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Housing Affordability In Australia For Yonger Australian

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Question:

Discuss about the Housing Affordability in Australia for yonger Australian.
 
 

Answer:

Affordability crisis affecting young Australians: Statement of problem

This study will deal with the housing affordability in Australia. The housing market in Australia is gaining a lot of attention due to affordability issues. It is not easy to afford a house in some of the most populous areas of Australia due to high prices. Affordability depends on average household income and the average house price. The household income varies from one Australian city to the other. Young people falling in the middle-income bracket find the housing prices as "unaffordable". The number of potential buyers has increased due to tax concessions (Butler, 2017). The existing tax system prompts people to invest more in the property. There are several other factors that have increased the demand for housing. This includes low-interest rates, growth in population and rise in income etc. According to a report published in 2016, the average cost of a house in Australia was more than 12 times the average income of a young professional (Butler, 2017). The percentage of young individuals with their own house has reached an all-time low. Young Australians are struggling to cope with housing expenses. Sydney is one of the most expensive cities in Australia. Australian cities are more expensive than the well-developed cities in the world (Butler, 2017). The interest rate for home loans has a huge impact on the housing market. The Australian government has failed to address the problem of housing affordability by taking corrective measures.  

Aim and Objectives

The main aim of this study is to understand the views of young Australians regarding housing affordability and the proportion of household income spent on housing expenditure. This study will help to understand whether the young unmarried individuals would prefer to buy their own house or stay with their parents. This study also aims to make a comparison between two generations regarding ownership of property.

Following are the main objectives of this study targeted towards the research problem:

  • To understand the opinion of young professionals regarding purchasing their own home.
  • To analyze the situation of first-time buyers (Yates, 2008).
  • To understand the factors responsible for the present situation of a housing market.
  • To assess the amount of saving or time duration required by a young individual/ couple to purchase a house (Lamont, 2008).
  • To understand the impact of housing prices on the quality of life and the role of role of government in managing this crisis.

Research Methodology

A descriptive research will be done for this study. The research for this study will be qualitative in nature. Both primary and secondary data will be used for this study. Primary data will be collected through surveys by meeting the respondents face-to-face or sending the questionnaire through e-mail. Surveys are one of the most widely used methods for conducting a descriptive research (Lamont, 2008). A questionnaire will be prepared to record the responses of young Australians. The questionnaire will be prepared using 3 points Likert scale or 5 points Likert scale (Temple, 2008). The responses obtained from the survey will be used to draw conclusions. Secondary sources will help in acquiring information related to this study. Secondary data will be collected through online and offline modes. Relevant secondary data will be collected through various reports, articles, journals and papers published by reliable sources regarding housing affordability in Australia.

Sampling: Responses will be collected from 100-120 respondents on the basis of the questionnaire. The survey will be conducted by using the convenient sampling technique. People belonging to the age group of 20-35 years will be targeted for this study (Yates, 2008). 

Measurement: Respondents will be made to fill the questionnaire over a given period of time. The questionnaire will be circulated through online and offline modes. The responses will be stored in excel sheets (Lamont, 2008). This compiled data will be used for analysis purpose. The data will be analyzed through tables, charts, and graphs.

 

References

Butler, j. (2017). The Government Thinks Australia's Crazy House Prices Are Fine. Huffington Post Australia. Retrieved 3 April 2017, from https://www.huffingtonpost.com.au/2016/12/27/the-government-thinks-australias-crazy-house-prices-are-fine/

Lamont, C. (2008). Housing Affordability Crisis: Fact or Fiction?. Australian Economic Review, 41(2), 194-199.

Temple, J. (2008). Correlates of housing affordability stress among older Australians. Australasian Journal On Ageing, 27(1), 20-25.

Yates, J. (2008). Australia's Housing Affordability Crisis. Australian Economic Review, 41(2), 200-214.

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