Proceedings from the PRRES Conference - 2009
The 15th Annual Conference of the Pacific Rim Real Estate Society 
Sydney, Australia, January 18-21, 200
9


Delegate Papers  - Including Keywords and Abstract

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.



AUTHOR: Yasmin Mohd Adnan And Md Nasir Daud And Ibrahim Mohd @ Ahmad And Aniza Abd Aziz
TITLE: Criteria For The Classification Of Purpose Built Of Office Buildings In Malaysia
KEYWORDS: "Criteria, classification framework, office buildings"
ABSTRACT: "Malaysia property market is deficient of key indicators to make an objective assessment of the market situations. In the effort to monitor the commercial property market performance, it would be useful to develop an indicator that will be useful for the construction of property indices. As such, to develop such indices for commercial properties, it is necessary to assess the performance of each office building through a classification framework. This paper highlights the identification of the criteria to be adopted in the classification of the purpose built office buildings in Malaysia. Through the investigation of the local and international practices as well as the literature on office building classification, a set of criteria was selected for local adoption. In arriving at the final set of criteria, a series of expert panel group discussion were held. This paper highlights the findings of the initial investigation of the identified criteria and the expert panel discussion held in an attempt to arrive at the final classification framework."
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AUTHOR: Hera Antoniades
TITLE: A Preliminary Study On The Use Of Forensic Accounting Techniques To Determine Property Agency Trust Accounting Compliance |Refereed|
KEYWORDS: "Property agency, trust accounts, forensic accounting"
ABSTRACT: "In the late 1800?s the New South Wales government commenced to regulate the property industry in order to manage property agents. The regulation of property agency is now part of the Property Stock and Business Agents Act 2002, which is administered under the auspices of the Office of Fair Trading. Now, over one hundred years later, and with numerous changes aimed at improving consumer protection and providing a higher accountability standard, the Office of Fair Trading recently reported an increase in fraud relating to property agency?s trust accounts. The Property Stock and Business Agents Act 2002 Act also stipulates that all agency businesses should be ?effectively controlled and supervised by a licensed agent?, and in particular where there are large sums of money held by way of a trust account. Additionally, the Act has also clarified the responsibilities of licensees for their employee?s conduct. Using forensic accounting technique, this paper critically examines those provisions of the Property Stock and Business Agents Act 2002, and accompanying Regulations that relate to trust accounting policies and procedures. The findings identify a number of problem areas with respect to consumer protection that call into question the adequacy of current legislation. The paper concludes with suggestions and recommendations for improving the present regime and thereby enhancing client protection and consumer confidence with property agency."
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AUTHOR: Andrea Blake And Connie Susilawati
TITLE: Property Education: An Evaluation Of How Well Undergraduate Property Students Are Prepared For Commencing Their Careers |Refereed|
KEYWORDS: "property education, multi-disciplinary units, property professional, transition out, generic professional skills."
ABSTRACT: "The evolution of property education to adapt to the changing business environment requires changes to course content, method of delivery and assessment. Many universities have a special interest in understanding how the students transition in and transition out of the property programs. The impact of the first year student experience is often easier to assess through students? progression in the course and performance in their intermediate and advanced units. However, the students? success in transitioning from university student to property professional is often more difficult to determine. In an environment where many property students commence their professional careers while still completing their undergraduate property qualification, a survey of current final year students was undertaken to identify the students? perception of their level of preparedness for entry into the professional world. This study has also been informed by feedback received from and informal discussions held with industry representative bodies, alumni and senior members of professional organisations. The QUT UD40 Bachelor of Urban Development, Property Economics course has been designed to achieve graduate capabilities in core technical skills and generic professional skills which are required by property professionals. The results of this study were that some units in the program were perceived to provide direct preparation for students commencing their professional careers whilst the impact of other units was less tangible. Valuable feedback received during the study included an assessment of the relevance of many multi-disciplinary units, the appropriateness of the programming of units within the course and the appropriateness of repetition of content during the course. The further research question arises as to how universities can better assist students in the transition to the professional environment when frequently this occurs prior to completion of the property course."
