Understanding The High House Prices In Australia’s Housing Market Essay.

Basic Microeconomic and Macroeconomic ConceptsFor some time now, Sydney and Melbourne have been experiencing a housing bubble. The housing market in Australia has been exhibiting substantial increases in the price of houses. Notably, houses in Melbourne and Sydney are significantly overpriced, making it difficult for most households to afford decent housing (Collyer, 2016). It is imperative to note that some economists argue that the high prices…