Discuss about the enchasing price of house in Sydney and their impact on lower revenue households.
In the current business scenario, house could be basic requirement of individuals besides food and clothing. This study emphasizes on the enchasing price of house in Sydney and their impact on lower revenue households. Moreover, this study also discusses the relationship between housing price and income of different areas of Australia.
This project is concentrating on analyzing the role of higher price on the lower income level people. The following objectives could be accomplished by the researcher:
The extent of the task is to delineate the genuine perspective of lodging cost in Sydney and the wage of the low-wage family unit with the goal that the effect of expanding house cost in the low-pay family unit in Sydney can be discovered. The examination demonstrates the perspectives of various scientists about the increment in lodging in Sydney, all around and other Australian capital urban areas. The undertaking will likewise look at likenesses of changed investigates with respect to lodging cost and winning of a low-wage family of the Sydney. The examination will likewise call attention to consumption and of the low-salary family unit and their ability with respect to moderateness of lodging in Sydney.
It can be summarised that one of primary requirement of a living being is housing. Housing is one of the unconditional minimum resources that are required to an individual for their well being (Shaw and Hagemans, 2015). ‘ There are a number of factors that affect the housing such as increasing population, lower interest rate, government policies, lower income, demographics, and taxes. Sydney is one of the popular city in Australia and the state capital of New South Wales has projected population of 5131,326 as of June 2017.
It can be also evaluated that housing affordability is a prime issue in Australia (Laska and Spain, 2016). As per the demographic international housing rates of homes, capital cities of Australia to be found as the top ranking in unaffordability that entails all the seven capital regions (Gilderbloom, et al., 2015). Sydney has the highest housing rates as compared to other cities resulting too expensive for a low-income household in Sydney. It is also opined that Australia is known for high-cost housing as compared to the Canada and USA. Government tries to decline the hazards and cost of housing in Australia (Litman, 2016). Cost with Hazards can be moved from government to state level, from every one of the three levels, from state to neighborhood to the underlying new homebuyer. Whereas, the GST gathered amongst the improvement procedures collect may merge the income for the commonwealth. It could be seen that property costs and charges are key issues for commonwealth (Santamouris, and Kolokotsa, 2015).
It could be also summarised that property charges are requisite for three level of government such as government, state, and neighborhood level. The evaluation influences the property improvement in terms of capital pick up rate, wage imposes, products and ventures charge at the government level (Favilukis, et al., Van Nieuwerburgh, 2017). It can be evaluated that these expenses implement all through the nation. People and company are subjected to different salary impose rates. The above research depicts that property evaluation and costs in Sydney and Taipei are imposed by different level of government (Currie and Tekin, 2015).
The literature review support to gain the understanding of the impact of higher housing price on the lower income people. In this, research scholar will enhance their knowledge with respect to the current research matter. This report will provide the opportunity to the investigator for enhancing their existing knowledge with respect to the factors or cause that may create the chance of higher housing prices in the Sydney. It will also enable to increase knowledge about the impact of higher housing price on the lower earner of Sydney.
In the current competitive era, it is necessary for individuals to have their own house as it could demonstrate the standard of living in Sydney. Own house of people could support to make different image among people. In addition, it is also analyzed the government has needed to improve the socio and economic condition of the country caused by higher development in the country.
The research design could enable the research scholar to choose suitable data collection method for conducting the research concern. There are different methods like research strategy, research approach, qualitative, and quantitative research design (Aalbers, 2016). These are discussed as below:
Research philosophy is effective for changing the opinion and views of individuals in the research study. There are many methods that could be considered in research techniques such as interpretivism, realism, and positivist philosophy (Riskin, et al., 2016). In addition, the positivist philosophy is implied for obtaining the numerical data with respect to research issue. Further, realism philosophy is practiced for presenting the actual belief of human that is existed in the business atmosphere. The interpretivism philosophy facilitates the researcher to obtain the conceptual data for making a feasible conclusion in the context of research matter (Leigh, et al., 2016). In addition, it is also analyzed that research scholar could be able to obtain the views and opinion towards the higher housing price on the lower income people. In this, the research scholar will practice the interpretivism philosophy to conduct current research concern (Cheung and Lucas, 2016).
