(Solution) Business Research: Assignment

Business Research
Assignment 3
Name of Student:
IMPACTS OF RISING PRICES OF HOUSES ON SOCIO-ECONOMIC OF LOW INCOME
EARNERS

Learning Reflection
Learning reflection is the summary of what we learn from our activities and how do we
apply it in our actual life. As we all know that knowledge plays a very important role in
improving the productivity and prosperity of individuals. It fosters the progress of an
individual and helps in making the experience a better one (Mansor, 2011).
My learning is done through a research conducted on the impact of rising prices of houses
on the socio- economic of low income earners. The research was divided into parts in which
the first part was to have a review of different authors on the topic. The main purpose of
this part of the research was to find out the similarities or differences in the opinions of
people about the rising prices of houses and how it impact the low income earners and their
socio economic conditions (Mackey and Gass, 2015). After the in-depth analysis of the
opinions of different authors and experts, a final conclusion is derived. The second part of
the research report was about the methods and procedures used in the research for the
collection of data from different sources and for conducting the whole research (Helyer,
2015).
The research process was a smooth and time taking process which helped me to learn each
and every step of the research in detail. In addition, the research gave me a chance to have
meaningful insights on the socio economic factors which impact people about which I had
no knowledge earlier. This learning experience is been divided and explained here under the
following heads like usefulness and experience of learning process and how it will be applied
in the course, education program, career and in personal life.
It is clear that Housing is the basis need of people and it accounts for 55% of the total
Australian assets. The housing prices are on continuous rise in Australia since last decade.
This rise is expected to grow at more than 15% in the next five years (Shi, et. al, 2016). The
rise of these prices have the social and economic effect on the population which is low
income earning population. So, the literature review was done to find out the effect of social
and economic effect of the rising prices of houses in Sydney, Australia on the low income
earners (Bentley, et al., 2016).

I learned that the socio economic factors are those which affect the personality and lifestyle
of the individuals. These factors are basically the income, education, culture, religion and
related factors which determine the attitudes of the people (Yates, 2011). The review of
literature gave me meaningful data about the rising prices of housing which can help in
determining the growth and development of the city. The city ranks at 8th most influential
city around the world as it have corporate headquarters of many multinational companies
including financial and banking companies, retail companies and IT companies (Favilukis,
Ludvigson and Van Nieuwerburgh, 2017).
I also learned about the socio economic status of Sydney and its people. I learned that
Sydney is an indigenous heritage where people of different nationalities resides. The city
hosts festivals which are famous at global level (Ong, et. al., 2017). There are various
services like technical, manufacturing, health services, warehousing and others which
contribute to the total growth of the nation (Kohler and Merwe, 2015). The housing industry
involves construction, rental and real state which is growing from past some years and
contributing around 3.7% to the total GRP.
Thirdly, I learned about Housing in Sydney which involves private houses, rented houses,
hostels, staff quarters and flats. The median house price in Sydney costs more than $1
million which makes it a third most expensive city in the world (Wokker and Swieringa,
2016). It is because of the ever increasing investments made by people in Sydney which is
enhancing the prices of land and housing in the city. This is also because of the other factors
like rise of income, reduced interest rates, and change in demographic factors, speculation
activities and discounts given on investments made. It attracts people to invest more which
increases the average pricing of the same.
I have also studied the number of effects which the rising house prices have on low income
earners of the city. These effects includes lower living standard of people, unemployment,
decreases in the social and cultural diversity, increased loan debt, increased insecurity and
reduction of natural growth (Street, 2012). I realised that the high prices can have severe
effects on the low income earning group. It creates inequality because the standard of
people is measured by the ownership of house. The low income earning group have to
arrange rents along with the arrangements of basic needs. The lower class is not treated

