Essay: Prices go up with Increase in Demand

Essay: Prices go up with Increase in Demand

When demands for a product goes up, so does the prices. The large number of people seeking to move into the suburbs has raised the prices of houses. Thus, someone who has a house in say, Hunters Hill will be able to get much more from it than what he bought it at 5 years ago.

Additionally, suburban estates are blue chip for the reason that the number of people who may be deemed to be in the upper class is not very high. In the US, only 1.5% is considered upper class compared to a massive 45% who are middle class (Answers.com, 2010). Thus, while there may not be many people who may buy a mansion that is worth $50 million, many will buy a house that is $300,000-1 million. This means that the most lucrative houses to own, that is blue chip, are those that may be owned by middle class people, as there will always be a ready market.

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