Essay on Sydney Housing Price Fluctuations: Supply, Demand, and ACCC

This essay provides a comprehensive analysis of the fluctuations in Sydney's housing prices over the past twelve months, drawing upon economic principles of supply and demand and the role of the Australian Competition and Consumer Commission (ACCC). The essay examines the interplay of various factors influencing the housing market, including building activity, interest rates, population growth, and the impact of foreign investment. It explores how shifts in demand and supply, influenced by factors such as foreign student populations and changes in lending practices, have affected housing prices. The analysis also considers the ACCC's role in promoting competition and ensuring fair trading practices within the context of the housing market. The essay discusses the impact of tighter credit conditions, interest rate changes, and investor sentiment on housing prices, concluding with recommendations for government intervention to stabilize the market and promote affordability. Furthermore, the essay delves into supply-side factors, such as construction activity and lending standards, contributing to the overall understanding of the market dynamics.

Running head: BUSINESS ECONOMICS
Business economics
Name of the Student
Name of the University
Author Note

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Answer to question 1:
Introduction:
The paper discusses about the fluctuations in the housing price of Sydney over the last
twelve months by shedding light on the association between the supply and demand of
housing. The responsiveness of the demand and supply on housing price is explained by the
identification of key drivers. Housing price downfall in Sydney has become ground zero in
the current downturn of the property market in Australia. The movement of the housing price
in Sydney went too far because of the late starting of the development cycle. Such falling
housing price in Sydney has made it from second least affordable city in the world after Hong
Kong to being third. During the price booms, when the first home buyers were hesitant to
carry out transactions in the fast moving market and were clashing for the properties has
eased due to the affordability (Rba.gov.au, 2019). The change in the housing price of Sydney
can be better explained by using the knowledge of theory of demand and supply as the law of
demand and supply plays a significant role in the property market.
Discussion:
The framework of supply and demand is used to predict and explain the equilibrium
quantity and price of the products. The best time to make the decision to buy and sell the
housing or property by the consumers can be understood by understanding the basic
economic principles. The standard economic forces of demand and supply is highly
interconnected with the housing price cycle. An oversupply of homes usually causes a drop in
the price of houses and the over demand of homes creates an upward rise in the housing

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prices. This concept of the law can be explained in other way that the quantity demanded of
houses would increase due to decrease in the price of houses.
Across all the states of Australia, the pricing of houses are not homogenous and it is
suggested by the conventional wisdom that then primary factors influencing the price of
houses in Australia is building activity, interest rate and growth of population. It has been
found that the housing affordability is shifted by the big lever due to change in the rate of
interest. Since the global financial crisis, the housing price in Sydney has become volatile and
more pronounced. However, the volatility in the demand, supply and variables of costs are
not of the same degree. Sydney in particular witnessed string demand for households due to
the population of large foreign students and the global profile of the city itself. This particular
source of housing demand in Sydney has waned because of the difficulty in managing the
cash flows relating to movement of money out of China. The timing of the shifts in the
domestic demand of household has coincided and reinforced with the timing of the foreign
demand shifts (Nelson et al. 2019).
However, it is complicated to assess the impact of the change in the shifts and their
time on the pricing of housing because of the fact that there was an addition to the housing
supply brought by the developers of international property at the time of existence of strong
demand. In the recent years, the development of houses have been backed by these
developers. Significant role have been played by the domestic investors in this housing price
cycle that has internal dynamic.
Above discussion has addressed the different factors impacting the housing prices drop in
Sydney and it can be summarized in the points mentioned below:
 A surge in off the plan and supply of new apartments in most capital cities of
Australia.

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 An unsustainable rates of growth in the housing prices in Sydney and Melbourne
causing poor affordability. The difficulty is being faced by the first home buyer to
gain the foothold in the housing market in terms of saving a big deposit for buying a
home (abc.net.au, 2019).
 There is a reduction in the number of interest only loans and decreasing lending to
investors due to tighter credit conditions and exposing the extending lending practices
due to the royal commission into the banking.
 Rise in the out of cycle rate of interest by the banks.
 The continual conveyor scary line belts of media has contributed to declining
confidence of investors.
 The obligation of borrowers to meet extra cash flow commitments of switching to the
interest and principal loans from interest and the property investors witnessing
increased interest rates.
 The driving up of the housing price of the new apartments by the foreign investors
have been collapsed due to the falling demand form the overseas investors.
Then housing market of Australia is witnessing a downturn as evident from the housing
finance data. Individual buying decision such as first home buyer, owner occupiers and
domestic investors of houses in Australia is influenced by the range of factors. Residential
property demand is influenced by the factors such as financial regulation, interest rate,
alternative investment prices such as equities instruments and demographics as well. The
mortgage lending practices in the country has been improved by APRA in the context of
financial regulations and property investors. It is forecasted that there would be future decline
in the housing price in year 2020 by 1.3% (Wright, 2019).
It is important to discuss some of the supply side factors that has also contributed to the
downfall in the housing price of Sydney (Gillon & Gibson, 2018). The activity of residential

