Elasticity Estimates Sydney Housing Market -Myassignmenthelp.Com

Questions: What Are The Factors For Increase In House Rents In Sydney? What Is The Impact Of Increase In House Rents In Sydney On Youth? What Are The Reasons For Increase In House Rents In Sydney? Answers: Introduction Increase in the rents for houses is an important issue in Sydney as it has a direct effect to the people who are staying at the rented houses. This however, has a huge impact on the mass in Sydney. Thus, this topic has been chosen for further research. There is a gap which has been identified from the literature review based on this topic and that is from the various researches that are done earlier the reason has not been clear that why there is an increase in house rents in Sydney. Therefore, to fulfill this gap this research has been done. Project objective The main objective of this research is to find out the reason behind the increase in house rent in Sydney. It further identifies the factors and their impacts behind the increased house rents in Sydney. Project scope In Sydney there is a huge scope for this research topic as it is the greatest concern now that the price of the rented houses are increasing day by day. However, it is not possible for everyone to buy their own houses and thus, there are a number of people who are preferring to stay in rented flats, houses or apartments. Literature review According to Gitelman and otto2012, the supply of inelastic is less than the unity for all kind of housing though they found out that supply elasticity is comparatively larger for apartments and flats than the separate and semi-detached houses, terraces or townhouses. In another research by Justiniano, Primiceri and Tambalotti 2015, that was done on household leveraging and deleveraging, result suggests that the factors that have a direct impact on the house rents affects the variability of credit by a modification in collateral values. However, it further states that the household debt impend alone can never account for the leisurely recovery from the recession. Research method outline For this particular research, the researcher has chosen positivism as the philosophy of the research. Researcher has taken help using various tools just to find the appropriate forms of findings. Following that, the research approach that has been taken is the deductive method and the reason behind selecting this particular approach is that it guided the researcher with the already existing models and theories related to the topic. Lastly, for the research design the descriptive or analytical design method has been usedalong with the research strategy of survey and interview methods (Petty, Thomson, and Stew 2012). Research Philosophy Research philosophy is actually the set of beliefs regarding the way the data about the study shall be collected, evaluated and used. Three types of research philosophies are there and they are positivism, realism and interpretivism (Wahyuni 2012). It helps the researcher to proceed with a thorough study of the different theories and models. However, the researcher has chosen positivism as the philosophy and it aims to help the researcher to evaluate the current market situation that will provide which a broader outlook to the procedure of the research. It will further investigate the topic in a rational as well as a critical way. The other two types of research philosophies are avoided mainly because they are based on human perspective and result of the study. Research Approach Deductive and inductive research approaches are there. Deductive approach deals with the theories and models that are already prevailing whereas the inductive approach relies on the theories and models that are new (Bryman 2015). Deductive approach has been chosen, as that is easier for the researcher to proceed with the already existing models and theories because it is difficult for him to develop fresh theories and models for this study. Research Design Researchers mainly follow three types of research designs those are analytical or descriptive, exploratory and the explanatory research designs (Gray 2013). The chosen research design for this particular study is analytical descriptive design. This particular design provides the researcher to undergo the different approaches in a much detailed and descriptive style. Analytical and descriptive mode of research design always helps the researcher to research on the topic with detail information on the topic. It further helps to go through different approaches in a much detailed and descriptive form. It also defines the topic in a critical manner and this is the reason why the researcher chose this design. Research strategy Research strategy helps the researcher to direct the study in the correct direction. However, there can be many research strategies but among them the most commonly used are case studies, focus group, survey methods and interview procedure. Thus, when the research demands data from the large samples then the best research strategies are survey method and interview method. Therefore, as this study needs to know the view of the common people who are associated with rented houses thus the best suitable strategies are