Residential real estate price is one of the key components of our economic developments and has also been a major concern of the public, bank industry, government, and investors. The accurate estimation of the sale price and its changes have an important role in the decision-making of related departments and organizations. In Australia, one of the biggest investments for people is in residential real estate. Therefore, many studies and research works have been carried out to build an automated valuation model to predict sale prices of residential properties accurately as much as possible. Automatic and accurate image classification of residential real estate plays an important role in property valuation and decision making of both sellers and buyers. It can be used in real estate online websites to organize the images for each property or used as a component in a visual decision support system for predicting the property sale prices based on property images. As convolutional image classification models show valuable performance in comparison with traditional models, a convolutional classification model is developed in this paper which creates a highly reliable classification component to be used in the corresponding research areas. The performance of the proposed model is investigated through a real dataset of New Sales Wales, Australia.

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Residential Real Estate Image Classification for Property Valuation

  • Mehrdad Ziaee Nejad,
  • Mohsen Naderpour,
  • Vahid Behbood,
  • Fahimeh Ramezani,
  • Jie Lu

摘要

Residential real estate price is one of the key components of our economic developments and has also been a major concern of the public, bank industry, government, and investors. The accurate estimation of the sale price and its changes have an important role in the decision-making of related departments and organizations. In Australia, one of the biggest investments for people is in residential real estate. Therefore, many studies and research works have been carried out to build an automated valuation model to predict sale prices of residential properties accurately as much as possible. Automatic and accurate image classification of residential real estate plays an important role in property valuation and decision making of both sellers and buyers. It can be used in real estate online websites to organize the images for each property or used as a component in a visual decision support system for predicting the property sale prices based on property images. As convolutional image classification models show valuable performance in comparison with traditional models, a convolutional classification model is developed in this paper which creates a highly reliable classification component to be used in the corresponding research areas. The performance of the proposed model is investigated through a real dataset of New Sales Wales, Australia.