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construction has declined by nine percent since September, 2018. Across the higher density
and detached housing, the decline in the housing price has been broad based along with the
renovation spending. The increase in supply of houses in Sydney was outpaced by the large
increase in demand along with the factors such as demand from foreigners and growth of
population. As the declining foreign demand contributed to the fall in the housing price, so
was the increase in the new housing supply. One of the major role was played by the
tightening of the lending standards and the further downward pressure on the housing price
was due to the unwillingness of the investors to invest in the falling market. The fiscal year
2019 marked the decline in the housing price to a historically low levels and despite the
turnaround of the price cycle, the falling price has begun to rise off such lows (Abs.gov.au,
2019).
The largest proportion of the annual income of the household is being dedicated to service
the mortgage and the dwelling price to income ratio is now tracking at 9.3 which implies the
cost of dwelling is now 9.3 times more than the annual household income. The demand from
the first time buyer has been affected by the worsening affordability due to the divergence
between the concentration of investors and participation from the first home buyers (Zhou,
2019).
A sharpest downturn in the housing price of Sydney has been recorded in more than
two decades implying that the fall in the prices by 10% in the last twelve months. It has been
reported by the domain group that the continuous fall in the housing market is revealed in the
fourth quarter of 2018. Such downfall in the housing market indicated housing price in
Sydney back to its mid-2016 level and the steepest annual fall recorded at the national level
in the last fifteen years. Since the peak of the Sydney housing price in mid-2017, there was a
fall by 11.4% (Tsai, 2018). The sharpness of the current downturn in the housing price of
Sydney is more than the steepest fall in the last two decades. Approximately, 60% of the total

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value of housing is contributed by the housing market of Melbourne and Sydney. There has
been a substantial dragging down effect on the overall market performance of national
housing market (ceda.com.au, 2019).
The latest scope survey conducted by The Age and Sydney Morning Herald that since
the Global financial crisis, the housing price is tumbling at their fastest rate and concerns
about the reaction of the household to the falling price in Sydney. There was a drop in the
house value in Sydney by 10.9% throughout 2018. Since the highs of market value in mid-
2017, the value of down 12.3% and such decline marked the biggest fall in the largest
property market of Australia since the recession in 1982. Sydney has the fastest rebound in
decades due to the sentimental change driven by the easier access to credits, lower rate of
interest and increasing housing taxation certainty.
The impact of the stamp duty discounts concerning with the first home buyers is
reflected by the divergence between the affordable and expensive segments of the market of
Melbourne and Sydney. The gulf between the household income and prices and the tighter
lending standards is less extreme in Sydney compared to other cities in Australia. In addition
to this, there has been declining demand from the property investors for credit that has
resulted in the declining g sentiment of investors in the property market of Sydney.
Moreover, the price decline in most of the markets along with a lending drop has been
attributable to the bruising loyal commission and tighter lending conditions which the
authority of Australian prudential regulation has imposed. This was followed by the
mismatch between the capacity of buyers to pay for the houses and the expectation of sellers
on their worth for home. Consequently, in Sydney and Melbourne, the rate of clearance
plunged to 50% (Scutt, 2018). From the analysis of the overall housing price trend, there are
two global events contributing to the fact that is the end of credit rationing and decline in the

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rate of interest. It is required to make recommendation to the local and federal government of
Australia for cooling off the demand and easing the supply.
Conclusion:
The paper addresses the factors both from the demand and supply side that has
influenced the housing price in Sydney over the last twelve months. The framework of
demand and supply has been quite helpful for explaining the supply of and demand for the
houses in Australia. It is due to the failure of demand and supply to adjust that drives the
changes in the houses prices. In order to improve the housing market of Australia, it is
required to consistently increase the housing density and relaxation of planning restrictions.
Also, the demands side factors contributes to some pressures on the housing price that
requires to make some recommendations. The government should tax a larger component of
capital gain and reviewing the superannuation, pension and housing interact in offering
support to the Australians. People who are oversupplied with the housing should be
encouraged to downsize so that the land is available for the utilization by greater density.
Answer to question 2:
Introduction:
This section of the paper explain the role of the Australian Competition and consumer
commission in Australia (ACCC) by using the knowledge of theory of industry structure.
ACCC is an independent authority with the objective of promoting honesty and competition
between consumers and businesses. Ensuring the compliance of businesses and individuals
with the laws of consumer protection, fair trading and competition is the primary
responsibility of ACCC. The body is entrusted with the evaluation of resource intensive and
economically complex task in terms of the transaction effect. In order to maintain the faith in