This method is effective for demonstrating the information in a systematic manner. In the research study, two kinds of research approaches are involved such as deductive and inductive approach. It would facilitate researcher to identify the use of data collection method for conducting the research matter. In this, it could be imperative for the researcher to get feasible data in the context of research matter. The inductive approach could support current research concern (Dabla-Norris et al., 2015). Apart from this, the deductive approach enables the researcher to develop research hypothesis and accept and reject the research hypothesis on the basis of research issue. The researcher will use an inductive approach to perform their study as compared to the deductive technique (Adelino, et al., 2015).
Research design supports researcher to select the appropriate method for collecting feasible data with respect to the current research matter. There are different kinds of methods that could be considered in the study such as explanatory, descriptive, and exploratory. Moreover, it is also evaluated that exploratory study is exercised for investigating creative ideas about research issue. In addition, it is also analyzed that descriptive research design could enable the research scholar to gain the knowledge towards current research concern (Jokela, et al., 2015). It could help to understand the relationship between two and more factors. In this, research scholar will execute the descriptive research design could facilitate the researcher to determine the relationship between the price of the house and lower income of individuals. It is also illustrated that descriptive research enables to increase understanding about the higher price impact on the lower income people. The research scholar will be able to collect views, thoughts, and perception of the participants towards the research matter (Taylor, et al., 2015).
The research strategy could be effective for research scholar to discover the feasible data in the context of current research matter. The research scholar could be capable to obtain reliable data about research concern. There are many strategies that are involved by researcher like survey through a questionnaire, experiment, focused group, case study, interview, observation, and literature review method (Mackey and Gass, 2015). It would support the organization to meet research aim and objectives. The researcher will imply literature review and survey through a questionnaire to meet organizational task in limited time and cost. The survey through questionnaire technique will enable the researcher to obtain the opinion of research participants about research concern. Besides this, literature review technique could enable the researcher to obtain conceptual data in the context of research issue. It will enable to analyze the relationship between price and income (Humphries, 2017). These strategies could be supportive of the organization to improve the situation of lower-income people. It could support the research scholar to get valid and reliable data with respect to the current research matter (Nieswiadomy and Bailey, 2017).
Chart 1: Qualitative research process
(Sources: Humphries, 2017).
In the qualitative research, many stages are performed by researcher such as recruitment, screening criteria, research planning, and make a final report. Initially, research scholar would be capable to investigate about the research concern. In addition, it is also analyzed that research scholar could search the information about higher housing price on the low-income people of Sydney for developing an appropriate plan. Subsequently, a researcher could broadcast the recruitment criteria for operating the research process. Later, the investigator would create the guide for discussion with the research participants about the current research aim. In last, the final report will be made by the researcher (Humphries, 2017).
The researcher has used the inductive approach as it could facilitate researcher to conduct the research and obtain trustworthy and accurate research outcome. The inductive approach enables the researcher to collect theoretical information about the researcher concern. The deductive approach could facilitate the researcher to make a hypothesis and reject and accept them on the basis of collected data. Hence, the researcher will use for the inductive approach rather than use the deductive approach. It is also analyzed that this research is subjective in nature so the inductive approach would be beneficial as compared to deductive approach (Alvesson and Sköldberg, 2017).
Sampling method could also effective for research scholar to choose an appropriate sample from the specified population. It could also be effective for the researcher to perform their research and increase the reliability and validity of the research outcome. For this research, the researcher will select the non-probability sampling method. The non-probability sampling method could also be imperative to get the valid and accurate outcome (Jaggar, 2015). The non-probability sampling enables the researcher to choose the contributors to the research on the basis of many factors like education, age, gender, income, and race. Moreover, it can also be illustrated that the non-probability sampling method could create partialities in the study caused of differencing factors for selecting participants. But at the same time, it is also analyzed that it would support to obtain feasible research outcome. For accomplishing this study, 6 managers could be selected by the research participants from different banks of Sydney to collect responses to research concern. It could be effective to critically analyze the role of higher housing prices on the lower income earners of the Sydney (Wildemuth, 2016).
