome using the available features of each

property outlined below.

Dataset

You are provided with a dataset of 6,957 recently sold properties, between February 2022 and February

2023. The predictor variables are:

1. property_address: the address of the property

2. property_suburb : The suburb the property resides in

3. property_state : The state which the property resides in

4. listing_description: The description of the house provided on the listing

2025 S1 – Assignment

5. listed_date: The date the property was listed for sale

6. listed_price: The 代写BISM3206 ver or Under Asking -BISM3206price the property was listed for

7. days_on_market: The number of days the property was on the market

8. number_of_beds: The number of bedrooms on the property

9. number_of_baths: The number of bathrooms on the property

10. number_of_parks: The number of parking spots on the property

11. property_size: The size of the property in square meters

12. property_classification: The type of property (House/Unit/Land)

13. property_sub_classification: The sub-type of the property

14. suburb_days_on_market: The average days in market that a property is on sale for in a suburb

15. suburb_median_price: The average median property price in a suburb

  
Deliverables

You must submit the following:

1. A written report (via TurnItIn).

2. A Jupyter Notebook (via the Assignment Submission link).

Your report may be structured as:

 Four main sections: a) Introduction, b) Model Building, c) Model Evaluation, d) Findings &

Conclusion, or

 Three main sections: 1) Introduction, 2) Model Building & Evaluation, 3) Findings &

Conclusion

Both structures are acceptable.

Visuals & Output

 You may include up to 8 charts or tables in your report.

 All visuals must be supported by the analysis in your Jupyter Notebook.

 Your notebook must run without errors — only analysis up to the last successfully run cell will

be marked.

 Do not edit the original Assignment_Data.xlsx file before importing.

Formatting and professionalism

 Maximum 1500 words (+/- 10%) – including title page, charts and tables.

 Use formal language and full sentences (no bullet points).

 Times New Roman, 12pt font, single-spaced.

 No appendices allowed.

 Reports can be written in first person if preferred.

Submission

Submit two files with the following naming convention:

StudentID.pdf and StudentID.ipynb

 Written report: via TurnItIn (PDF or DOCX format only)

2025 S1 – Assignment

 Jupyter Notebook: via Assignment Submission link

Example: If your student ID is 12345678, submit:

 12345678.pdf

 12345678.ipynb

Do not zip your files.

  
Note on Academic Integrity

This is an individual assignment. You are encouraged to discuss ideas with your peers but must submit

your own work. Suspected plagiarism or collusion will be treated in line with university policy.


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