Proceedings from the PRRES Conference - 2000

[Conference Program] [Parallel Sessions] [Schedule of Papers]

6th Annual Conference
23-27 January 2000
University of Technology Sydney, Sydney, Australia

Conference Program

Sunday 23rd January
3.30 - 6.00pm PRRES Board of Directors Meeting Room 405 Level 4
4.00 - 6.00pm Registration Level 3 Foyer
6.00 - 8.30pm Cocktail Reception DAB Café Level 4

Monday 24th January
8.00 - 9.00am Registration Level 3 Foyer
9.00 - 10.30am Official Opening by UTS Pro-Vice Chancellor( Research) Professor Lesley Johnson Guthrie Theatre
Keynote address: Professor Neil Crosby, University of Reading, "Future Directions and Challenges For Valuation Research"
10.30 - 11.00am Morning tea Level 3 Foyer
11.00 - 12.30pm Parallel sessions 1A, 1B, 1C Guthrie, Rooms 320 and 322
12.30 - 1.30pm Lunch DAB Café Level 4
1.00 - 1.30pm Doctoral Meeting Room 405, Level 4
1.30 - 3.00pm Parallel sessions 2A, 2B, 2C Guthrie, Rooms 320 and 322
3.00 - 3.30pm Afternoon Tea Level 3 Foyer
3.30 - 5.00pm Parallel sessions 3A, 3B, 3C Guthrie, Rooms 320 and 322
5.00 - 6.00pm ALER Meeting Room 405 Level 4

Tuesday 25th January
9.00 - 10.30am Keynote address: Dr David Parker, Suncorp-Metway, Brisbane, "An Institutional Perspective on Property Research"
10.30 - 11.00am Morning tea Level 3 Foyer
11.00 - 12.30pm Industry Session Presentations Guthrie Theatre, Stephen Koukoulas (Australian Financial Review), Adrian Harrington (Paladin), Walter Carpenter (FPD Savill)
12.30 - 1.30pm Lunch DAB Café Level 4
1.30 - 3.00pm Parallel Sessions 4A, 4B, 4C Guthrie, Rooms 320 and 322
3.00 - 3.30pm Afternoon Tea Level 3 Foyer
3.30 - 5.00pm Parallel Sessions 5A, 5B, 5C Guthrie, Rooms 320 and 322
5.00 - 6.00pm PRRES Annual General Meeting Room 322
7.30 - 12.00pm Harbour Cruise

Thursday 27th January
7.30 - 8.30am Women's Breakfast Mercure Hotel
9.00 - 11.00am Parallel Sessions 6A, 6B, 6C Guthrie, Rooms 320 and 322
11.00 - 11.15am Morning tea Level 3 Foyer
11.15am - 1.15pm Parallel Sessions 7A, 7B, 7C Guthrie, Rooms 320 and 322
1.15pm - 2.00pm Lunch DAB Café Level 4
1.15 - 2.00pm API Meeting Room 405
2.00 - 4.00pm Parallel Sessions 8A, 8B, 8C Guthrie, Rooms 320 and 322
4.00pm Closing Ceremony Guthrie


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Property Trusts (International)

Guthrie Theatre


Land Title Issues

Room 320


Residential Property

Room 322





China Property Markets

Guthrie Theatre



Room 320


Commercial Property Markets

Room 322






Guthrie Theatre


Residential Property Market Analysis

Room 320


Property Trusts

Room 322





Real Estate Investment

Guthrie Theatre


Property Law/Issues

Room 320


Residential Property Market Analysis

Room 322





Corporate Real Estate

Guthrie Theatre


Investment Decision Making/Retail Property

Room 320


Taxation and Property

Room 322





Information Technology/Simulation

Guthrie Theatre


Corporate Real Estate/Facilities Management

Room 320


Valuation Theory and Practice

Room 322





Residential Property/Agency

Guthrie Theatre


Commercial Property Markets

Room 320


Indigenous Land Tenure/Rights

Room 322





Property Trusts

Guthrie Theatre


Residential Housing Policy/Issues

Room 320


Rural Property

Room 322


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MONDAY 24TH JANUARY : 11.00 - 12.30PM
Session 1A: Property Trusts (International) Chair: Patrick Rowland

