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

Welcome from the President

Welcome from the Organising Committee

Keynote Speakers

Delegate Papers - Listed by Author
Delegate Papers - Including Keywords and Abstract

Conference program



Welcome to our 6th Pacific Rim Real Estate Society Conference in Sydney. This year is a special year for PRRES as it marks the tenth anniversary of the founding meeting in Christchurch of our predecessor, the Australasian Real Estate Educators conference. Over the past years PRRES has continued to grow and indeed contributed to making the land economics/property discipline recognised as a distinct body of knowledge.
The conferences have allowed academics and researchers to present and discuss papers on their research and to keep abreast of the rapidly changing technology. The introduction of refereed papers has been responsible for a high standard of papers.
PRRES plays a major role in the continued development of the "international property community". PRRES, along with the American (ARES), European (ERES), Asian (AsRES), African (AfRES) and Latin American (LARES) Real Estate Societies form the network structure for the International Real Estate Society (1RES) to further develop international property research and education.

The objectives of PRRES are:

  • to promote property research and education in the Pacific-Rim.
  • to promote local and international networking opportunities for PRRES members, 
  • to encourage the dissemination of relevant property research results to property practitioners, 
  • to encourage the personal development of emerging property researchers and educators, 
  • to provide and promote research publication opportunities for PRRES members, 
  • to provide a supportive and independent environment for the discussion of property research and education issues, and 
  • to expand the recognition of property as a formal academic discipline with its own body of knowledge.

I wish everyone an enjoyable and fruitful conference

Angelo Karantonis President



On behalf of the Organising Committee for the 6 th PRRES conference, welcome to Sydney and to the conference venue at the University of Technology Sydney.

Over 80 papers will be presented at this conference from all areas of property research. Presenters are truly international, with papers being presented from Australia, New Zealand, Fiji, Papua New Guinea, Malaysia, China, USA, UK, Sweden, Germany, Netherlands, Ireland, Finland and Thailand. Approximately 30% of these papers have been fully refereed by members of the Organising Committee.

We look forward to excellent papers and active discussion of the key property research issues at this conference. There are ample opportunities to meet with colleagues and friends throughout the conference. The conference dinner on Sydney Harbour will be as memorable as the previous conference harbour cruise/dinner at the 1993 PRRES conference.

We hope you enjoy the conference and enjoy Sydney in the year of the 2000 Olympics.

Associate Professor John MacFarlane Chairperson, 
Conference Program Committee 6th PRRES Conference




Professor Neil Crosby is Professor of Land Management at the University of Reading, UK. Neil is one of the leading valuation researchers and has published extensively in the Journal of Property Research, Journal of Property Valuation and Investment, and Australian Land Economics Review. His main research areas are property valuation, valuation methodology and the quality of valuation reports.

Neil is actively involved in the RICS and is a member of a number of editorial boards and leading UK property journals. Neil is a regular visitor to Australia and has recently done research on a range of valuation issues in Australia.  (see full paper)


David Parker is Property Portfolio Manager for Suncorp-Metway in Bisbane. David has extensive experience in all aspects of institutional property and asset management, having previously been with the Schroders Property Fund, Axiom Funds Management and ANZ Funds Management.

David obtained his PhD from UTS, one of the first PhDs in property in Australia. David has also published in the leading property journals including the Journal of Property Research, Journal of Property Investment and Finance, The Appraisal Journal and the Journal of Real Estate Literature, as well as being on a number of editorial boards in Australia and the UK.

David has received a number of major property awards and grants, including six prestigious awards from the Australian Property Institute (3), Property Council of Australia (2) and the Royal Institution of Chartered Surveyors (1).  (see full paper)


Delegate Papers

Papers shown as "refereed" have been refereed through a peer review process involving an expert international board of referees headed by Professor Graeme Newell from the University of Western Sydney.  Full papers were refereed with authors being required to make any changes prior to presentation at the conference and final publication as a refereed paper in these proceedings.

