econ1401 assignment

Topics: Recession, Unemployment, Apartment, Real estate, Inflation, House / Pages: 2 (300 words) / Published: Oct 7th, 2014
Z3414736 - LGA: Banyule

Key features
House prices rise steadily from 1985 through to 2012 after adjusting for inflation. Median gross rent also rises
Although population did not change significantly in the suburb of banyule, the number of occupied dwellings has risen steadily over time. This can telegraph the rise in rent and house prices as demand for housing has gone up wihtin the community.
Unoccupied dwellings rose by 400 between 1991 and 1996 which follows the recession of the australian economy within this period.
There seems to be a positive correlatino between the economy and housing prices and rent and occupied dwellings. When the economy is strong and in an upturn, prices rise. When the economy has a downturn, prices and occupied dwellings fall. Demand is mainly based on the economy within this town as population barely changes over the 30 or so years.
Demand is derived from
Between 1991 and 1997 median house prices fell ~ 16%. However rents did not fall and stayed relatively stable during this period.
Income has only started to rise from 2001 onwards and from then a trend of higher income is recorded. However this is not correlated with housing sales. This can be explained by the lack of change in population and demonstrated in the lack of housing sales
Also the fall in rental yield since 1997 demonstrates more buyers who live in banyule as opposed to investors looking to rent out the house.
Banyule community
Good health services
People believe it is a safe and welcoming community (95% people feel safe, 82% feel like they belong there according to the Banyule annual strategic performance indicator report)
Extremely high employment rate (96.3% according to the Banyule annual strategic performance indicator report)
It is a clean environment (1,975 trees planted, 16,103 native plants planted)

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