ASSESSMENT DESCRIPTION: You are to write a 1500 words essay on the booming housing market. Essay Topic: Houses in the capital cities of Sydney and Melbourne are at a stratospheric level. Apartments in...

ASSESSMENT DESCRIPTION: You are to write a 1500 words essay on the booming housing market. Essay Topic: Houses in the capital cities of Sydney and Melbourne are at a stratospheric level. Apartments in the two capital cities are selling at $800000 and above and houses are over $1.2 million mark. Some economists claimed the high prices of houses is due to not enough houses being built and thus creating a shortage (supply) and on the other hand, there are claims that too many immigrants/cash rich overseas investors are coming to Australia and competing with Australian purchasers, pushing up the house prices upward (demand). Task: You are to write an assignment and provide reasons as to: a)why house prices are so high in these two capital cities and provide evidence to support your answer. b)suggest ways the house prices can be contained (reduced) and provide evidence to support your answer. c) If you are a young professional with a very young family, provide reasons how one can afford to buy into such an expensive housing market in Sydney or Melbourne at such current high price and provide evidence to support your answer. You can use any aspect of Business Economics that you have studied or researched in writing your assignment. ASSESSMENT SUBMISSION: The key sections to be included should be written in accordance with the guidelines for writing essays. Your essay must include: • Reference from academic journals supporting your argument. • Correct argument essay structure. Refer to the Academic Learning Skills handout on Essay writing. • Harvard referencing for any sources you use. Refer to the Academic Learning Skills handout on Referencing. • A minimum of 8 academic references (including the text book). Please see Academic Learning skills staff for assistance with this, or any assignment. They can help you with understanding the task, draft checking, structure, referencing and other assignment-related matters THE ESSAY MUST BE SUBMITTED ONLINE IN MOODLE. ALL MATERIALS MUST BE SUBMITTED ELECTRONICALLY IN MICROSOFT WORD FORMAT.OTHER FORMATS (E.G., PDFOR MAC FILE) MAYNOT BE READABLE BY MARKERS. PLEASE BE AWARE THAT ANY ASSESSMENTS SUBMITTED IN OTHER FORMATS WILL BE CONSIDERED LATE AND