HC2022 Assignment Solutions on Marketing Report Project: The Globalization of Real Estate

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1. Introduction

The technological development and economic conditions of the nation bring new trends in the country for the real estate industry. High competition is available in the real estate industry of Australia in new and innovative techniques to meet the new trends of society (BDO Australia 2020). Due to the global pandemic, the demand for property is facing a downturn. Over the last few years, the demand for affordable houses was increasing with the needs of small families. Nowadays, real estate developers are facing significant issues based on small families and COVID-19. High uncertainty and volatility can be seen in the property valuations, which makes a difficult time for financial reporting. This situation has increased pressure on the real estate developers to fulfill the needs of individuals with social distancing measures (Buyers 2018; Nicola, M. et al. 2020). This research is based on the problems faced by real estate developers in Australia based on changing trends. To investigate the key challenges and new trends in the real estate industry, secondary qualitative sources will be used. With an understanding of the present structures of Australian families and households, the new trend and its demand for the future can be identified, which can help in managing the organizational performance (BDO Australia 2020).

2. The Research Process

 The research process is based on the identification, defining, planning and analyzing the problem to attain the required findings. Based on a significant research question, the research process can help in proceeding with the defined steps. Information based on distinguished sources provides the necessary information to express ideas and develop suitable conclusions. This research process is based on five steps which are: Define the problem, planning the research design, planning the sample, collecting the sample and Analyzing the data (Qin, Chen, Yang and Huang 2016).

Sky High Real Estate Developer in Australia focuses on the recent and upcoming trends to utilize this information for innovative ideas. Effective understanding of the needs of customers can help in promoting business performance (Buyers 2018; Nicola, M. et al. 2020).

2.1 Define the problem

New trends are developing with the changing needs of the societies for office spaces and homes. The growth of the real estate industry is based on the demand of buyers. A moderate decline can be seen in the residential real estate sector due to the global pandemic and oversupply of new residential dwellings (Buyers 2018; Nicola, M. et al. 2020). The trend of affordable houses is changing with their shifted preference towards apartment and luxury living terrace houses. It has been expected that the overall demand for luxury and apartment houses will increase until 2023. Strong unit developments promote the demand for residential houses in the inner-city areas of Australia such as Sydney, Melbourne and Brisbane. These hot spot areas are prime locations that are much preferred by individuals while it requires a high range of prices (BDO Australia 2020; Lawless 2018).

Misleading and false advertisements can also create a key issue for real estate developers to promote a trustworthy relationship with buyers. Another issue of the residential real estate developers is based on the affordable houses in the big cities. Before the pandemic, the trend for houses changed for luxury and apartment houses, while due to the financial losses and other conditions, people are moving towards affordable houses to meet the needs of the families (Buyers 2018; Nicola, M. et al. 2020). Identification of the new trend is the key aim of this research and to investigate the recent and future trends for the benefit of Sky High Real Estate Developers.

2.2 Planning the research design

Research design is referred to as the framework of research tools to arrange the information logically for an effective understanding of the problem. Three kinds of research designs are popular for research which is experimental, exploratory and descriptive. The exploratory research design emphasizes the qualitative data to identify the real aspect of the research problem. Although, the experimental research design is based on using scientific techniques to attain reliable and valid results. The descriptive research design is focused on the behaviour and attributes of the population with the use of quantitative data (Lewis 2015). This research is based on the exploratory research design to represent the secondary qualitative data regarding the real estate industry in Australia.

To fulfill the needs of the research, initially, the key issues in the real estate industry can be identified based on the organizations available in the industry. Based on the issues and uncertainties in the market, new trends in the industry can be recognized to provide significant solutions for Sky High Real Estate Developers. Additionally, the information from the census data and government statistics can be explained to evaluate the needs of the community based on families and households (Australian Bureau of Statistics 2015; Lawless 2018). This research will be based on secondary data as it is not possible to identify the new trends in the real estate industry for the large population of Australia. Theoretical understanding of the key issues and trends of the real estate industry will be most suitable for the research (Rogers and Koh 2017).

2.3 Planning the sample

A sampling plan is an effective guide in the research to structuring the targeted respondents and population based on the required study. This research is based on secondary research data, which requires systematic application of the resources to effectively represent the research. The Sky High Real Estate Developers is focusing on the buyers’ needs for real estate. Whether it will be for residential or commercial purposes, the sample size for the research will be based on the population of Australia (Aslam, Balamurali and Jun 2019; Rogers and Koh 2017).

2.4 Collecting the data

In Australia, the total number of households, families and persons are 8,890,000; 6,705,000 and 22,819,000, respectively. It can further be divided into different households based on their family sizes, children and family income. It represents that most of the families available in Australia are couple families with 17,256,000 persons (Australian Bureau of Statistics 2015; Lawless 2018). This data is represented by the Australian government. The below figure represents the overall statistical representation of the persons, families and households in Australia.

It can be identified that around 81% of couple families are in Australia as per the total statistical data (Australian Bureau of Statistics 2015). Most dominating one-parent families are recognized as lone mother families who have remained stable for many years. In a couple of families, the children are either dependent or independent. Below mentioned data represents the family structure in Australia according to the age of children up to 17 years (Australian Bureau of Statistics 2015; Lawless 2018).

More than 3.4 million children are living in a family where both parents are working. Wherein out of these families, around 58%, the mother is working part-time while for 42% of families, the mother is working full time. However, it shows that 2.8 million children are dependent on their parents (Australian Bureau of Statistics 2015; Lawless 2018).