Rita Avdiev, Golden Apple Or Poisoned Chalice? The Influence Of Education On Careers

Bryan Baker, A Locational And Risk Adjusted Individual Investor Model For Rental Residential Real Estate In Metropolitan Melbourne

Sandy Bond, Estimating Stigma Of Ex-Contaminated Land: The 'Buyer Beware' Principle Reigns Refereed

Michael Bounds, Wayne Dwyer, Girija Mallik, The Olympics And Regional Movements In The Price Of Residential Property: A Comparative Analysis Of Two Rapid Growth Regions In Sydney

Charles C. Carter, Reconciling Highest And Best Use With The Concepts Of Public And Private Goods

Nelson Chan, How Australian Valuers Value Contaminated Land Refereed

K W Chau, F. Pretorius And W.M. So, Factors Affecting Mortgage Prepayment In Hong Kong Refereed

K W Chau, F. Pretorius And C.K. Yu, The Determinants Of Street Level Retail Shop Prices In Hong Kong Refereed

Gregory J Costello And Russell Elkins, “Location Location Location” Wise Maxim Or Clever Hoax? Refereed

Garry Dowse, "Valuations At Issue: Market Value, What Is It?"

Peter Elliott And Melvin Zulu, The Incentive Effect Of Property Taxation On The Property Developer As Landowner: A Conceptual Framework.

Chris Eves, Developing A Nsw Rural Property Investment Index

Piet Eichholtz, Qing Xu, The Relationship Between Common Risk Factors And Uk Property Shares

Prof. Dominique Achour-Fischer, Is There A Myers1 Way To Value Income Flows? Refereed

Prof. Dominique Fischer And Hafez A. Hafez, Risk-Adjusted And Eva-Corrected Performance Of Australian Listed Property Trusts

Prof. Dominique Fischer, Risk Adjusted Performance: Bricks Or Paper?

John Flaherty And Ric Lombardo, Modelling Private New Housing Starts In Australia

David Fleming And John Storr, Applied Benchmarking And Performance Indicators For Facilities Managers Of Educational Buildings

David Fleming And John Storr, Benchmarking Facilities A Phenomenological View Refereed

Robert Ruscoe Fraser, Perspectives On The In-Place Value Of Buildings And Structures For Rural Property

Paul Gallimore, Adelaide Gray And J. Andrew Hansz, Sentiment In Property Investment Decisions: A Behavioural Perspective Refereed

Ir. Abdul Naser Abdul Ghani, Feasibility Of A Concealed Drainage Systems For Housing Projects In Malaysia

Megat Mohd. Ghazali Kamaruzaman Abd. Rasid Buang Alias, The Development And Administrative Issues Of Stratum Title For Underground Land Resources In Malaysia

Hafez A. Hafez, Listed Property Trust Benchmark Refereed

Professor Bob Hargreaves And Mike Chen, A Comparison Of Residential Rental Indices Refereed

Susan Flint-Hartle And Anne De Bruin, Residential Property Investment Decisions In New Zealand: Economic And Social Factors

Mr. Chun Xing He, Dr. Sun Sheng Han And Shi Ming Yu, Land Price Variations Among China’S Regions Refereed

David Higgins, An Overview Of The Causes And Patterns Of New Space Demand In Australian Commercial Property Markets

Judith Hopkins, The Effect Of A Non-Residential Use In A Residential Zone Refereed

Norman E Hutchison And Professor Jeremy Rowan-Robinson, The Valuation Of Wayleaves: Time For Change

Angelo Karantonis And Hera Antoniades, Gst And Property - A Preliminary Study

Dr Russell Kenley, Chris Heywood And Professor Denny Mcgeorge, Australian Corporate Real Estate Management: Identification Of The Hybridisation Of Property And Financial Knowledge In Practice Refereed

John Keogh, Have Legislative Reforms Expedited Property Development Approvals In New South Wales?

Paul Kershaw And Peter Rossini, Simulating Valuation Problems On The World Wide Web

Jinu Kim And Sang-Young Lee, A Study Of Real Estate Trust In Korea

Rohit Kishore, What Does The Discount Premium Trading Of Listed Property Shares Tell Us?