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AUTHOR: Sandy Bond
TITLE: A Tale Of Two Windy Cities-Public Attitutdes Towards Wind Farm Development.
KEYWORDS:
ABSTRACT:
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AUTHOR: Steven C. Bourassa And Eva Cantoni And Martin Hoesli
TITLE: Predicting House Prices With Spatial Dependence: A Comparison Of Alternative Methods
KEYWORDS: "spatial dependence, hedonic price models, geostatistical models, mass appraisal, housing submarkets"
ABSTRACT: "This paper compares alternative methods for taking spatial dependence into account in house price prediction. We select hedonic methods that have been reported in the literature to perform relatively well in terms of ex-sample prediction accuracy. Because differences in performance may be due to differences in data, we compare the methods using a single data set. The estimation methods include simple OLS, a twostage process incorporating nearest neighbors? residuals in the second stage, geostatistical, and trend surface models. These models take into account submarkets by adding dummy variables or by estimating separate equations for each submarket. Submarkets are defined at different levels of aggregation. We conclude that a geostatistical model with disaggregated submarket variables performs best."
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AUTHOR: Boydell And Sheehan
TITLE: Beyond The Bundle: Expanding Our Understanding Of Contemporary Property Rights
KEYWORDS:
ABSTRACT:
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AUTHOR: Nelson Chan
TITLE: Revisiting The Valuation Of Contaminated Land In Australia |Refereed|
KEYWORDS: "contaminated land, valuation methods, risk perception, stigma issues"
ABSTRACT: "The issue of the valuation of contaminated land was explored 10 years ago by the author. Since then, there have been new developments in the technology of decontamination and changes in people?s risk perception over time. Due to the shortage of land supply, more rural land and former industrial sites are converted to commercial and residential uses than before. There is a need to carry out new research to see how contaminated land is valued in Australia today. This paper is based on a recent survey of 300 practicing valuers in NSW, Queensland and Victoria. Since about 70% of Australian valuers work in these three states, the views of valuers in these states are deemed to be sufficiently representative of all valuers in Australia. The survey results reveal a number of interesting findings including that the use of the unaffected valuation approach is still dominant in Australia."
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AUTHOR: K.W. Chau And Ervi Liusman
TITLE: The Effect Of Land Supply Restriction On The Risk Of Hong Kong Indirect Real Estate
KEYWORDS: "?Indirect real estate, land supply restriction, pre-development risk, variance decomposition, volatility, "
ABSTRACT: "Our study examines the role of restrictions on the new land supply in changing the sources of risk of investing in Hong Kong property companies (indirect real estate). In particular, we investigate whether development oriented property company had higher idiosyncratic (unexplained) risk during the period when supply of new land through auction by the government was restricted (1984-1997). We utilized quarterly data from 2Q1978 to 4Q2005 to estimate the multifactor variance decomposition models. Our empirical results show that there was a significant increase in idiosyncratic risk for the all listed property companies from 1984 to 1997. This supports the prediction of our hypothesis that restrictions on the supply of new developable land will result in an increase in the indirect real estate idiosyncratic risk, the major source of which is the uncertainty in obtaining approvals before development, which does not exist for newly supplied land. We also found that development oriented property companies, as opposed to investment oriented property companies, experienced a larger increase in idiosyncratic risk from 1984 to 1997. These findings are also applicable to any changes in policy/legislation, physical constraints, or other factors that resulted in a decline in the ratio of new developable land (free of pre-development risk) to all sources of land for development"
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AUTHOR: Fong-Yao Chen And Jen-Hsu Liang And Shi-Ming Yu And Ching-Wen, Lai
TITLE: Appraisal Smoothing And Appraisers? Partial Adjustment Behavior---Evidence From Taiwan Reits?