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the free market system of Australia, it is essential to have the contribution of ACCC and
competition law. This authoritarian body is expected to reduce the compliance and regulatory
burden on the small and large business and consumers by providing transparent signals to the
market and businesses. The regulations based on the principles are achieved by employing
the flexible strategies and this also includes different outcomes that are court based and
administrative.
Discussion:
The competition and consumer Act 2010 is enforced by the ACCC which helps in
making anti-competitive collusion for setting illegal prices between the firms so that the level
of competition is strengthened between them. It is the objective of the body to take all the
preventive measures that would adversely reduce the choice of consumers and impact the
market competitiveness. Each roles of the ACCC would be explained in details by outlining
the relevant points and in relation to the industry.
Price Exploitation- Price exploitation is the act of marking the price of goods and
services at unreasonably higher level with regard to any changes in the level of the taxes.
Elimination and prevention of the price exploitation is one of the roles of ACCC using the
powerful statutory rules. Under the trade practice Act, the commission is responsible for
issuing the guidelines on the issues relating to change in the prices brought by the new tax
system. It is intended to scrutinize the price charged by different business and charging them
for an unreasonably higher prices of the product. A penalty of $ 500000 per offence for the
individual and $ 10 million per offence for the business is imposed by the commission for the
issue of price exploitation. The commission also emphasize to educate the business and
consumers about the obligations and rights under the price exploitation and thereby promote
compliance (Mundy & Davidson, 2016).

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The commission is entrusted with new power to take action against the business that
supplies regulated goods that cannot pass the cost savings. A penalty equal to 250% of the
cost savings will be imposed on the suppliers in the key areas such as natural gas, electricity
and synthetic greenhouse gas importer that engages in the activities of price exploitation. In
order to assure the fact that all the price savings goes to the consumer, a close eye of the
pricing of such suppliers is kept by the commission. It is important for the business such as
electricity and natural gas, bulk importing of synthetic greenhouse gas in the wholesale
market to produce evidences on the passing the cost savings. The higher prices charged due
to the addition of the carbon tax would fall down on repeal.
The commission is also entitled to report and monitor the market development and
competition as they act as the economic regulator of the telecommunication sector. It also
keeps track on the development of digital market and the impact that is created on the
consumers. It is quite probable that the innovation and technological change brings
opportunities and benefits to consumer and companies along with raising consumer issues
and potential competition. The commission has conducted the enquiry for examining the
impact created by the digital platforms on the competition in advertisings service market and
competition. It has been opined by the commission that the intervention in the media market
would not be for disrupting the natural evolution of the industry and holding back the change.
However, it is assessed by the commission to identify the substantial market power of the
media industry.
One of the media reports reviewing the tighter rules imposed by the ACCC to enhance
regulations on the companies by enquiring the digital platform. The new regulations on the
advertising of the products by Google and Facebook has been imposed along with
determining the new feeds for the users. With the effort of the commission to improve
competition in the media market, the commission has enforced more regulations by making

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twenty three recommendations. Any veil adopted in the form of algorithm by Google and
Facebook and the advertising markets can be lifted due to the division of new digital
platforms by the commission. An enquiry into the market is done on the price charged and
prevalence of enough competition in the market. In order to ensure the transparent and fair
treatment of new business, there has been the development of new code of conduct (Schaper,
2015). In the event of sharing revenue between new businesses and platforms from
advertising, the negotiations is also covered under the platform. Moreover, a code of conduct
is also required to be implemented for handling any complaints concerning any inaccurate
information. Facebook was charged a fine of US $ 5 billion as they alleged the users on the
ability to keep the data private. It was also recommended to implement the recommendation
of the law reform commission of Australia and for any privacy invasion, requires the
introduction of statutory tort. Introduction of reform by the commission was to improve the
transparency, protect the consumers, ensuring that the competition is not lessened by gaining
substantial market power and recognizing the imbalances in power (theguardian.com, 2019).
Price monitoring is another role which the commission is entrusted to perform and the
information is collected from the different sources such as industry sectors, consumer groups,
industry analysis and economic modelling. The retail price of LPG, unleaded petrol and
diesel in all the capital cities of Australia and in more than 190 locations is monitored by
ACCC. In the event of any anti-competitive conduct and misleading by fuel retailers, the
commission take actions if such findings is based on the sufficient evidence. The price of fuel
is determined by the market forces that is the interaction between the demand and supply and
any anti-competitive conduct such as collusion or price fixing relating to the fuel price is
addressed by the commission (Murphy, 2017). Compared to capital cities, the price of petrol
in the regional locations of Australia is higher. Any complains or enquires about the price of
fuels or any other related matters from the consumers is enquired by the commission

