Hypothetical Planning Research Exercise - Assignment Solution

Background

The crucial objective of this assessment task is to plan and make a research proposal entitled
“Discovering reasons for decline in home ownership between middle and low-income millennials in Australia.
The industry which is related to the given topic is the housing industry. The housing industry is the expansion, construction and sale of homes. It is regarded as the housing market which is further known as establishing supply and demand for houses. The housing market constitutes of different characteristics like the supply of housing, demand for housing, housing prices, leased sector and Governmental interventions in the Housing market (Muth & Goodman, 2014). Different Australian people have a major vision of retaining a house in Australia but due to the increasing charge of housing in associations to income, their desires and necessities are not successfully satisfied. Similarly, millennials are the group that has a high amount of technological understandings, diverse values and pecuniary independencies in the earlier days but as per the recent contexts, the house ownership in Australia is the lowermost having approximately fewer than 28% of the optimistic population holding the house (Maiers, 2017). The numeral value of home ownership has remained considerable decreasing over the last three periods which could be considered as a prime threatening factor that the millennials might be perceived as enduring tenants for their period. According to Wood et al. (2015), the trudge in the property prices has become a foremost disruption for the newer generation as with the higher housing expectation like houses becoming more inexpensive, covered and in a leading position.

2. Significance

This research proposal proves to be important and imperative to the upcoming researchers to establish more familiarity and improved thoughtful on the developments of accommodation possession of intermediate and lower proceeds millennials in Australia by extremely comparing it with interrelated age group, associates and sectors. It will directly or incidentally persuade the governmental bodies to implement required strategies as well as policies to convey them a sense of individuality (Badcock & Beer, 2000). It is advantageous and beneficial not only to an individual group of people but delivers a greater contribution to the nation’s economy because 21% of the country’s population is young adulthood in Australia and they show influential impacts on investment decisions and economic system. Also, it will assist the real estate business to achieve knowledge in terms of the housing trend and target mainly to the middle- and lower- income subdivision of millennials. Various research studies were established in several nations administratively, socially, frugally and scientifically dissimilar from Australia. The millennials have emphasized wealth generations instead of purchasing home in Australia in the current years (Zhou, 2017). A popular and renowned share capitalizing stage has discovered approximately 50 % of the innovative customers relies at the age group of 35 and above. In the previous years, number of millennial investors had ultimately raised by 51% which further depicts in the current world the younger adulthood generation people concentrates on establishing wealth and saving for future goals. The objectives could be to buy a house but preliminary investments might be on the shared values (Barton, 2011).

3. Scope

The topic of this research proposal has a great and productive scope in the past, present and also in the future days. The main reason of decrease in house ownership in Australia could be an increment in lodging prices and immobile income, deficiency of saving strategy and absence of preparations, delay in the family formations, home ownership rescheduling and change in the investment priorities. As home ownership in Australia has reduced to 67% in the year 2017 but it further decreases to 65% in 2016. Australian Government had enhanced broad-scale home ownership with the help of tax incentive. In the previous days, home ownership is taken as a sort of levelling factor and the migrants of Australia might be capable to purchase homes as quickly as compared to native-born Australians. Homeownership in Australia is becoming more high-class and elite. Likewise, the younger generation people are buying homes at the best lower rates and any changes in the working patterns are lessening the household’s capacity to retain their homes (O’Leary, 2018).