KEYWORDS: "appraisal smoothing, partial adjustment, REITs, re-appraisal"
ABSTRACT: "Previous studies defined appraisal smoothing as reduced volatility or the lag structure of appraisal-based index as compared to transaction-based index. Most of these studies examined from an aggregate level and used extensive data sets in order to de-smooth the appraisal-based index. This paper aims to observe smoothing behavior amongst appraisers in Taiwan. It uses re-appraisal data of T-REITs and employs the partial adjustment model developed by Quan and Quigley (1991) to observe smoothing phenomena. The results show that the confidence parameter is 0.63 and verifies that partial adjustments existed. We find that appraisers in Taiwan place less weight s to market information because of market noise. And we observe that appraiser has various adjustment strategies, bigger client more conservative."
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AUTHOR: Bwembya Chikolwa
TITLE: Determinants Of Capital Structure For A-Reits
KEYWORDS: "Capital structure, A-REITs, trade-off theory, pecking order"
ABSTRACT: "Using panel data methodology, the determinants of capital structure in 34 Australia listed property trusts (A-REITs) are investigated for the period 2003-2008. Empirical results reveal that profitability, growth opportunity, and operational risk are negatively related to leverage while size is positively related. Tangibility is found to be insignificant and property sector effects are inconsistent in various models. Furthermore, industry specific factors of stapled management structure and international operations have significant negative signs, showing that A-REITs with these features should have lower gearing levels. The signs of the determinants show that both pecking order theory and the trade-off theory are at work in explaining the capital structure of A-REITs, although more evidence exists to validate the latter theory. The study also shows that A-REITs issued more public debt than seasoned equity issues at a ratio of 1:1.2 from 2000-2008."
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AUTHOR: Sarah Cornish And Richard G. Reed And Sara J. Wilkinson
TITLE: An Analysis Of New Technology In The Delivery Of Property Education |Refereed|
KEYWORDS: "Technology, property education, generation Y, flexible delivery, student demand."
ABSTRACT: "Property education has changed substantially in Australia in recent years. Whilst there has been an increase in the number of courses being offered in property education, the profile of a typical student has also changed. Property students are under increasing pressure to balance study and work due to the higher cost of living and the associated cost of education. This in turn has placed pressure on the education system to deliver property in a manner which meets the needs of the industry and the students. At the same time there has been a marked increase in the use of technology in the business and corporate world which has resulted in increased efficiencies. This paper critiques the potential for a property education course to embrace new technology rather than 100% face-to-face teaching and only paper-based assignments. The focus is placed on the delivery of material and the interaction between the students, the lecturing staff and the wider community. Using the new Deakin property course as a case study approach the emphasis is placed on pushing the boundaries of the conventional property education process, including the delivery of property lectures, assignment submission and assessment as well as the overall communication process. The findings conclude that by embracing technology in a property course there can be a ?win-win? scenario for the students, the staff and the industry stakeholders. Whilst different property courses embrace varying levels of technology, it seems inevitable that we must continue to evolve the delivery of property education in order to become efficient and effective over the long-term."
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AUTHOR: Greg Costello And Steven Rowley
TITLE: Land Supply And Housing Affordability
KEYWORDS:
ABSTRACT: "A number of commentators believe that a potential solution to housing af-fordability is available through large scale release of newly subdivided land on the urban periphery. The argument follows that releasing more land increases supply and, through market forces, leads to lower new land and house prices. This will, in turn, lead to improved affordability within the stock of existing houses. Despite this view, there has been very little empirical research investigating how large scale land release on the urban fringe actually affects housing affordability. This question has important implications for both planning policy and affordability within local housing markets but also within the wider aggregate urban housing market. This paper ex-plores this issue by quantifying land release in a number of Perth (Australia) suburbs and comparing the extent of land release with changes in land and house prices over a 10 year period. The paper argues that housing affordability is much more complex than simply a supply side issue and large scale land release can actually have the opposite effect and make an area less affordable over time. Structural issues such as land and housing diversity, planning policy and housing tenure all have a crucial role to play in housing affordability outcomes together with traditional economic drivers such as population and employment."
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AUTHOR: William Dimovski
TITLE: The Underpricing Of Lpt Ipo'S In Australia During 2002 To 2008.
