Advanced regression models to find variables which are significant in predicting the price of a house
A US-based housing company named Surprise Housing has decided to enter the Australian market. The company uses data analytics to purchase houses at a price below their actual values and flip them on at a higher price. For the same purpose, the company has collected a data set from the sale of houses in Australia. The company is looking at prospective properties to buy to enter the market. You are required to build a model to predict the actual value of the prospective properties and decide whether to invest in them or not.
The company wants to know:
1. Which variables are significant in predicting the price of a house, and
2. How well those variables describe the price of a house.