01 Jul AUSTRALIAN HOUSING MARKET REVIEW
ECONOMICS F OR MANA G ERS
N a tu re: Indi vi d ual ass ignm en t.
Assignment Ove rview : This assi gnment i s pa rtl y bas ed on the attached arti cle , “Australian
Housing Market Review,” by Arnhem Investment Management,
November 2012. Please read this arti cl e care full y b ef o re a tt em p ti ng
the questi ons. You wil l be requi red to dem onstra te your
understand ing of economic concep ts taught in the uni t and re l a te
them to the cases i n the a rti cle.
Lea rn ing Ob jectives: This assi gnment i s de sig ned to enc ou rage you to th ink about the
appli ca tion s of economic conc ep ts l ea rned in th i s un it to real wo rl d
scena ri os.
Assess men t: Based on the attached Rubric, y our assignment wil l be g ra ded on
your use of a pp ropri a te economi c theo ry and concepts, cl a ri ty of
exposi ti on a nd o ve ra ll quali ty of your ans we rs. Your ans we rs
sho ul d f o llow “Gu ide to a ssi g nment wri ti ng and ref e renc ing”,
a va il able at th i s li nk : h tt p ://www.deaki n .edu .au/curr en t-
students/a ssets/resou rces/study-suppo rt/ study-skill s/assign –
re f .p df .
Ques tio n s : Ans wer all ques ti ons. Limit the to tal wo rd count of your
assig nm ent to l ess th an 3 ,000 wo rds. Depth is encou raged o ver
b read th: that i s, i t i s m o re im portant that you dem onstra te you
understand a concept full y, ra ther than ta lk about 3 re l a ted
concep ts onl y cursoril y. You a re encouraged to provide
necessary graphs, figures and data wherever possible. Please
be careful in implementing referencing styles.
Total ma rk: 40 ma rk s. Al loca ti on as i nd i cated next to the q uestion. Your sco re
on th i s assignment con tribu tes to wa rds 40% of your f inal score f or
th i s u ni t.
S ub mission: This assi gnment m ust be submi tt ed e lectroni call y on D 2L (DS O)
D ropbox a rea by a l l stu den ts by 11:59pm on the d ue date. N o
hard copy i s requ i red. P rint your nam e a nd student ID clearl y on
the fi rst p age of your answe rs. P l ease che ck the Acad emi c
H o nesty and Mi sconduct sec ti on in the U ni t Gu ide. Submi tt i ng
your ans we rs autom a ti cally imp li es that you have read and
accep ted the Pl a gi a ri sm and Collu sion D e cl a ra ti on, and that the
submi tt ed ans we rs a re e nti re l y your o wn wo rk .
1
Q ue stion 1: (8 marks)
In your own words, summarize the article , “Australian Housing Market Review,” by Arnhem Investment Management,
November 2012. In particular, what are the main messages of the article ?
Question 2: (8 marks)
Using appropriate diagrams, figures and data to answer: Are the Melbournes housing prices overvalued? Why or why not?
Question 3: (8 marks)
Suppose that the Melbournes housing market is perfe ctly compet iti ve (i.e., many real estate developers).
T he city government decides to levy a buyers tax (specific tax) on housing purchases.
Using appropriate diagrams to answer:
(a ). Examine the impact s of th is buyers t ax on t he equi libri um housing price s,
consumer surplus, producer sur plu s, and total surplus (or social wel fare).
(b). Can an increase in the buyers tax raise social welfare ?
(c ). Can an increase in the buyers tax raise city government s revenue?
Question 4 : (8 marks)
Suppose th at city government decides to develop a new housing area (i.e., the city government is like a monopolist).
Using appropriate diagrams to answer:
(a) If the city governments objective is to maximize profits, what would be the housing price set in this new area ?
(b) If the city governments objective is to maximize revenue, what would be the housing price set in this new area ?
(c) If the city governments objective is to maximize welfare, what would be the housing price set in this new area?
Q ue stion 5: (8 marks)
Find at least three countries or economies that have housing policies or measures to stabilize the housing markets.
Provide your views or suggestions on the best measure to stabilize the housing markets that could be considered or used in Melbourne .
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