Subject Code : ECON6000
Country : India
Assignment Task:

Assessment 1:

Because of the quarantine restrictions due to Covid-19, there has been a considerable loss of employment in Australia. The standard of living for many Australian residents has been affected. House prices have decreased by approximately 30% in the major states of Australia. It appears that the housing market has become a buyers’ rather than a sellers’ market. 

Question 1: 

1. Does the Australian housing market favour buyers or sellers in the Australian states and Territories? Is the change widespread across Australia? Do individuals now have buying power in the housing market, given the current tight household economic conditions? Provide evidences and diagrams to support your answer. 

Question 2: 

2. Will decreasing house prices affect the supply of and demand for housing in Australia and how will this impact price elasticity of demand for housing? Explain using diagrams to support your answer. 

Question 3: 

3. Will the consumer’ welfare increase or decrease due to this change in the housing market? Will there be a loss of welfare? Who would the change affect more? Will offering subsidies or grants cause a change in supply and demand in the housing market, irrespective of whether it is a buyers’ or a sellers’ market? Use appropriate diagrams whilst explaining your answer.

 

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  • Posted on : July 03rd, 2019
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