Rob Kooymans And Mike Flehr, Arresting The Decline In The Number Of Office Users In The Adelaide Central Business District Refereed

Rob Kooymans, The Outsourcing Of Corporate Real Estate Management – How Do Corporate Real Estate Units And Outsource Service Providers View Each Other And The Management Issues?

Val Kupke , Relocating For Retirement Or What Makes For A Happy Retirement? Refereed

Valerie Kupke, The Disappearing Doughnut: A Review Of Middle Suburban Demographics And Residential Price Change Refereed

Anthony Lavers, Protection Of Real Estate Developers And Users Against Economic Loss Arising From Defects In Construction Refereed

Stephen L. Lee And Peter J. Byrne, Risk Reduction And Real Estate Portfolio Size Refereed

Deborah S. Levy And Christina Kwai-Choi Lee, Family Member Influence And Its Impact On Housing Purchase Decisions

Deborah S. Levy And Edward J. Schuck, The Influence Of Clients On Valuations: The Client’S Perspective

Stellan Lundström, Quality Assurance Of The Valuation Process For Property Index

John Macfarlane And Stephen Moon, Characteristics Of Australian Commercial Property Markets: Towards An Improved Forecasting Model

Wayne Marano, The Market Value Of Remnant Native Vegetation On Rural Holdings In A Clearance Regulated Environment Refereed

Amanda J Mccallum, Determining The Characteristics Of Supply And Demand For Housing Australia'S 55+ Age Group In The New Millennium.

Iona Mccarthy, The New Zealand Dairy Industry – Struggling To Restructure

John Mcdonagh And Timothy Hayward, The Outsourcing Of Corporate Real Estate Asset Management In New Zealand

Trevor Mills, Can There Be A Model Title Registration System Refereed

Graeme Newell, Peter Acheampong, Marlene Padan And Rohit Kishore, Diversification Issues In Property Securities Funds

Graeme Newell, Peter Acheampong And Preethi Kottegoda, Using Style Analysis To Assess Direct Property Performance

Ismail Omar, The Influence Of Valuation Rules On The Supply Of Indigenous Land In Kuala Lumpur Refereed

Pachara Pacharavanich, Nitaya Wongpinunwatana And Peter Rossini, The Development Of A Case-Based Reasoning System As A Tool For Residential Valuation In Bangkok Refereed

Geoff Page, Graduate Quality Approach To Property Education

F. Pretorius, A.R. La Grange And K W Chau, Selected Effects Of Public Policy On Private Rental Housing In Hong Kong

Peter Rossini, Estimating The Seasonal Effects Of Residential Property Markets – A Case Study Of Adelaide Refereed

Peter Rossini, Using Expert Systems And Artificial Intelligence For Real Estate Forecasting Refereed

Patrick Rowland And James Kish, Decision Making By Property Fund Managers: A Survey

Karl-Werner Schulte And Till Schulz-Eickhorst, Perspectives For Commercial Real Estate Securitization In Germany – A Comparative Analysis

Jennifer Simmonds, John Flaherty And Robert Webster , Simulating Shopping Centre Returns

Garrick R. Small And Jacob Oluwoye, "The Significance Of Debt, Human Nature And The Nature Of Land On Real Estate Cycles." Refereed

Simon Stevenson, Bayes Stein Estimators & International Real Estate Allocation

Stephen F. Thode, Reit Ipos: Their Relative And Absolute Performance

Erica Walker, New Living In The Town Of Kwinana – Suburban Renewal In Public Housing

Anthony Walker, The Development Phase Of Foreign Investment Projects In The People’S Republic Of China

Megan Walters And Paul Kent, Informal Institutions In Multiple Ownership Property In Hong Kong

Peter C. Wills, "E.D.I., The Valuation Process And Who Owns What."

Mr. Francis Wong, Housing Reform In Southern China: Shenzhen And Guangzhou Refereed

Aminah Md Yusof, The Impact Of Depreciation- A Hedonic Analysis Of Offices In The City Of Kuala Lumpur

Hugo Zweep, "Therefore, By Their Fruits You Will Know Them: Real Estate Agency Practice And The New Ethics In A World Of Consumerism And Global Competition"