Karl-Werner Schulte and Till Schulz-Eickhorts (European Business School) "Perspectives for commercial real estate securitization in Germany - a comparative analysis"

Jinu Kim (University of New South Wales) and Sang-Young Lee (Construction and Economy Research Institute of Korea) "A study of real estate trusts in Korea" (Refereed)

Stephen Thode (Goodman Center for Real Estate Studies, Lehigh University, USA) "REIT IPOs: their relative and absolute performance"

Session 1B: Land Title Issues Chair: Peter Wills

Trevor Mills (University of South Australia) "Can there be a model title registration system?" (Refereed)

Megat Mohd. Ghazali, Kamaruzaman Abd.Rasid and Buang Alias (Universiti Teknologi Malaysia) "The development and administrative issues of stratum title for underground land resources in Malaysia"

Norman Hutchison, Thomas Munjoma and J Rowan-Robinson (University of Aberdeen) "The valuation of wayleaves: time for change?"

Session 1C: Residential Property Chair: Robert Hargreaves

Bryan Baker (Monash University) "Residential real estate investment"

Susan Flint-Hartle and Anne de Bruin (Massey University) "Residential property investment decisions in New Zealand: economic and social factors"

K W Chau, Frederik Pretorius and W. M. So (University of Hong Kong) "Factors affecting mortgages prepayments in Hong Kong" (Refereed)

MONDAY 24TH JANUARY : 1.30 - 3.00PM
Session 2A: China Property Markets Chair: Graeme Newell

Francis Wong and Eddie Hui (The Hong Kong Polytechnic University) "Housing reform in Southern China: Guangzhou and Shenzhen" (Refereed)

Chun Xing He, Sun Sheng Han and Shi Ming Yu (National University of Singapore) "Land price variations among China's regions" (Refereed)

Anthony Walker (University of Hong Kong) "The development of projects for joint venture in the People's Republic of China - problems and solutions"

Session 2B: Valuation Chair: Dominique Fischer

Sandy Bond (Curtin University of Technology) "Estimating stigma of ex-contaminated land: the "buyer beware" principle reigns" (Refereed)

Nelson Chan (University of Western Sydney, Hawkesbury) "How Australian valuers value contaminated land" (Refereed)

Peter Wills (University of Western Sydney, Hawkesbury) "EDI, the valuation process and who owns what"

Session 2C: Commercial Property Markets Chair: John MacFarlane

Shirley Yong (Royal Melbourne Institute of Technology) "Impact of the Asian crisis: A Malaysian property market perspective"

Aminah Md Yusof (Universiti Teknologi Malaysia) "The impact of depreciation - a hedonic analysis of offices in the city of Kuala Lumpur"

Rob Kooymans (University of South Australia) and Mike Flehr (Adelaide City Council) "Arresting the decline in the number of office users in the Adelaide Central Business District" (Refereed)

MONDAY 24TH JANUARY : 3.30 - 5.00PM
Session 3A: Education Chair: Ric Smal

Rita Avdiev (The Avdiev Group) "Golden apple or poisoned chalice? The influence of education on careers"

Geoff Page (University of South Australia) "Graduate quality approach to property education"

Graham Crews (Massey University) and Sue Hovell (The Open Polytechnic of New Zealand) "Real estate education: life after graduation"

Session 3B: Residential Property Market Analysis Chair: Paul Kershaw

John Flaherty and Ric Lombardo (Royal Melbourne Institute of Technology) "Modelling housing starts in Australia"

Bob Hargreaves (Massey University) "Residential rental indices - which is best?" (Refereed)

Peter Rossini (University of South Australia) "Estimating the seasonal effects of residential property markets - a case study of Adelaide" (Refereed)

Session 3C: Property Trusts Chair: Stephen Lee

Hafez Hafez (Curtin University of Technology) "Listed Property Trust Benchmark" (Refereed)

Stellan Lundstroem (The Royal Institute of Technology, Sweden) "Quality assurance of the valuation process for property index"

Rohit Kishore (University of Western Sydney, Hawkesbury) "What does discount premium trading of LPT shares tell us?"

