Housing 2 Mathematics & Economics Coursework Research (Coursework Sample)
Demand for Housing
Demand for Housing
The demand for housing is primarily driven by population growth. For example, as indicated in the chart below, the housing demand in the state of Victoria (Vic) has gradually increased since the population has also been increasing at approximately 2.1% per year compared to other states, such as New South Wales (NSW) at 1.4% (Mousina, 2020).
Figure 1: The rise in housing demand in NSW and Vic. (Mousina, 2020).
Housing demand is also determined by income since the demand for housing is often a luxury, and thus, growth in income causes a rise in demand. For instance, figure 2 below shows that the income growth witnessed in the 2000s led to a rise in dwelling investment (Saunders & Tulip, 2019). Other factors driving housing demand include interest rates, consumer confidence, and mortgage availability (Parliament of Australia, 2020).
Figure 2: Household disposable income versus dwelling investment (Saunders and Tulip, 2019).
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