KEYWORDS: "undepricing, LPTs, IPOs"
ABSTRACT: "This study analyses 45 property trust initial public offerings (IPOs) in Australia from January 2002 to June 2008, since the introduction of the single responsible entity to oversee the activities of listed property trusts (LPTs) rather than the trustee and manager roles. The study finds that this sample of property trust IPOs had a significant 3.37% underpricing and that the direct costs of capital raising help explain this indirect cost of underpricing. There is some evidence also to suggest that property trust IPOs that seek to raise more equity capital have less underpricing while those that are subscribed to more quickly have higher underpricing. The findings offer insights for issuers who seeks to maximize the value of the trust at the time of the IPO, underwriters who guarantee the success of the capital raising and for investors who are looking to invest in Australian property trust IPOs."
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AUTHOR: Alan W Evans
TITLE: Paradoxes In The Provision Of Affordable Housing In Britain
KEYWORDS:
ABSTRACT:
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AUTHOR: Chris Eves
TITLE: Csi Lincoln: An Investigation Into A Declining Housing Market
KEYWORDS: "Residential property, residential house sales, property returns, capital gain, property investment"
ABSTRACT: "The residential property market in New Zealand has been experiencing a boom and bubble period from 2001 through to mid 2007. Following a number of increases in the Official Cash Rate by the Reserve Bank and a decline in net migration numbers the housing market was perceived to be over inflated and due for a major correction. Numerous media, Government Departments, property experts and economists have been predicting significant reductions in the median price of residential property throughout New Zealand. This paper will analyse house prices in specific socio-economic locations within Christchurch over the past 12 months to determine how significant the current housing decline is. This study will review the change in residential property prices, variations in property listings since April 2008, sale volumes and days on the market across a range of housing sectors to determine the extent and range of any residential property downturn in the NZ recession."
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AUTHOR: Farahwaheeda Shukur And Noriah Othman And Abdul Hadi Nawawi And Ting Kien Hwa
TITLE: The Important Of Park To Residential Property Buyers
KEYWORDS: "park, geographic information system, survey of residence"
ABSTRACT: "Park and landscape have now become a prominent feature in the planning of residential area. The preservation of parks and other open spaces are now vitally considered to attract house buyers. This study attempts to evaluate the extent to which park give impact to residential property buyers in Bukit Jelutong Residential Area, Shah Alam, Selangor, Malaysia. The study is designed to achieve three (3) main objectives which are to determine park related factors and non-park related factors that affect value of houses, to identify the importance of park to house buyers and to analyze the impacts of park related factors on value of houses. This research employed a multi-method approach included interviews with developer, Geographic Information Systems (GIS) technique, a survey of residence and development of a hedonic pricing method. This research is useful to decision-makers, local authorities, urban planners, developers, and corporate bodies for their development planning."
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AUTHOR: R M Fortes And I A Mccarthy
TITLE: Renovate For Profit An Exploratory Residential Case Study In New Zealand |Refereed|
KEYWORDS: Residential ? dwelling ? house ? home ? improvement ? renovation ? remodeling - value ? profit ? do it yourself (DIY)
ABSTRACT: "Improvements can be made to residential properties prior to sale with homeowner investment through the use of do it yourself activity (DIY) and direct financial expenditure. This paper uses both qualitative and quantitative data to explore improvement activity in the lower half of the North Island of New Zealand. Survey instruments, property databases and independent registered valuations were used to gather information for the residential properties included in this study. Existing literature indicates that major improvements are recorded through residential permit activity. Dwelling alteration and addition permit activity in New Zealand has increased on average by 11% per annum between 2000 and 2005 (N.Z. Statistics, 2008). Minor improvements include repairs and maintenance to existing housing stock. Expenditure on minor improvements are not available through statistics."