TUESDAY 25TH JANUARY : 1.30 - 3.00PM
Session 4A: Real Estate Investment Chair: Karl-Werner Schulte

Stephen Lee and Peter Byrne (The University of Reading) "Risk reduction and real estate portfolio size" (Refereed)

Simon Stevenson (University College Dublin) "Bayes Stein estimators, lower partial moments and international real estate asset allocation"

Piet Eicholtz (Global Property Research, Masstricht University and the University of Amsterdam) and Qing Xu (Delft University of Technology) "Investigation of the relationship between return of UK real estate company and company specific variables"

Session 4B: Property Law/Issues Chair: Spike Boydell

Anthony Lavers (Oxford Brookes University) "Protection of real estate developers and end users against economic loss arising from defects in construction" (Refereed)

John Keogh (University of Western Sydney, Hawkesbury) "Have legislative reforms expedited property development approvals in New South Wales?"

Megan Walters and Paul Kent (Hong Kong Polytechnic University) "Informal institutions in multiple ownership property in Hong Kong"

Session 4C: Residential Property Market Analysis Chair: Erica Walker

Greg Costello (Curtin University of Technology) and Russell Elkins (Western Australian Valuer General's Office) "Location Location Location - wise maxim or clever hoax?" (Refereed)

Valerie Kupke (University of South Australia) "Where to the suburbs?"

Michael Bounds and Wayne Dwyer (University of Western Sydney, Macarthur) "The Olympics and regional movements in the price of residential property: a comparative analysis of two rapid growth regions in Sydney"

TUESDAY 25TH JANUARY : 3.30 - 5.00PM
Session 5A: Corporate Real Estate Chair: Rob Kooymans

Russell Kenley and Chris Heywood (University of Melbourne) and Denny McGeorge (University Of New South Wales) "Australian corporate real estate management: identification of the hybridisation of property and financial knowledge in practice" (Refereed)

David Fleming (Nottingham Trent University) and John Storr (Sheffield Hallam University) "Benchmarking facilities: a phenomenological perspective" (Refereed)

Éamonn D'Arcy (University of Reading), Geoffrey Keogh (University of Aberdeen) and Stephen Roulac (The Roulac Group, California) "The development of real estate service provision in Britain and the United States: an analysis of the role of business culture"

Session 5B: Investment Decision Making/Retail Property Chair: Ed Schuck

Patrick Rowland and James Kish (Curtin University of Technology) "Decision making by property fund managers: a survey"

Paul Gallimore and Adelaide Gray (Nottingham Trent University) and J. Andrew Hansz (University of Texas) "Sentiment in property investment decisions: a behavioural perspective" (Refereed)

K W Chau, Frederick Pretorius and C.K. Yu (University of Hong Kong) "The determinants of street level retail shop prices in Hong Kong" (Refereed)

Session 5C: Taxation and Property Chair: Chris Eves

Angelo Karantonis and Hera Antoniades (University of Technology, Sydney) "GST and property: a preliminary study"

Mervyn Fiedler (University of Technology, Sydney) "Some implications of the Ralph Committee recommendations for the property sector"

Peter Elliott (University of Queensland) "Understanding the impact of property taxation as a variable influencing development outcomes: a conceptual framework for evaluation"

THURSDAY 27TH JANUARY : 9.00 - 11.00AM
Session 6A: Information Technology / Simulation Chair: Jacob Oluwoye

Pachara Pacharavanich and Nitaya Wongpinunwatan (Thammasat University) and Peter Rossini (University of South Australia) "Developing an expert system for residential valuation in Bangkok"

Peter Rossini (University of South Australia) "Using artificial intelligence for real estate forecasting"

Paul Kershaw and Peter Rossini (University of South Australia) "Simulating valuation problems on the world wide web"

Jennifer Simmonds (Monash University) and John Flaherty and Robert Webster (Royal Melbourne Institute of Technology) "Simulating shopping centre returns"

Session 6B: Corporate Real Estate/Facilities Management Chair: Terry Boyd

John McDonagh and Timothy Hayward (Lincoln University) "The outsourcing of corporate real estate asset management in New Zealand"

Rob Kooymans (University of South Australia) "The outsourcing of corporate real estate management - how do corporate real estate units and outsource service providers view each other and the management issues?"

