This report is an investigation into property prices and developing a Hedonic Regression model which best describes the dataset. One of the important variables that determine a property worth is its location. Properties located in different demographics could vary in prices. To illustrate this idea, the distance between a house and a nearby lake was used as a main variable to explore what impact this may have on the property value. From here we were able to observe how impactful a lake is in urban and suburban areas. Data was collected from houses surrounding Lake Parramatta and Harrington Park Lake.