ECON3130-5330 Real Estate Economics

2016 Session 2 - Assignment 2

Economics Topic: The housing market in Australia

House prices in Australia, particularly Sydney, have risen sharply in the past three years.
Australian house prices are high relative to those in the US and other markets (refer 'The
Economist' index of price against average income). Students are asked to examine some of
the potential causes of the sharp rise in prices and/or why prices are higher in Australia, and
the consequences. In terms of causes, students could look at the possible role of various
government policies, the regulatory framework, and expectations play in both sides (supply,
demand) of the market. View global house prices on The Economist website.

Your second assignment is worth 10 marks or 10% of your final grade. In class, we will be
doing some work which will assist in preparation for this assignment and some of this work
will be awarded marks. That is, in aggregate it will be worth more than 10%.
This is a very large topic, since there are many issues. As part of this assignment students will
first need to determine (narrow down) the specific question to be addressed. The Assignment
can be done as a standard Assignment (as per the instructions below) or as an entry to the
UNSW Business School Research Competition.

UNSW Business School Research Competition

A student or group of students in the course (maximum of 3) can compete in the UNSW
Business School Research Competition. Posters will be assessed by an external Committee
for prizes etc. but your lecturer would also assign a mark. Naturally, if the external
Committee (or the Peoples choice) rates it highly, the lecturer will give that a high
weighting.
The essential difference to the standard assignment is two things: groups can work together
on it and the early submission. Important to note this has an earlier due date - electronic
poster submissions are due by noon on Monday 12 September 2015. Information on who to
send to not known at this point (will be advised) but I would ask you to upload a copy on the
Course website.

Standard Assignment

In standard format, the assignment is due by Sunday 25th September 2016

Cover Sheet and Marking Guidelines

A cover sheet is provided. Additionally, your name and student number should be presented
in a footer on the bottom of each page of your assignment. A marking guideline is included
(page 4).

Discussion with your Fellow Students

While plagiarism is strictly forbidden, discussion with fellow students is strongly encouraged.
Do NOT lend a copy of your paper to another student if they copy your assignment, you
will be penalized.

Word Limit
The word limit is 1000 words. Range would be 900-1000. DO NOT go over the limit.
The word limit excludes the list of references and any tables or figures.

References and referencing

The list of references will contain all the details of articles or sources of data used. Within the
text, cite with short version only, e.g. Glaeser and Kohlhase (2004) argue OR There is
strong evidence of this (Glaeser and Kohlhase, 2004).

Presentation and Paragraphs

As a marker I am often confronted with papers which contain very long sentences and
paragraphs which make reading very difficult. Paragraphs are the building blocks of papers.
Ultimately, a paragraph is a sentence or group of sentences that support one main idea. Your
paper will contain a number of ideas and/or points. Before you start writing, you should have
worked out a sequence of ideas/points which will form the paper. Each can then be written as
a paragraph.

Submission of Standard Assignment

The electronic version is due by Sunday 25th September 23.59pm. As this is the holiday
week, there is an extended time to submit paper copies: A paper copy is to be submitted to
the Economics Assignment Box on ASB (west lobby) ground floor by 5pm on Thursday 6th
October. However, assignments which are submitted well before this date will be marked
earlier.
The official time of submission of your assignment is the time at which you upload it to the
Turnitin box on course website. Late submissions will be penalised 2 marks for the first day,
and an additional 1 mark for each additional day (or part thereof). Thus an assignment that is
1 minute late will be penalised 2 marks, and one which is 24 hours and 1 minute late will be
penalised 3 marks. Plan to submit your assignments at least one day ahead of time to avoid
last-minute technical complications.
Special consideration does not apply to late submission of assignments. You have a
reasonable period to complete the assignment and it is your risk if you leave it for the last few
days. Illness for one or two days will not entitle you to special consideration.

Clarifications if required
Questions about the assignment are best addressed in the lecture. (Other students will
probably have a similar question.)

Plagiarism
The policies are set out in the Part B of the Course Outline. All I will say (again) is I expect
to see NO cases of plagiarism in this course.

MARKING GUIDE FOR Assignment 2

1

Criteria and weighting

Below expectations (F)

Meets expectations (P/Cr)

Exceeds expectations (D/HD)

Written presentation: clear and

precise. References presented
correctly. Any charts or tables
clear, readable. (15%)

Ideas not communicated clearly,

e.g. incorrect vocabulary/
grammar
Unprofessional presentation, little
evidence of editing (e.g. many
spelling, punctuation errors)

Structure of written presentation:

clear and well organized.
Argument follows a clear
sequence. (15%)

Difficult to follow sequence of

ideas; unclear focus
Text not clearly structured, e.g.
paragraphs not clearly developed.

Gives reader a clear

understanding of the issues,
economic framework, and
arguments. (70%)

Does not clearly/correctly identify

or explain issues/arguments
Little analysis or critical evaluation
of ideas or information

Ideas generally communicated

clearly although could be more
effective
An attempt at professional
presentation and editing: only
minor spelling/ punctuation
errors.
Sufficiently clear focus and
(mostly) logical sequence of
ideas.
Adequately structured

Identifies and defines key

issues/arguments but does not
convey all aspects or complexity
Some analysis of ideas or
information but with limited
depth

Ideas communicated clearly and

fluently; mostly accurate
vocabulary/ grammar
Ideas expressed concisely
Very professional presentation
evidence of thorough editing
(negligible errors)
Ideas developed logically and
coherently
Clear focus; no irrelevant
material or repetition
Well structured
Clearly identifies and explains all
aspects of issues/arguments and
conveys complexity of issue.
Insightful interpretation and
critical evaluation of ideas or
information, showing depth of
understanding