House is the basic requirement of individuals. In Australia, 70% of Australian has their own house while 28% of Australians are living in the rented house. Further, housing plays a key role in evaluating the gross domestic product of nation. In current scenario, houses prices have continued enhanced in the Australia that impact on the growth of economy. On behalf of BIS Shrapnel, prices of houses are increased by 19% as it would influence growth of country (Kumhof, et al., 2015). The enhancement in the prices of housing could directly influence both economic and social situation of people especially the lower income individuals. This paper mainly discusses the impact of increasing house prices on the lower income people.
2. Project Objective
The main aim of this research is to address impacts of rising prices of houses on lower income earners of Sydney. The investigators will use following objectives for attainment of the aim:
This section supports to gain the understanding of researcher about impact of rising in house prices on the lower income people of Sydney. This report aid the researcher to improve their existing information about certain areas like situation of Sydney, affordability of price, situation of economic and social on the citizen, higher price impact on the lower income earners. This project could also be imperative in case research scholar wants to make their career in the economic field. It will aid the researcher to successfully conduct their research and obtain their valid and reliable result.
It can also be summarized that Sydney makes 54,801 indigenous heritages in which most of individuals belonging to Germans, Scottish, Chinese, British, and Irish immigrants. Sidney always hosts many festivals in their country that makes them leading country at the national level. On behalf of GRP Sydney, 70% of GSP (gross state product) was estimated in 2015. In addition, it is also found that the growth rate of GSP has been enhanced by 2.7% as compare to the last three years (O’connor, 2017). It could direct impact on the enhancement of the prices of house. In addition, it is also found that real estate organizations give their 3.7% of contribution in the enhancement of economy development.
A large number of Australian living in their self-contained private houses as it demonstrates their preference towards home. In addition, it is also analysed that people of Sydney invest their more than 50% of income in the housing. It is also analysed that Sydney is third expensive country with regards to the housing (Stockhammer, 2015). It can also be concluded that the prices of housing is increased due the continued enhancement in the foreign investment. The higher foreign investment could increase the demand of residential market as it would enhance directly impact on the prices of houses.
The changes in the prices of houses could directly influence the social and social condition of the people. It could influence the standard of living, unemployment level, higher insecurity, inequality, and demand of loan. It can also be concluded that standard of living demonstrates the consumption level of individuals towards quality and expensive products and services (Bricker, et al., 2017). The standard of living could also be determined as the flow of cash-income for consuming needed goods and services.
In Australia, the stand of living could be determined as ownership and accommodation of house. It is also found that enhancement in prices of houses could make inequality in the high and low income people. It is because, low income earners could be determined as the poor living standard in Australia. In addition, it is also found that the lower income earned spend their 30% of income to pay rent on the housing that could be very costly. Thus, it is also analysed that the enhancement in house price could direct impact on the business growth and economic condition (Favilukis, et al., 2017).
In Sydney, it is essential for persons of Sydney to have their own houses as it shows their standard of living. It could also be imperative for making unique image among people of Sydney. Hence, it could be effective for the government to initiate the business owner for stating new business as it could support to enhance the economic and socio condition of country.
Under this literature review, research would be facilitated to gain their understanding towards the impact of higher housing price on the lower income earner of Sydney. It could also support to comprehend the factors that may enhance the process of houses of Sydney. It could also support to understand the social and economic condition of Sydney due to analysing the cause of enhancement in the prices of house. In this, researcher has selected few individuals to conduct their researcher because of lack of people are interested in the research.
The research methodology helps research scholar to select appropriate data collection method as it would be effective for addressing the research problem (Panayotou, 2016). There are certain methods that could be considered by researcher like qualitative and quantitative research.
The qualitative research could include many stages like research planning, recruitment, screening criteria, and final report. In the starting, investigator could discover the data about impact of rising in prices of house on the lower income earner in Australia and make effective plan for operating their research (Diamond, 2016). Later, organization could broadcast the criteria of recruitment for functioning the research procedure. Afterward, researcher could develop the discussion guide and home task to match research aim and objectives. Subsequently, researcher has focused on the group for making final report by concluding the home work findings (Saez and Zucman, 2016).
Investigator has used the inductive approach to meet study requirements and get trustworthy result. Inductive method facilitates to obtain hypothetical evidence towards the research concern. While, deductive approach enables the research scholar to create the hypothesis on behalf of research matter. The research matter is subjective in nature hence the inductive approach would be effective rather than deductive approach (Acemoglu, et al., 2016).
Sampling and Sample Size
Sampling method could support the investigator to select suitable size of sample from targeted people. It would also support the research scholar for performing their research and enhance the reliability of research outcome. Non-probability sampling technique will be practised by researcher to operate their research and obtain reliable research outcome (Tietenberg, and Lewis, 2016). Through non-probability sampling technique, investigator would be capable for selecting their participants on behalf of gender, age, race, income, and education. In addition, it can also be analysed that that non-probability sampling technique could generate partialities in the research that could influence the quality of research outcome. For completing this research, 7 managers are selected from different banks of Australia to conduct their research and obtain positive outcome. It would support to examine the impact of rising prices of houses on the lower income people of Sydney (Taylor, et al., 2015).
The primary data collection method will be executed by investigator to get data with respect to current research matter. The primary data collection method could also help to obtain valid and reliable result about study matter. The primary data collection method considers survey through questionnaire to gather actual facts about current research issues. Moreover, it is also examined that this method could help to get reliable information from the specified sample size (Mackey and Gass, 2015).
Variables Specifications
In the research study, dependent and independent variables are included. In this, the independent variable is higher rate of hose while income of people is dependent variable.
