Australian housing construction cost prediction model: a critical forecast for contractors, owner-occupiers and investors

Home ownership is a significant quality-of-life factor and a vehicle for wealth accumulation, while others view it as an investment opportunity. The cost of which consumes a considerable portion of Australian citizens' income. To sustain the housing market's positive dynamics, a cost-prediction model is needed so everyone can plan their lives and proactively adjust to any significant economic surprises. The researchers have endeavoured to create a forecasting methodology using a data and statistical-centric approach that is readily accessible and calculable for most citizens. We are currently publishing this lookahead each quarter This paper developed a multifactor algorithm that uses decades of residential cost input, both international and domestic. The researcher buttressed this forecast by adding a second prediction using machine learning to show the level of agreement between the two. This model aims to be one more consideration for new housing stakeholders that reduces the risk of cost changes. Looking forward, the model will be calibrated to assimilate changes as new trends emerge.