equally which reduces their natural growth too Wang, M.S. and (Tumbarello, 2010). I also
identified that the housing markets are not same in all the states of Australia. It is not even
same within the same territory. The price difference in the housing markets makes it
complex to understand.
Effectiveness and usefulness of the learning experience
The learning experience gained from this literature review and research will be useful in
creating knowledge about the housing prices, housing industry and its effect on the low
income earning population of the city. This information further enhanced when research
design and approaches studied in order to apply them in the process of research. I learned
how to design research questions and how to determine research methodology in order to
achieve the research objectives.
I also learned about the research processes of qualitative and quantitative research
methods. The qualitative research process starts with planning and move on to further
research phases like setting the milestones and taking steps to achieve them. At last, I made
final research report summarising the findings of the research. The methods of data
collection and approaches to research are different in qualitative and quantitative type of
research. I gained knowledge about Sampling and different types of sampling. I have also
learned about the processes of data collection and the types of data. The importance of
specific data collection method is also studied in each research method.
From the quantitative research method process, I learned that there are different research
instruments which are useful in collecting data in the quantitative form. There are
numerous sources of secondary data collection which can be used to collect data for
quantitative research. These sources might include government publications, journals, and
annual reports of companies, online websites or newspaper articles. This type of data is
more reliable than the qualitative data and can be analysed by using various software’s like
MS excel or SPSS. SPSS is a software which basically involves the calculation of data. It sorts
the data and analyses it to provide the final conclusive results of the survey responses. I
learned how to present the responses or results of questionnaire in the graphs and charts so
that it looks presentable to the readers of the research report.

I also learned that a research is conducted after proper planning of activities of the research.
For this, a table was prepared to show the duration needed for each activity of the research
which includes activities ranging from planning to design and methods of research and data
collection to data analysis and finally the conclusion of the research.
It is true that the experience based learning has several advantages. The learning experience
guided me to and helped me in getting engaged with the content of the research which
helped me in learning new skills. The learning experience I gained will help me to achieve
the gaols and objectives of this research. This learning experience was useful as in it helped
me in interacting with the content and using it for developing my project report. It provided
me different insights about the topic which is rising housing prices in Sydney and how it
affect the low income earners of the city. It helped me in learning. The learning experiences
help an individual to make the most of the available talent and abilities. It helps in retaining
the knowledge, understanding it and in applying it in the actual life. Learning is not
developed when you merely go through the coursework or training. It is useful when it is
made as a successful and purposeful journey. The learner should link the learning to the
goals so that this can be useful to the learner. Here, the knowledge gained about the real
estate and housing prices will let me know about various socio economic factors which
actually affects the population of the city. It will help me in making better judgements in life
and will also help me in achieving good grades in my coursework. The learning should add
value to the profession as well. Getting job should not be the only motive for a person but
accepting and facing challenges in job is a pleasure for the person. The knowledge about
various fields help people in accepting the job challenges and in performing good in the job.
Usefulness of learning process
The learning process is useful as it creates learning in gaps which helps learner to grasp
knowledge properly. It helps in bringing improvements in the personal life and professional
life. One needs to engage in the learning process so that the knowledge construction can be
built strongly. Human beings starves for learning and is a never ending process. The learning
process is built personally on the basis of the openness of mind and interest of an individual.
This learning process is useful as it develops not only a single quality of understanding
research but also develops skills like communication, team working, time management,

skills management and many more. It is evident from the research that one needs to
communicate with different people and meet different personalities while taking up survey
which helped me in brushing up my communication skills. I also gained confidence as I had
to tackle different people and get real information and responses from them which needed
patience and skills to make people understand about the genuine purpose of the research.
I also felt and experienced that data collection requires a person to be more consistent and
present at the moment to find out right information from the right sources which helps in
conducting the research and getting the final conclusion for the research. This learning
process has developed time management in me as I had to manage several activities in the
limited time available. This will also help me in applying this knowledge on my personal and
professional life.
Learning Process and happenings at learning process
The learning process was initiated with the idea of the research. It was then started when I
had to make choices for selecting the research for the topic. Selecting the topic not only
tests your interests but also tests the usefulness of the topic research in your personal life.
The rising prices of housing in Sydney is a current hot topic and it helped me in conducting
in depth analysis of the topic. The topic selection was followed by planning for the research
whether the blueprint was made for taking up the whole research in the given time and
resources. The data collection was done in the further process in which data was collected
from various sources. It helped me in getting the understanding about the type of sources
and their usefulness.
As the process of learning moved on, the data analysis took place which helped me in
understanding various statistical tools from which I was not even aware earlier. SPSS is a
software which offers advanced statistical analysis of the big volumes of data for the
company. I learned how complex data can be analysed with the help of these tools which
helps in the time management and cost savings for the researcher. One of the most
important factor for gaining meaningful understanding of the terms is paying attention to
what is been told to you during the process of learning. It is easy to get distracted when you
are not interested in it but to tune in to the learning process, paying attention is very crucial.

It helped me in knowing strengths and weakness of mine and how should I deal with it. It
also helped me in capitalising my positive points so that I could compensate it for the
negative points. The research process made me believe in my self-expectations and in
seeking out where I could make difference to make myself a better person than before
personally and professionally.
Evaluation of learning
The learning process is always helpful for the development of a person. This learning
process will help me in making my evaluation strong about various subjects. By learning this,
I could earn better grades in my project and subject which will help me in passing my course
with good marks. Also, it will help me in gaining practical knowledge which will further help
me in starting my own business of real estate or in doing job in this field or in any other field
were evaluations are the pre requisite for the job. I can also enter into further researches
where my knowledge gained about research methods will be used.
Learning process Explanation
Learning is a continuous process. It started with the planning and ended up in taking the
conclusions of the research. Data collection is an important part of the whole research
process where I got the chance to interact with different people. I also learned how
different socio economic factors impact the attitude of people and how low income earners
are effected due to these factors. I understood that making right decisions at right time can
help people in leading a good life.
Plan of learning process
Planning is important in every aspect of life. It helps in giving a meaning to the core learning
process and provides support to the learner in getting the concepts clearly. Planning is like a
roadmap which makes clear what the future might hold and how the learning should be
implemented to the practical life. Learning is made effective by setting the goals and
objectives and trying to achieve them. Effective good learning depends on how a learner
conceives the knowledge, plan it and implement the knowledge in the practical life. The

learning strategies are made which make the learner focussed for the sustainable
professional learning.
A learning support system is necessary to that the implementation can be facilitated in the
professional learning. The learning on the subject and related factors will be applied in my
personal life and in the professional life so that good decisions can be taken in life and the
life can be made better. It will divulge knowledge in me for leading a better life personally
and professionally.

References
Bentley, R, Pevalin, D, Baker, E, Mason, K, Reeves, A, & Beer, A (2016). Housing affordability,
tenure and mental health in Australia and the United Kingdom: a comparative panel
analysis. Housing Studies, 31, 2, pp. 208-222, Academic Search Premier, EBSCOhost, viewed
15 April 2018.
Favilukis, J., Ludvigson, S.C. and Van Nieuwerburgh, S. (2017). The macroeconomic effects of
housing wealth, housing finance, and limited risk sharing in general equilibrium. Journal of
Political Economy, 125(1), pp.140-223.
Helyer, R (2015). Learning through reflection: the critical role of reflection in work-based
learning (WBL). Journal of Work-Applied Management, 7(1), pp.15-27.
Kohler, M. and Van Der Merwe, M., (2015). Long-run trends in housing price
growth. Reserve Bank Bulletin, pp.21-30.
Mackey, A. and Gass, S.M. (2015). Second language research: Methodology and design. UK:
Routledge.
Mansor, A Z (2011). Reflective learning journal using blog. Procedia-Social and Behavioral
Sciences, 18, pp.507-516.
Ong, R., Dalton, T., Gurran, N., Phelps, C., Rowley, S. and Wood, G.A., (2017). Housing supply
responsiveness in Australia: distribution, drivers and institutional settings.
Shi, S., Valadkhani, A., Smyth, R. and Vahid, F. (2016). Dating the timeline of house price
bubbles in Australian capital cities. Economic Record, 92(299), pp.590-605.
Street, A., (2012). A house or a home? Finding value in Australian residential
property. Australian Actuarial Journal, 18(1), p.81.
Wang, M.S. and Tumbarello, M.P (2010). What Drives House Prices in Australia? A+ L4584
Cross-Country Approach (No. 10-291). International Monetary Fund.

Wokker, C. and Swieringa, J. (2016). Foreign investment and residential property price
growth (No. 2016-03). The Treasury, Australian Government.
Yates, J. (2011). Housing in Australia in the 2000s: on the agenda too late?. In The Australian
Economy in the 2000s, Proceedings of a Conference, Reserve Bank of Australia, Sydney (pp.
261-296).