survey and interview methods (Flick 2014). Selection of Sampling Methods and Sample size For doing the sampling method, the researcher has used both probability and non-probability techniques. Random sampling technique has also been used so that the researcher can gain a better understanding of this topic. For this purpose, 50 samples have been conducted among the people who are residing in a rented house and 5 samples are interviewed by theresearcher who is giving their flats or houses on rent. The sample has been selected from the population residing in Sydney (Robinson 2014). Data collection method Here the primary data is the information that is obtained by the researcher through the different methods of surveys and interviews. However, the information that is gained is very genuine and thus gives a better outlook to the study. On the other hand, the secondary data are those information that are previously available in printed or other forms that is the surveys or researches that are already done related to this situation. For this particular study, both the above-mentioned data collection methods have been used (Schilling 2014). Chart and table format has been followed so that a clear understanding of the deduced figure can be obtained. However, to assess the quantitative data the numerical digits were converted to percentages and then they are further displayed in different charts, graphs and the tables. To calculate the mean, median, mode and standard deviation of the findings descriptive statistics have been used. Whereas, to access the qualitative data the speeches of the interviewee has been analyzed well for which thematic analysis has been done to analyze the interviews (Sgier 2012). Research ethical consideration This research has been performed in an unbiased way where ethical guidance was strict. The priority was to proceed with the research without harming the legal proceedings of doing a research. The points that were kept in mind while conducting the research are that the sample should not be forced to join the survey, they will have their independence to withdraw their participation at any moment they want (Ritchie et al. 2013). Research limitations There have been a number of limitations that came up while conducting this research though various approaches were made to avoid them. The perspective of the people residing in a rented house would have been clearer if more data could be collected from more samples. Time is another limitation in this research. More time could have gained better and wider results. The interviews from the owners of the flats or houses who are giving their property on rents can be bias to share their point of view (Crowe et al. 2013). Time schedule The work of this research has been divided into a time schedule. This time schedule is the framework of the research used for carrying out different activities of the research that involves the major parts of the project. For this particular research, a realistic estimation of time has been done that is essential to conduct this research (Bell 2014). Conclusion Thus,this research focuses on the reasons behind the increased house rents in Sydney. However, to search for the factors and their impacts 50 samples were selected from the population who are residing in rented houses. Survey has been conducted through a questionnaire on them along with interviewing five people who give their houses, flats or apartments on rents. The research methodology and design further describes the research has been strategies and the data has been collected. Moreover, few limitations that were faced while conducting this research, which were time, limited sampling and bias interviews of the people who are giving their housing properties on rent. References Bell, J., 2014. Doing Your Research Project: A guide for first-time researchers.McGraw-Hill Education (UK). Bryman, A., 2015.Social research methods.Oxford university press. Crowe, C., DellAriccia, G., Igan, D. and Rabanal, P., 2013. How to deal with real estate booms: Lessons from country experiences. Journal of Financial Stability, 9(3), pp.300-319. Flick, U., 2014.An introduction to qualitative research.Sage. Gitelman, E. and Otto, G., 2012. Supply elasticity estimates for the Sydney housing market. Australian Economic Review, 45(2), pp.176-190. Gray, D.E., 2013.Doing research in the real world.Sage. Justiniano, A., Primiceri, G.E. and Tambalotti, A., 2015. Household leveraging and deleveraging.Review of Economic Dynamics, 18(1), pp.3-20. Petty, N.J., Thomson, O.P. and Stew, G., 2012. Ready for a paradigm shift?Part 1: Introducing the philosophy of qualitative research.Manual therapy,17(4), pp.267-274. Ritchie, J., Lewis, J., Nicholls, C.M. and Ormston, R. eds., 2013.Qualitative research practice: A guide for social science students and researchers.Sage. Robinson, O.C., 2014. Sampling in interview-based qualitative research: A theoretical and practical guide.Qualitative Research in Psychology,11(1), pp.25-41. Schilling, N., 2014.Surveys and interviews.Research methods in linguistics, p.96. Sgier, L., 2012. Qualitative data analysis. Wahyuni, D., 2012. The research design maze: Understanding paradigms, cases, methods and methodologies.