David Fleming (Nottingham Trent University) and John Storr (Sheffield Hallam University) "Applied benchmarking and performance indicators for facilities managers of educational buildings"

Session 6C: Valuation Theory and Practice Chair: Graham Crews

Edward Schuck and Deborah Levy (University of Auckland) "The influence of clients on valuations: the clients' perspective"

Charles Carter (Massey University) "Reconciling highest and best use with the concepts of public and private goods"

Garry Dowse (Massey University) "Valuations at issue: market value, what is it?"

Dominique Fischer (Curtin University of Technology) "Is there a 'Myers' way to value income flows?" (Refereed)

THURSDAY 27TH JANUARY : 11.15 - 1.15PM
Session 7A: Residential Property/Agency Chair: Greg Costello

Hugo Zweep (Zweep & Connolly Property Consultants) "Therefore, by their fruits you shall know them"

Christina Kwai-Choi Lee and Deborah Levy (University of Auckland) "Family member influence and its impact on housing decisions"

Amanda McCallum (Royal Melbourne Institute of Technology) "Determining the characteristics of supply and demand for housing Australia's 55+ age group in the new millennium"

Valerie Kupke (University of South Australia) "Relocating for retirement" (Refereed)

Session 7B: Commercial Property Markets/Cycles Chair: John Flaherty

Garrick Small and Jacob Oluwoye (University of Technology, Sydney) "Debt leveraged capitalization of land rents as a sufficient causal mechanism for recurring fluctuations" (Refereed)

Eamonn D'Arcy (The University of Reading) "Information technology, spatial interdependence and value change: some thoughts on intra-metropolitan office location"

David Higgins (University of Technology, Sydney) "Causes and patterns of space demand in the Australian commercial property markets"

John MacFarlane and Stephen Moon (University of Western Sydney, Hawkesbury) "Characteristics of Australian commercial property markets: towards an improved forecasting model"

Session 7C: Indigenous Land Tenure/Rights Chair: Trevor Mills

Spike Boydell (University of the South Pacific) "Contemporary land tenure issues in the Republic of Fiji"

Ismail Omar (Universiti Teknologi Malaysia) "The influence of valuation rules on the supply of indigenous land in Kuala Lumpur" (Refereed)

Terry Boyd (Queensland University of Technology) "Valuation and compensation for property rights of indigenous people"

Session 8A: Property Trusts Chair: Jinu Kim

Dominique Fischer (Curtin University of Technology) "Portfolio performance: comparing bricks and paper"

Dominique Fischer and Hafez Hafez (Curtin University of Technology) "EVA corrected and RPA adjusted Australian listed property trust performance"

Graeme Newell, Preethi Kottegoda and Peter Acheampong (University of Western Sydney, Hawkesbury) "Using style analysis to assess direct property performance"

Graeme Newell, Peter Acheampong, Rohit Kishore and Marlene Padan (University of Western Sydney, Hawkesbury) "Diversification issues in property securities funds"

Session 8B: Residential Housing Policy/Issues Chair: Deborah Levy

Abdul Naser Abdul Ghani Ir (Universiti Sains Malaysia) "Feasibility of a concealed drainage systems for housing projects in Malaysia"

Erica Walker (Curtin University of Technology) "'New living' in the town of Kwinana, suburban renewal in public housing - is it worth it?"

Frederick Pretorius and K.W. Chau (University of Hong Kong) and A.R. La Grange (City University of Hong Kong) "Selected effects of public policy on private rental housing in Hong Kong"

Judith Hopkins (Massey University) "The effect of a non-residential use in a residential zone" (Refereed)

Session 8C: Rural Property Chair: Geoff Page

Chris Eves (University of Western Sydney, Hawkesbury) "Developing a NSW rural property investment index"

Iona McCarthy (Massey University) "The impact of unbundling on dairy farm equity"

Wayne Marano (University of South Australia) "The market value of remnant native vegetation on rural holdings in a clearance regulated environment" (Refereed)

Robert Fraser "Perspectives on the in-place value of buildings and structures for rural property"