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AUTHOR: Gary Owen Garner
TITLE: Implications Of ?State Significant Projects? In Queensland |Refereed|
KEYWORDS: "Project; state significance, significant project, resource, KRA"
ABSTRACT: "The acknowledgement of state significance in relation to development projects can result in special treatment by regulatory authorities, particularly in terms of environmental compliance and certain economic and other government support measures. However, defining just what constitutes a ?significant project?, or a project of ?state significance?, varies considerably between Australian states. In terms of establishing threshold levels, in Queensland there is even less clarity. Despite this lack of definition, the implications of ?state significance? can nevertheless be considerable. For example, in Queensland if the Coordinator-General declares a project to be a ?significant project? under the State Development and Public Works Organisation Act 1971, the environmental impact assessment process may become more streamlined ? potentially circumventing certain provisions under The Integrated Planning Act 1997. If the project is not large enough to be so deemed, an extractive resource under the State Planning Policy 2/07 - Protection of Extractive Resources 2007 may be considered to be of State or regional significance and subsequently designated as a ?Key Resource Area?. As a consequence, such a project is afforded some measure of resource protection but remains subject to the normal assessment process under the Integrated Development Assessment System, as well as the usual requirements of the vegetation management codes, and other regulations. This paper explores the various meanings of ?state significance? in Queensland and the ramifications for development projects in that state. It questions the existence of a strategic threat to the delivery of an already over-stretched infrastructure program."
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AUTHOR: Gibler And Taltavull
TITLE: Segmenting The Retiree Housing Market Using Preferences
KEYWORDS:
ABSTRACT:
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AUTHOR: Bob Hargreaves
TITLE: Is New Zealand Facing A Baby Boomer Housing Bust? |Refereed|
KEYWORDS: "Baby boomers, house prices, demographics, New Zealand."
ABSTRACT: "The baby boomer generation (1946-1964) represents a population bulge that isn?t replicated in the younger generation who might be expected to live in the houses vacated by the baby boomers. Several authors have observed from 2010 there are likely to be more sellers than buyers, hence price reductions. This paper takes a contrary viewpoint. The following reasons are advanced as to why a baby boomer housing bust is unlikely to occur in New Zealand: positive demographic projections, reduced occupancy rates per dwelling, the elasticity of housing market supply, increasing numbers of investor buyers, policies relating to encouraging retirement in place, legislation underpinning the price of second hand houses, real incomes rising and intergenerational transfers. At a national level demographic projections and housing supply characteristics are the variables most likely to influence future house prices. The paper then goes on to consider the regional implications of a baby boomer housing sell off, by examining possible future changes in housing preferences as well as trends in internal migration and regional economies."
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AUTHOR:
TITLE: Constructing An Investment Return Series For The Uk Unlisted Infrastructure Market: Estimation And Application
KEYWORDS:
ABSTRACT:
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AUTHOR: Barry P Haynes And Nick Nunnington
TITLE: An Evaluation Of Corporate Real Estate Teaching In The United Kingdom |Refereed|
KEYWORDS: "Corporate Real Estate, Drivers of Change, Real Estate Education, Student Autonomy, Consultancy Skills, Employability."
ABSTRACT: "Purpose ? The aim of this paper is to examine the disconnect between the importance of real estate as a business asset and the time devoted to corporate real estate topics within traditional real estate courses and MBA's. It also evaluates an innovative and contemporary approach to teaching, learning and assessment in an undergraduate final year and postgraduate module that have been designed to meet the requirements of Corporate Real Estate Management. Design/methodology/approach ? The authors will establish that Corporate Real Estate Management has finally come of age, and has developed into a new professional area which has its own clear identify. The authors have also examined the content of UK courses and the percentage of content devoted to corporate real estate. The major trends that have formed the development of Corporate Real Estate Management are identified. Innovative learning, teaching and assessment strategies deployed in final year and postgraduate modules developed at Sheffield Hallam University to meet these changing professional demands, are evaluated using the focus group methodology. Findings ? The study establishes the significant drivers which have transformed practice in this area including the move from one-of-fee based transactions to relationship based consulting. It identifies the learning, teaching and assessment strategies needed to respond to such changes and provide students with a valid and contemporary education. In particular it confirms elements of student autonomy and employability that can be embedded in courses and the skills that students value in terms of raising not only their understanding of corporate real estate but their confidence in managing client based multi dimensional business and real estate problems. Originality/value ? The importance of corporate real estate is highly significant to businesses but this is not reflected in the amount and type of content within courses. The trends in the market place have established a requirement for a new type of professional. This professional should understand the business context to which they can offer Corporate Real Estate Management solutions. This approach requires a different skill mix and knowledge base than previously required. This paper establishes how Sheffield Hallam University have responded in an innovative way to meet these changing professional requirements."