The data collection method could be imperative for the research scholar to take a suitable method for collecting the data about research concern. The suitable data collection method enables research scholar to easily complete the aim and objectives of research issue. It will also enable to obtain accurate conclusion with respect to the current research matter. The primary data collection could aid research participants to obtain the reliable information about current research concern (Alvesson and Sköldberg, 2017). Furthermore, it is also evaluated that the primary data collection technique could be imperative for the attainment of the creative ideas about the current research issue. There are many sources that would be effective for getting valid results like observation, interview, and survey through questionnaire method. The primary data collection technique would also support to get the reliable and valid outcome in the context of current research concern (Jaggar, 2015). The primary data collection technique would be implied by the research scholar to collect appropriate information in the context of current research concern. In this, the researcher will use the survey through questionnaire method for obtaining the opinion of participants. Furthermore, it is also explained that this method could support to obtain feasible data from the selected population (Wildemuth, 2016).
The research sturdy could consider two kinds of variables like independent and dependent variables (Wildemuth, 2016). For this research, housing price could be an independent factor while the income of lower-income people could be dependent.
Chart 2: Quantitative research process
(Source: Alvesson and Sköldberg, 2017).
Primarily, an investigator will identify the concern regarding research to conduct the study. In the second phase, the hypothesis with research questions will be identified by the researcher. It is answered by the literature review. Afterward, the feasible sample size will be chosen for conducting the investigation effectively. In addition, ethical norms can be essential for applying the right behavior during the investigation. In the next stage, data will be gathered by using appropriate sources to capture the reliable with valid results. A researcher will develop a budget proposal for completing the objective and aim of the investigator to collect the reliable information (Alvesson and Sköldberg, 2017).
An investigator will use secondary data gathering process to obtain the conceptual understanding with regards to existing investigation issues. There are several techniques that could be practiced by a researcher such as offline and online websites, academic publications, textbooks, and government reports. These sources would be practiced by a researcher for obtaining the competitive benefits. It would also provide support to an investigator for obtaining the trustworthy results (Alvesson and Sköldberg, 2017).
Chart 3: Quantitative data analysis process
(Source: Jaggar, 2015).
In this primary stage, the plan would be formulated by a research scholar with regards to research concern. After that, a researcher can record the facts and figures. On the basis of pooled data, the researcher will interpret it. An investigator will use Ms-excel software to demonstrate the gathered data through different graphs, charts, and tables. An investigator will focus on polling the depth data and reliable outcome about research concern (Jaggar, 2015).
Sampling technique can be significant for selecting the feasible size of samples about research issues. The research participants would be chosen for gathering responses with regards to existing research issue. It would help an investigator for obtaining the favorable responses. There are a different type of sampling technique that could be practiced by an investigator for performing the investigation and obtain the reliable result (Jaggar, 2015). In this research, probability sampling method will be used by a researcher for choosing the participants. The probability sampling technique will support the investigator for choosing the right participants and obtain the feasible outcome regarding research issue. This method will allow an investigator for obtaining the research and positive outcome. The probability sampling could be effective for investigation attainment as it would make competent to a researcher for choosing the research participants for obtaining survey through a questionnaire. By using this technique, the researcher will also enable to select the participants on a random basis. It will decline the chances of partiality from research (Nieswiadomy and Bailey, 2017). For this investigation, an investigator will choose 100 lower income earner of Australia to get the opinion about research concern.
Validity would be beneficial to assess the appropriateness of investigation as it could be attained by researcher through the qualitative facts and figures. However, it is assessed that reliability approach would aid to assess the trustworthiness of research outcome (Humphries, 2017).
There are different factors that could decline the outcome of research like cost, time, and resources. In addition, it is also analyzed that lack of resources could unable the researcher to gain depth understanding of the current research concern. It would also directly influence the research outcome. The researcher would also be accountable for safeguarding the private information of the research contributors. Moreover, it is also examined that primary data collection method could be costly that could also influence the research outcome (Mackey and Gass, 2015).
Ethics means conducting the whole research process in an effective way. The researcher would use the guideline of the university to decline the ethical issues form the research matter. This method could enable the research scholar to perform better behavior with their research candidates as it could be effective to obtain feasible outcome (Taylor, et al., 2015). This report technique could face ethical norms associated with the data manipulation, copyright act’s, and violation, and plagiarism. This kind of issue could facilitate the researcher to give the priority to the author of information by providing a citation in each paragraph. In this, the investigator will be capable to obtain a reliable outcome. The researcher will also secure the confidential information of the research participants as it could support to make relation with research contributors for long-term (Jokela, et al., 2015).
