Essays on Nature of Price of Houses in Eight Major Australian Cities Assignment

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The paper "Nature of Price of Houses in Eight Major Australian Cities" is a great example of a finance and accounting assignment. Canberra has the closest and least relationship with Brisbane and Darwin respectively as indicated by a high percentage of the coefficient of correlation. This implies that some cities experience the movement of house prices in the same direction. By assessing house price indices for the eight cities, it was apparent that between Mar 2002 and Sept 2013, Darwin recorded the highest percentage increase in house prices while Sydney was the least.

In terms of median house prices, Darwin as well led in the median house price increase. Through an analysis of the median multiple of the eight cities, it is obvious that all cities had a rating that exceeded 3.0. This offered enough evidence that no cities are affordable to buyers in Australia. Introduction The objective of this report is to offer an insight into the nature of the price of houses in eight major cities comprising Canberra, Sydney Melbourne, Brisbane, Adelaide, Perth, Hobart, and Darwin. The first section covers general information regarding the price of houses in Australia.

This will be followed by an in-depth analysis of the relationship between the movement of house prices in Canberra and other major cities. A percentage change in house prices will be used to understand this movement. Thirdly, the report will examine trends for the eight cities in terms of house price indices and median house prices. To enhance the discussion, various statistical tools will be deployed. Before drawing recommendations, a newspaper article will be analyzed with a view of pointing out whether the writer offered a balanced opinion. Background Knowledge According to Demographia (2013), Detroit emerged as the most affordable major market with a 1.5 Median Multiple rating.

The survey further confirmed that Atlanta was the second most affordable. Looking at affordable markets in different countries presented by Demographia Australia, New Zealand, and the United Kingdom did not have affordable markets. Nonetheless, the United States, Canada, and Ireland had some affordable markets.

References

Demographia. (2013). Ninth Annual Demographia International Housing Affordability Survey: 2013 Ratings for Metropolitan Markets. Retrieved from http://www.demographia.com/dhi.pdf.

Nicholls, S. (2013, Jan 29). Sydney house prices 'severely unaffordable. News.domain. Retrieved from http://news.domain.com.au/domain/real-estate-news/sydney-house-prices-severely- unaffordable-20130121-2d39f.html.

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