Demand and Supply for Housing Market in Epping Essay

Profile of indigenous people in Australia: The Aboriginals and the Torres Strait Islanders are the indigenous populations of Australia and they consist of hundreds of different sub-groups, each having their own distinct languages, history and cultures. They are spread out across Australia in urban areas, remote villages, outskirts of the central desert and most tropical regions. The Australian Government identifies indigenous people as being of Aboriginal or Torres Strait Island origins and the indigenous people identify themselves as such or of both origins. The estimate population of indigenous people is around 670,000 across Australia, which consists of about 3 percent of the total population of Australia, as of 2011 according to the Australian Bureau of Statistics. About 90% of the indigenous people identify themselves as Aboriginals, while just 6% identify as Torres Strait Islanders and the remaining 4% as both. The indigenous population is much younger as compared to the non-indigenous population, mainly because of the high death rates correspondingly high birth rates. The fertility among indigenous

This policy brief is prepared to give some insights of the housing affordability problem in Australia. In addition, the paper also suggests some approaches in which the Government should consider in tackling the issue in the Australian context. Housing affordability always

Prior to urban renewal, Pyrmont-Ultimo had residents with similar incomes. However to achieve the goal of social equity plans were made for a mixed, high-density, medium-rise residential area. Approximately 7500 new dwellings have been constructed plus the renovation of 1400 existing dwellings. The aim was to cater for all household types such as families, couples and singles, provide affordable housing for middle to low income earners, provide residential dwellings with waterfront access and with water and city views, protect existing housing, retain a socially diverse residential population which includes all income groups, provide opportunities to live close to places of work and to create a high quality urban environment. The provision of affordable or public housing was an important aspect to consider in the process. Without some sort of intervention to provide this affordable housing, the attractiveness of living close to Sydney’s CBD would only be reserved for high income earners as dwellings would be too expensive and rent would be too high. From a social equity point of view it was therefore vital to provide

The Australian Bureau of Statistics (ABS) website provides highly relevant information regarding the chosen group’s population demographic, as it shows only Australian statistics. The ABS is an authoritative source, being the national statistical agency in Australia. It provides the most accurate and up-to-date figures regarding Australia’s population. It is a purely factual therefore objective database. This site identifies the proportion of the population being examined.

Recent medical advances have greatly enhanced the ability to successfully transplant organs and tissue. Forty-five years ago the first successful kidney transplant was performed in the United States, followed twenty years later by the first heart transplant. Statistics from the United Network for Organ Sharing (ONOS) indicate that in 1998 a total of 20,961 transplants were performed in the United States. Although the number of transplants has risen sharply in recent years, the demand for organs far outweighs the supply. To date, more than 65,000 people are on the national organ transplant waiting list and about 4,000 of them will die this year- about 11 every day- while waiting for a chance to extend their life through organ donation

Macroeconomics is an excellent tool for the analysis of the housing industry as something like a capital good, as a home is considered to be, cannot easily be studied in a short-term platform. Real estate is a good that costs several times more than an average persons annual income, in the United States that number is typically 7 times as much, and in the United Kingdom that number is 14 times as much. Several factors of both supply and demand directly impact the housing market on a macroeconomic scale. (Business Economics, 1)

The market price of a good is determined by both the supply and demand for it. In the world today supply and demand is perhaps one of the most fundamental principles that exists for economics and the backbone of a market economy. Supply is represented by how much the market can offer. The quantity supplied refers to the amount of a certain good that producers are willing to supply for a certain demand price. What determines this interconnection is how much of a good or service is supplied to the market or otherwise known as the supply relationship or supply schedule which is graphically represented by the supply curve. In demand the schedule is depicted graphically as the demand curve which represents the

The table above shows 2005 to 2012 number of total international students and number of Indian students in Australia. From 2005 to 2009 number of total international students and number of Indian students increased steadily. From 2009 to 2012, there was a steady decrease in total international students and number of Indian students

Australia’s population is culturally and ethnically diverse. As at June 2010, there were 22.3 million residents in Australia, around one-quarter of the population was born overseas and many residents who were born in Australia have a parent who was born in another country. Aboriginal people and Torres Strait Islanders represent 2.3% of the population

Recently, The Australian housing market has been growing rapidly which reflects the housing affordability crisis as the housing price rises much quickly than household incomes. There are two key observations of current Australian housing market from Yates, firstly today’s housing affordability problem is mainly a structural problem and intensified by cyclical pressures. It began 40 years ago when inflation switched focus on housing, besides, there are more renters than purchasers under today’s housing stress situation, and the housing

Multiple reasons exist for the the lack of affordable housing. On the demand side these include population growth and increased migration to urban areas, easily accessible housing finance, tax incentives and a “strong cultural preference for owner-occupied detached houses”. On the supply side, affordability problems are exacerbated by inflexible and slow responses to the need for new housing stock, lack of infrastructure and generally inefficient planning processes and development assessment by local governments.

Different market decisions determine how an economy is run. There are several different factors that account for how markets make their decisions, which determines how they function. The theory of markets mostly depends on supply and demand. However, it is key to note that there is a difference in demand/supply and quantity demanded/supplied. A demand is how much the buyer plans to purchase at various markets prices and the quantity demanded is what the buyer actually purchases at a particular price. Supply is the producer or the seller’s plan of the amount the seller will make available at different market prices and the quantity supplied is the actual amount that the seller makes available at a particular market price. It is important to

Interest rates have a major economic impact on the real estate market. Interest rates directly affect property sales. Residential property realizes the greatest affect as interest rates have a considerable influence on a homebuyer’s capability to purchase a new property. The customer is affected when there are significant increases or decreases in interest rates. Declining interest rates lower the costs of obtaining a mortgage; this in turn creates higher demand for homes, and pushes home prices up. Conversely, high interest rates increase the costs to obtain a mortgage; these increases lower the demand for homes, which creates a decline in home prices. (Stammers, 2016)

This report examines the housing affordability crisis in Auckland, the current situation of the housing market, and extent of this problem. Auckland is in a deficit of houses due to the difference in demand and supply factors. The demographic and economic factors are the main reason for the increase in demand for houses. The supply side is not performing up to the mark to satisfy the demand in the market. The first home buyers are finding difficulties to make choice on their housing needs. The median households are struggling with the high rentals in Auckland market. Lower income households with faces a greater affordability pressures than those are living outside Auckland. There is a shortage in land and houses that are affordable for lower income households. The report suggests some new factors that can be considered to solve the affordability crisis.

The housing industry in USA is on rapid growth to capture the new and the raising opportunities (Harvey Brenner, H. 2011). Therefore, this paper focuses on the most common factors that influence the selling prices of the houses in USA. Again, the above-listed research questions have led to the following research objectives: