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Name of Student:IMPACTS OF RISING PRICES OF HOUSES ON SOCIO-ECONOMIC OF LOW INCOME EARNERSBUSINESS RESEARCHAssignment 3
Learning ReflectionLearning reflection is the summary of what we learn from our activities and how do weapply it in our actual life. As we all know that knowledge plays a very important role inimproving the productivity and prosperity of individuals. It fosters the progress of anindividual 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 houseson the socio- economic of low income earners. The research was divided into parts in whichthe first part was to have a review of different authors on the topic. The main purpose ofthis part of the research was to find out the similarities or differences in the opinions ofpeople about the rising prices of houses and how it impact the low income earners and theirsocio economic conditions (Mackey and Gass, 2015). After the in-depth analysis of theopinions of different authors and experts, a final conclusion is derived. The second part ofthe research report was about the methods and procedures used in the research for thecollection 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 eachand every step of the research in detail. In addition, the research gave me a chance to havemeaningful insights on the socio economic factors which impact people about which I hadno knowledge earlier. This learning experience is been divided and explained here under thefollowing heads like usefulness and experience of learning process and how it will be appliedin 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 totalAustralian 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).Therise of these prices have the social and economic effect on the population which is lowincome earning population. So, the literature review was done to find out the effect of socialand economic effect of the rising prices of houses in Sydney, Australia on the low incomeearners (Bentley, et al., 2016).
I learned that the socio economic factors are those which affect the personality and lifestyleof the individuals. These factors are basically the income, education, culture, religion andrelated factors which determine the attitudes of the people (Yates, 2011).The review ofliterature gave me meaningful data about the rising prices of housing which can help indetermining the growth and development of the city. The city ranks at 8thmost influentialcity around the world as it have corporate headquarters of many multinational companiesincluding 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 thatSydney is an indigenous heritage where people of different nationalities resides. The cityhosts festivals which are famous at global level (Ong, et. al., 2017).There are variousservices like technical, manufacturing, health services, warehousing and others whichcontribute to the total growth of the nation (Kohler and Merwe, 2015).The housing industryinvolves construction, rental and real state which is growing from past some years andcontributing 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 $1million 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 isenhancing the prices of land and housing in the city. This is also because of the other factorslike rise of income, reduced interest rates, and change in demographic factors, speculationactivities and discounts given on investments made. It attracts people to invest more whichincreases the average pricing of the same.I have also studied the number of effects which the rising house prices have on low incomeearners of the city. These effects includes lower living standard of people, unemployment,decreases in the social and cultural diversity, increased loan debt, increased insecurity andreduction of natural growth (Street, 2012).I realised that the high prices can have severeeffects on the low income earning group. It creates inequality because the standard ofpeople is measured by the ownership of house. The low income earning group have toarrange rents along with the arrangements of basic needs. The lower class is not treated