Timeframe
|
Activity name |
Start Day |
Last Day |
Duration (Days) |
|
Proposal of investigation |
24-05-2018 |
25-06-2018 |
31 |
|
Literature Review |
26-06-2018 |
26-08-2018 |
60 |
|
pooling of facts and figures |
27-08-2018 |
28-10-2018 |
61 |
|
Assessent of data |
29-10-2018 |
30-11-2018 |
31 |
|
Final submission of report |
01-12-2018 |
31-12-2018 |
31 |
Conclusion
From the above interpretation, it can be concluded that the higher housing price could directly influence the lower income of people. It could unable the lower income earner to purchase house that could be essential part of life in Sydney. It can also be summarized that there are different factors that could influence the price of income like social and economic condition of the country. Moreover, it can also be summarized that research methodology section could support to gain understanding towards research techniques as it could be effective for collecting the data with respect to the current research concern.
References
Aalbers, M.B., 2016. The financialization of home and the mortgage market crisis. In The Financialization of Housing(pp. 40-63). UK: Routledge.
Adelino, M., Schoar, A. and Severino, F., 2015. House prices, collateral, and self-employment. Journal of Financial Economics, 117(2), pp.288-306.
Alvesson, M. and Sköldberg, K., 2017. Reflexive methodology: New vistas for qualitative research. UK: Sage.
Cheung, F. and Lucas, R.E., 2016. Income inequality is associated with stronger social comparison effects: The effect of relative income on life satisfaction. Journal of personality and social psychology, 110(2), p.332.
Currie, J. and Tekin, E., 2015. Is there a link between foreclosure and health?. American Economic Journal: Economic Policy, 7(1), pp.63-94.
Dabla-Norris, M.E., Kochhar, M.K., Suphaphiphat, M.N., Ricka, M.F., and Tsounta, E., 2015. Causes and consequences of income inequality: A global perspective. International Monetary Fund.
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.
Gilderbloom, J.I., Riggs, W.W. and Meares, W.L., 2015. Does walkability matter? An examination of walkability’s impact on housing values, foreclosures and crime. Cities, 42, pp.13-24.
Humphries, B., 2017. Re-thinking social research: anti-discriminatory approaches in research methodology. USA: Taylor & Francis.
Humphries, B., 2017. Re-thinking social research: anti-discriminatory approaches in research methodology. USA: Taylor & Francis.
Jaggar, A.M., 2015. Just methods: An interdisciplinary feminist reader. UK: Routledge.
Jokela, M., Bleidorn, W., Lamb, M.E., Gosling, S.D. and Rentfrow, P.J., 2015. Geographically varying associations between personality and life satisfaction in the London metropolitan area. Proceedings of the National Academy of Sciences, 112(3), pp.725-730.
Laska, S.B. and Spain, D. eds., 2016. Back to the city: Issues in neighborhood renovation. USA: Elsevier.
Leigh, N.G., and Blakely, E.J., 2016. Planning local economic development: Theory and practice. USA: Sage Publications.
Litman, T., 2016. Parking requirement impacts on housing affordability. USA: Victoria Transport Policy Institute.
Mackey, A. and Gass, S.M., 2015. Second language research: Methodology and design. UK: Routledge.
Nieswiadomy, R.M., and Bailey, C., 2017. Foundations of nursing research. Pearson.
Riskin, C., Renwei, Z. and Shih, L., 2016. China’s retreat from equality: Income distribution and economic transition. UK: Routledge.
Santamouris, M. and Kolokotsa, D., 2015. On the impact of urban overheating and extreme climatic conditions on housing, energy, comfort and environmental quality of vulnerable population in Europe. Energy and Buildings, 98, pp.125-133.
Shaw, K.S., and Hagemans, I.W., 2015. ‘Gentrification Without Displacement’and the Consequent Loss of Place: The Effects of Class Transition on Low?income Residents of Secure Housing in Gentrifying Areas. International Journal of Urban and Regional Research, 39(2), pp.323-341.
Silverman, D. ed., 2016. Qualitative research. USA: Sage.
Taylor, S.J., Bogdan, R. and DeVault, M., 2015. Introduction to qualitative research methods: A guidebook and resource. USA: John Wiley & Sons.
Wildemuth, B.M. ed., 2016. Applications of social research methods to questions in information and library science. UK: ABC-CLIO
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