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AUTHOR: Mike Hefferan And Terry Boyd
TITLE: Property Taxation And Mass Appraisal Valuations In Australia ? Adapting To A New Environment
KEYWORDS:
ABSTRACT: "? Outlines development of land tax systems in Australia and New Zealand ? Identifies contemporary problems of mass appraisal system ? Highlights difficulties with complex, specialist properties ? Makes practical proposals to improve the mass appraisal process"
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AUTHOR: Christopher Heywood, Russell Kenley And Duncan Waddell
TITLE: The Cre Toolbox: Addressing Persistent Issues In Corporate Real Estate Management |Refereed|
KEYWORDS: "Australia, Corporate Real Estate, management practices, persistent issues, tools"
ABSTRACT: "While corporate real estate management (CREM) is an emergent applied management discipline it has had a sufficiently long history for some persistent issues to emerge, despite advances in practice and theory. Typically these coalesce around problems of being a ?trusted advisor,? a ?business partner,? or ?achieving a seat at the boardroom table?. A longitudinal analysis of key pieces of literature together with practitioner assessments confirms both the longevity of these issues and their continuing importance. Initially, eight issues were identified ? later refined to seven. They are a mix of strategic, managerial and technical issues such as strategic alignment, communication, evolving environmentally sustainable development and corporate social responsibility, legislative evolution and risk management and external partnerships. To address these issues a ?CRE Toolbox? was conceived as a container for CREM techniques to be developed as aids for practice. These ?Tools? were to be developed though both practitioner experts? contributions and academic research to advance the tools? theoretical basis."
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AUTHOR: David Higgins And Boon Ng
TITLE: Australian Securitised Property Funds: An Examination Of Their Risk-Adjusted Performance
KEYWORDS: "securitised property funds, investment analysis, real estate investment trusts"
ABSTRACT: "To gain exposure to Australian real estate investment trusts (A-REITs), many institutional investors make use of securitised property funds as they employ experience property professionals with specialist knowledge on underlying building characteristics, direct property markets and the 30 plus A-REITs. As securitised property funds operate in a competitive environment, investment performance benchmarks are important. To add to the familiar risk and return benchmarks, the risk adjusted performance (RAP) measure first outlined by Modigliani and Modigliani (1997) provides a valuable return measure to a define level of risk. This research selected 16 wholesale securitised property funds each with seven years of continuous quarterly total return data. Overall a large proportion of the selected funds (14 out of 16), on average, outperformed the market benchmark return (14.53%) with the worst fund marginally underperforming the index by 0.54%. In contrast, the annualised RAP measure highlighted the differences in the securitised property fund returns for a given level of risk, with a wide 16.66%?12.90% range. To achieve this uniform level of risk, five securities property funds had to replace up to 21% of their property portfolio with a risk free asset (90 day bank bills). The RAP measure also decomposes the excess returns above the benchmark. In this instance, the securitised property funds outperformance, were from a mixture of active portfolio selection and simply taking on additional risk exposure. This research illustrates the benefits of the RAP measure and demonstrates it?s significance as a decision making tool for an astute property investor."
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AUTHOR: David M. Higgins
TITLE: Australian Securitised Property Funds: Tracking Error Analysis And Investment Styles |Refereed|
KEYWORDS: "securitised property funds, tracking error, real estate investment trusts"
ABSTRACT: "In broad terms, the main aim of a securitised property fund is to replicate the essence of a particular property index. The success of constructing such a fund depends less on the absolute returns it produces, but rather, how closely the returns match those of the benchmark (e.g. S&P/ASX A-REIT 300 index). Based on tracking error analysis, this research identified a range of passive, structured and active investment styles in the selected 16 wholesale securitised property funds. Interestingly, over the 2000-2007 period, the tracking errors rankings of the securitised property funds appeared unrelated to other key investment performance measures. In part, this could be due to the poor performance of the active and some structured securitised property funds during times of major market downturns. This is evident in comparing cumulative downside returns with and without outliers. This research illustrates how tracking error can categorise a fund?s investment style. Placed alongside the information ratio and other key investment measures, funds can be identified which consistently outperform the benchmark index. Further research is recommended as to the impact of different market conditions on investment performance measures, however these techniques are valuable decision making tools for an investment in securitised property funds."
