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Essay / Research Paper Abstract
This 8 page paper is a micro-economic analysis of a residential sub-market in Australia. The sub market is that of the first time buyers in Melbourne. The paper looks at the influences on supply and demand, focusing on demand and consider the cross over with the investment market demand and the substitute of rental and the impact of the government intervention when they sought to support the first time buyers market. The bibliography cites 7 sources.
Page Count:
8 pages (~225 words per page)
File: TS14_TEmelhouse.rtf
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Unformatted sample text from the term paper:
prices of 6% in a single month, this was the highest level over fifteen years (The Business Times, 2004). In some areas, such as selected areas in Sydney there has
been a 50% over the last three years alone (FWN Select, 2003). However some areas such as Melbourne have not seen such great increases. However where increases in house prices
are above inflation, and there are also issues of demand exceeding supply there will be upward pressure eon process, this makes it more difficult for first time buyers to get
their foot on the market. The greater demand that supply in this market was seen nationally, but may also be seen in the Melbourne area and indicates a failure
in the market, especially where the house prices have spent a period of where there have not been increases due to the difficulty that first time buyers have been having
in gaining their first purchase due to the former rising cost. If we look at first time buyers market in Melbourne area, which will include areas such as North Balwyn,
there has been a mixed result. In June 2005 there was a rally following a decline. In June 2005 there was a rise in house process for the quarter of
1.3%, but prices for the year were still down 1.4% on the year. This can be seen as indicating a slowness at the beginning of the supply chain, with first
time buyers unable to afford, or unwilling to commit to the required mortgages to help them buy the houses. This indicates there are two relevant factors on the state
of this market. The first, which we will look at in more detail is the actual price of the house. However, the influences in the demand, such as fears about
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