The above figure represents that around 11,471,296 people were working in Australia, including 57.7% full-time employees and 30.4% part-time employees. The total number of unemployed people in Australia are 787,452, which means approximately 6.9% of people of the total population (Australian Bureau of Statistics 2016).

The above figure shows that the median weekly income of the individuals is divided into households, families and persons where the average personal income of individuals is $662, which is increased as per the previous year (Australian Bureau of Statistics 2016).

2.5 Analyzing the data

It can be analyzed that the average income of individuals is based on the needs of the families. As per the median weekly incomes, most of the people focuses on fulfilling the family basic needs and living in a separate house. With family transitions, the need for affordable houses is increasing. However, it can be noticed that the private dwellings occupied by Australians are 8,286,073 which 1,039,874 private dwellings are unoccupied. It shows that 88.8% of private dwellings are occupied (Australian Bureau of Statistics 2015; Australian Bureau of Statistics 2016).

Although the statistical data for the dwelling structure can be analyzed from the below figure based on a separate house, semi-detached, flat/apartment or another dwelling. A total of 72.9% of separate houses are occupied by individuals, while only 13.1% of people have apartments or flats. Approximately 12.7% of people have luxury houses with terraces or rows attached to their houses (Australian Bureau of Statistics 2016).

This data shows that the latest and future trends for the Australian population will be based on affordable housing techniques. With an average household income, affordable houses can be easily opted for by individuals. However, with the increased household incomes, people are more focusing on luxury houses with terrace or apartments. The median dwelling price in Sydney is $845,000 while the median household weekly income is $1,791 as per the report of 2018. Thus it represents better affordability in the dwellings with increased household income (Australian Bureau of Statistics 2015; Australian Bureau of Statistics 2016).

The trend of housing affordability is changing with the increase in the median income of individuals. Better affordability promotes the need for apartments or luxury houses among Australians. Potentially, the income of individuals will continue to rise with time. Sky High Real Estate Developer can take the benefit of the increased median income of individuals and promote luxury houses and apartments in the developed cities (Lawless 2018; PWC 2020).

3. Conclusion

It can be concluded that high uncertainty and volatility can be seen in the property valuations which makes a difficult time for the real estate developers. Over the last few years, the demand for affordable houses was increasing with the needs of small families. The trend of affordable houses is changing with their shifted preference towards apartment and luxury living terrace houses which shows that the demand for these houses will increase by 2023. This research is based on the exploratory research design to represent the secondary qualitative data regarding the real estate industry in Australia. Based on the issues and uncertainties in the market, new trends in the industry can be recognized to provide significant solutions for Sky High Real Estate Developers.

This research is based on secondary research data regarding the population of Australia. In Australia, the total number of households, families and persons are 8,890,000; 6,705,000 and 22,819,000, respectively. Most of the families available in Australia are couple families with 17,256,000 persons. More than 3.4 million children are living in a family where both parents are working. Wherein out of these families around 58%, the mother is working part-time while for 42% of families, the mother is working full time. The average personal income of individuals is $662. A total of 72.9% of separate houses are occupied by individuals while only 13.1% of people have apartments or flats. A total of 72.9% of separate houses are occupied by individuals while only 13.1% of people have apartments or flats. Sky High Real Estate Developer can take the benefit of the increased median income of individuals and promote luxury houses and apartments in the developed cities.

It can be recommended that Sky High Real Estate Developer must focus on innovative techniques of housing that can promote the benefit of luxury houses or apartments. In the future, the demand for apartments or luxury houses will increase; thus the real estate developer should focus on developing effective houses based on the needs of the individuals.

4. References

Aslam, M., Balamurali, S. and Jun, C.H., 2019. A new multiple dependent state sampling plan based on the process capability index. Communications in Statistics-Simulation and Computation, pp.1-17.

Australian Bureau of Statistics. 2015. Family characteristics and transitions. [Online]. Available at: https://www.abs.gov.au/statistics/people/people-and-communities/family-characteristics-and-transitions/latest-release [Accessed on: 19th September 2020].

Australian Bureau of Statistics. 2016. 2016 census quick stats. [Online]. Available at: https://quickstats.censusdata.abs.gov.au/census_services/getproduct/census/2016/quickstat/036 [Accessed on: 19th September 2020].

BDO Australia. 2020. Real estate sector. [Online]. Available at: https://www.bdo.com.au/en-au/insights/real-estate-construction/articles/five-challenges-facing-the-real-estate-sector [Accessed on: 19th September 2020].

Buyers. 2018. The state of affordable housing in Australia. [Online]. Available at: https://www.littlerealestate.com.au/news/the-state-of-affordable-housing-in-australia [Accessed on: 19th September 2020].

Lawless, T. 2018. Housing affordability report out today. [Online]. Available at: https://www.corelogic.com.au/housingaffordability [Accessed on: 19th September 2020].

Lewis, S., 2015. Qualitative inquiry and research design: Choosing among five approaches. Health promotion practice, 16(4), pp.473-475.

Nicola, M. et al. 2020. The socio-economic implications of the coronavirus and COVID-19 pandemic: a review. International Journal of Surgery, 78, pp. 185-193.

PWC. 2020. Emerging trends in real estate. [Online]. Available at: https://www.pwc.in/assets/pdfs/trs/emerging-trends-in-real-estate-2020.pdf [Accessed on: 19th September 2020].

Qin, J., Chen, Q., Yang, C. and Huang, Y., 2016. Research process on property and application of porous metal materials. Journal of Alloys and Compounds, 654, pp.39-44.

Rogers, D. and Koh, S.Y., 2017. The globalization of real estate: The politics and practice of foreign real estate investment. International Journal of Housing Policy, 17(1), pp. 1-14.