Write 6 pages with APA style on Housing Market in Australia. Bourassa (1996) has stated that the measures required for identifying the affordability of housing-ownership are primarily based upon the accumulated data but it is required to ignore the distribution of wealth and income as well as the ranges of housing prices. For analyzing the trend of housing pattern in Australia, Bourassa (1996) builds a study based upon the previous research of Grigsby and Rosenberg. The study then proposes a method of Borrowing Constraint. The method of Borrowing Constraint was applied from the year 1989 to 1990 for household survey data for Melbourne and Sydney, Australia. The results concluded that there are hypothetical changes in interest rates and deposit requirements are kept a minimum.
Along with these results, furthermore, it had been concluded that under any given scenario, there is the very diminutive percentage of people who are living in rented households to afford private ownership without putting themselves into the circle of poverty (Bourassa).Another study conducted by Beer (1999) stated that there have been many changes in the private rental sector within the housing system of Australia. It has moved from the tenure of transition that is primarily comprised of the saving of young households.
Increase in the prices of real houses, increasing interest rates, increase in the rate of deaths of the household through separation and divorces, changes in the pays of workers and inability to maintain the position of the tenure. Moreover, Beer (1999) also stated that there has been a decline in access to public housing. Research conducted by Beer (1999) had emphasized the changing dimensions of private rental housing within Australia. The nature of investors and the size of investment in the sector of housing stocks had also been examined. Furthermore, the impact of the investment strategies on the housing sector market of Australia was also highlighted (Beer).Hayward (2008) conducted a study to determine whether the property owners in Australia are reluctant or not.
The paper covered the history of public housing and property owner in Australia. The study conducted by Hayward (2008) revealed that the golden era of public housing in Australia was from 1945 to 1956. During this time, the Commonwealth-State Housing Agreement (CSHA) laid a foundation for making public housing system more viable in Australia. After that, the history of public housing started to cripple in this country. Emphasis on housing policy shifted from rentals to homeownership.
Despite viewing the development of State Housing Authorities, some people claim that this decade was not as substantial nor it was that decade where it would be favorable to return. In the long run, the history of Australia is the one where the Government has been the best reluctant landlords. The era from 1945 to 1956 is considered as best understood in this general trend (Hayward). The paper presented by Wulff and Maher (2010) examined the housing characteristics of private renters in Australia in the long run. The study comprised a sample of 4677 private renters.
The sample had been drawn from the ABS Survey of Rental Tenants 1994. The results revealed that 40% of the renters were long-term renters, having rented their property for more than 10 years, which shows that there has been a substantial trend of rented households in Australia. Long-term conditions were further divided into returner and continual.
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