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Essay / Research Paper Abstract
This 8 page paper looks at the different influences on the Australian housing market and how prices have been pushed upwards. The level of investment in the Australian property market has been an influenced by a range of forces, such as low interest rates, a weak currency, and grants for first time buyers. The paper considers the different influences on the IS curve and the way the prices have performed against these influences. The bibliography cites 8 sources.
Page Count:
8 pages (~225 words per page)
File: TS14_TEaushous1.rtf
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Unformatted sample text from the term paper:
the last two years, but has not occurred due to the macro economic conditions. The demand has been increasing driven in part by the property investors, looking at the market
investment housing may be seen as playing an important role in stimulating and maintaining demand, which in turn is supporting the increase in house prices. The housing market is
still performing well. At the end of 2003 there was a rise in house 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). This has been on
the back of an already strong and growing market. The growth on the nominal prices, with 1986 set at the 100 index, this is compared to other countries where there
is an active property investment market, to place the performance into context. Graph 1; Nominal House Prices 1986 - 2002 (Austrian Government, 2004). With this level
of rise we can see why there have been moves by the government to try and reduce the increases and to bring the housing market under control. In looking
at the impact of investment housing we have to look at the driving factors, what it has been that has made property such an attractive investment and the influences on
the demand overall, which places pressure on prices to increase. Basic supply and demand law states that were the demand is in excess of the supply the prices will increase
(Nellis and Parker, 2000). In the year up to June 2002 there housing market saw A$43 billion in the investment property market. This made up a third of all
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