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(Keeves, 2017). In addition to this, any potential changes in the structure of ownership is also
accounted by the regulatory body. Such monitoring is essential for ensuring that the
competition in the industry has not lessened due to any proposed acquisition of the prevailing
retail sites. Issues relating to the breaking down of consumer laws and competition by the
retailers is further investigated by the commission (Higgins, 2017).
The role of the ACCC in monitoring the fuel price can be explained by one of the
media reports released that conducted an investigation into the intervention of the
government. The competition watchdog in Australia has found that the fuel market is not
functioning effectively as the price remained too high despite the increase in the supply to the
domestic users because of the intervention of the government in the gas market. In light of
the restriction of the export of gas due to the threat of coalition with the objective of dealing
with the shortage of gas at the domestic level has been identified with the mixed observations
by Australian competition and consumer commission (Chester & Elliot, 2019). It was found
that more products were available at the domestic level because of securing of the non-
binding agreement with the major producers of gas. This effort as taken by the government
due to the increase in the export demand of liquefied natural gas that caused a rise in prices.
The increased supply of the natural gas and their fall in prices because of the government’s
agreement has benefitted industrial and commercial gas users. Small retailers relied on the
retailers for supply as they could not enter in negotiations with the producers of gas. ACCC
was informed by the small players in the market that they have been charged lower price
(assets.kpmg, 2019). It was indicated by the behavior of retailer that there was not optimal
functioning of the market and caused local economies to be impacted significantly because of
failure to offer supply of the products that is reliable.
In the industry dominated by the group of producers, cartel might form with the
objective of serving one aspect of the market. The competitors of the industry makes

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agreement with the business to rig bids, fix prices, restrict the output produced and share
markets with the objective of reducing choices, inflating the price and damaging the
economy. Businesses as per consumer and competition act are required to compete with each
other in a fair manner and they tend to join the cartel secretly with their competitors if they
struggle to maintain the desired profit level and compete fairly (Pearson, 2018).
Cartels can be extensively investigated by ACCC in the form of compelling the
company to provide the information as well as documents on the suspected breach of law.
They are entrusted with the power of seeking search warrants from the magistrate and
performing the execution of the same on the premises of the company officers and offices.
For the resolution of prosecution, a serious cartel conduct would be referred by ACCC and in
relation to the investigation of the conduct of cartel, the commission works closely with
CDPP that is with the director of the public prosecution (aussie.com.au, 2019).
Two major banks that is Deutsche bank, JP Morgan and Citigroup Inc has been
accused by ACCC of forming the criminal cartel with the purpose of maintaining the price
and supply of shares of ANZ. Such cartel was formed because of the inability of the bank to
sell off their shares to the regular investors. JP Morgan was also charged of withholding the
process of sales to the investors. Another case of cartel was the Yazaki cartel that attracted
the penalty of $ 46 million. It was alleged by ACCC that Yazaki as indulged in price fixing
and some market sharing for supplying the Toyota Motor Corporation with wire harnesses
(reuters.com, 2019). The cartel between Yazaki and its competitors was overreaching and
regarding such arrangement, the commission sought declarations, pecuniary penalties costs
and injunction (australiancompetitionlaw.org, 2019). In the event of any cartel arrangement
that calls for some criminal prosecution wherever possible, a memorandum of association is
signed between the director of public prosecution and ACCC for performing various
activities such as immunity process management, cartel product and referring the conduct of

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any serious cartel for prosecution. Hence, it is observed from the cases of cartel formed that
ACCC has played a major contributory role in identification of such misconduct in the
market and penalizing for such act (accc.gov.au, 2013).
Conclusion:
The paper outlining the role of ACCC in regulating the market and maintaining the
competition in the industry of Australia has found that the regulatory body performs various
roles in addressing the issues relating to fair trading, promoting competition and regulation of
the infrastructure that would be beneficial for the overall economy. From the above
discussion, that presents the facts using different media reports, it has been found that ACCC
plays a major role in the addressing the price exploitation, regulating and monitoring the
price and penalizing the misconduct such as cartel. The objectives set by ACCC is sought to
achieve by promoting and maintaining competition and supporting fair trading within the
industry.

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