Initially, researcher discovers the issue of research for conducting the study. Afterward, research scholar creates hypothesis and research questions as well as creating literature scholar to select appropriate sample size and conduct their research successfully. Moreover, ethical norms could be effective to conduct appropriate behaviour during the research. Later, research scholar has used many data collection method to complete their research and obtain reliable result. The research scholar would prepare a budget plan for accomplishing the objectives and aim of research scholar to obtain reliable data (Silverman, 2016).
The research scholar has used secondary data collection technique will be practised by research scholar to gather conceptual knowledge towards current investigation matter. There are many methods that could be used by investigators like government publication, offline and online websites, annual report, and academic journal (Smith, 2015). This tool is used by investigator to get higher advantages. It will also aid the research scholar to get valid and reliable result.
Initial, researcher would make a plan about information of research issue. Later, investigator could record the information and evaluate them accordingly. Ms-excel software will be practised by researcher to present their collected facts through graphs, column chart, pie chart, and bar chart. After the completion of data collection, researchers would interoperate the collected data and obtain reliable result in the context of current research concern (Humphries, 2017).
The probability sampling method could be appropriate for completing this research because it enables the investigator to select research candidates to conduct the survey through questionnaire and obtain reliable result. Through this, researcher could randomly select the participants and conduct their research. Consequently, it will also support to obtain reliable outcome. For this, researcher has selected 65 lower income earners of Australia (Taylor, et al., 2015).
Validity is supportive to evaluate the feasibility of research as it could be perform by considering the quantitative data. But at the same time, it can also be examined that the reliability approach will help to evaluate the research outcome trustworthiness.
There are many components that could impact on the quality of research outcome such as time, resources, and cost (Sá, 2015). The lack of resources could create the complexity for the researcher to complete their task and obtain reliable outcome (Silverman, 2016). Research scholar could also be responsible for securing confidential data of research participants. In addition, it is also addressed that the primary data collection method could take higher time than the secondary data collection method. It could decline superiority of investigation result (Mackey, and Gass, 2015).
The research time plan could help to evaluate time for research activity completion. The following table shows time frame for current research:
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Research Activities |
Estimated for research deeds completion |
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2 |
3 |
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7 |
8 |
9 |
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15 |
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Design current research matter |
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Development of research hypothesis, aim and objectives |
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Data collection method selection |
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Design of Questionnaire Design |
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Chose appropriate sample size and sampling method |
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Development of data analysis |
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Final draft |
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Report submission |
Conclusion
From the above analysis, it can also be concluded that enhancement in the price of house could create inequality among high income earner and low income earner. It can also conclude that qualitative research design and quantitative research design could support to eliminate the disadvantages of both methods. It can also be illustrated that the qualitative research research design could support an investigator to obtain theoretic statistics in context of the current investigation subject while quantitative data collective technique enables to attain numerical information in the context of research concern. It can also be summarized that house could be basic need of individual but in Australia housing has been more important than other needs. It demonstrates the status level and income level of individuals. The higher demand of house and lower demand of supply could direct impact on the prices of house. It can also be summarized that the higher demand of land of investors could also negative impact on the lower income earners to purchase house.
References
Acemoglu, D., Autor, D., Dorn, D., Hanson, G.H. and Price, B., 2016. Import competition and the great US employment sag of the 2000s. Journal of Labor Economics, 34(S1), pp. 141-198.
Bricker, J., Dettling, L.J., Henriques, A., Hsu, J.W., Jacobs, L., Moore, K.B., Pack, S., Sabelhaus, J., Thompson, J. and Windle, R.A., 2017. Changes in US Family Finances from 2013 to 2016: Evidence from the Survey of Consumer Finances. Fed. Res. Bull., 103, p.1.
Diamond, R., 2016. The determinants and welfare implications of us workers’ diverging location choices by skill: 1980-2000. American Economic Review, 106(3), pp.479-524.
Favilukis, J., Ludvigson, S.C. and Van Nieuwerburgh, S., 2017. The macroeconomic effects of housing wealth, housing finance, and limited risk sharing in general equilibrium. Journal of Political Economy, 125(1), pp.140-223.
Humphries, B., 2017. Re-thinking social research: anti-discriminatory approaches in research methodology. USA: Taylor & Francis.
Kumhof, M., Rancière, R. and Winant, P., 2015. Inequality, leverage, and crises. American Economic Review, 105(3), pp.1217-45.
Mackey, A. and Gass, S.M., 2015. Second language research: Methodology and design. UK: Routledge.
O’connor, J., 2017. The fiscal crisis of the state. UK: Routledge.
Panayotou, T., 2016. Economic growth and the environment. The environment in anthropology, pp.140-148.
Sá, F., 2015. Immigration and House Prices in the UK. The Economic Journal, 125(587), pp.1393-1424.
Saez, E. and Zucman, G., 2016. Wealth inequality in the United States since 1913: Evidence from capitalized income tax data. The Quarterly Journal of Economics, 131(2), pp.519-578.
Silverman, D. ed., 2016. Qualitative research. UK: Sage.
Smith, J.A. ed., 2015. Qualitative psychology: A practical guide to research methods. UK: Sage.
Stockhammer, E., 2015. Rising inequality as a cause of the present crisis. Cambridge Journal of Economics, 39(3), pp.935-958.
Taylor, S.J., Bogdan, R. and DeVault, M., 2015. Introduction to qualitative research methods: A guidebook and resource. USA: John Wiley & Sons.
Tietenberg, T.H. and Lewis, L., 2016. Environmental and natural resource economics. UK: Routledge.
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