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AUTHOR: Daniel C.W. Ho And K.W. Chau And Yung Yau
TITLE: Unauthorized Building Works ? Does Building Management Regime Matters?
KEYWORDS:
ABSTRACT:
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AUTHOR: Huang, Yikun And Dr. Ge, Xin Janet
TITLE: House Prices And The Collapse Of The Stock Market In Mainland China: An Empirical Study On House Price Index |Refereed|
KEYWORDS: "housing price, stock market, investors? behavior, capital movement, China"
ABSTRACT: "The house price index decreases in Mainland China during the last few months have been accompanied by a collapse of the stock market which has fallen to 40% of its original high point. Many investors are concerned that the falling stock market will bring similar uncertainty to the housing market and induce a similar collapse of house prices. It is important to study the relationship between these indexes in order to understand the impact of the stock market on the housing market. The analysis also provides information on investors? behavior and capital movement. The analysis of the relationships between the housing and the stock markets for mainland China employs an econometric approach. Monthly time-series data collected from the National Bureau of Statistics of China are tested and the empirical results suggest that the correlations between the housing and the stock markets are relatively weak. The collapse in the stock market is not likely to be duplicated in the housing market as while the stock market does impact on the housing market, the effect is relatively small. The paper starts with some background to the housing and stock markets to demonstrate the need for the current research. Secondly, the relationships and methodology and methods used to study markets are reviewed. Thirdly, the data collection and test procedures are outlined; and finally, the results from the tests and analysis and their implications are presented."
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AUTHOR: Rodney L Jefferies
TITLE: A Brief History And Development Of 'Real Value' Valuation Models - The Last Four Decades
KEYWORDS:
ABSTRACT:
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AUTHOR: Seung-Young Jeong And Jinu Kim
TITLE: A Study Of Retail Rents With Var Model (In South Korea) |Refereed|
KEYWORDS: "retail rents, time series analysis, VAR model,"
ABSTRACT: "This paper uses a time series analysis and a shock-response analysis of the vector autoregression (VAR) model to find the trends in retail rents. The data of retail rent series in South Korea were compiled by three institutions (the Bank of Korea - BOK, the Kookmin Bank, and the Korea Statistic Office) from January 1995 to February 2008. The long-term trends in retail rents showed that they continued to rise in general but there was a short sluggish period. The retail rents had a positive relation with office rents, property management expenses, consumer price index, and housing deposit-basis lease value (chonsei), but negative relation with interest rate."
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AUTHOR: Ernie Jowsey And John Grant
TITLE: Greening The Existing Housing Stock
KEYWORDS:
ABSTRACT: "This paper considers the impact of the built environment in terms of carbon emissions and proposes an achievable method of enabling the reduction of those emissions. The energy used in constructing, occupying and operating buildings represents approximately 50% of greenhouse gas emissions in the UK. Emissions from the domestic building stock were responsible for 41.7 million tonnes of carbon (MtC) in 2004 - 27% of total UK carbon emissions (DEFRA, 2006). Domestic energy use represents a large proportion of total national energy use. As one of the UK?s leading industries, responsible for 8% of GDP and employing 1.5 million people, construction can lead the way in integrating sustainable development in all of its activities. Promoting sustainable construction is difficult, however, because of the industry?s size and fragmentation. Even if the UK construction industry could raise its annual output by a third, the yearly rate of increase in the standing stock would only rise from 0.66 per cent to 1 per cent. A one per cent per annum replacement rate for the existing stock would mean that it would take 70 years to replace the entire stock. This paper suggests that considerable savings of carbon emissions can be made through improvements to existing houses, however. It is demonstrated that energy efficiency measures, water saving measures and renewable energy technologies can offer significant savings on a home's energy costs and environmental impact. Potential carbon savings are identified and calculated. This paper considers the effectiveness of UK policy in promoting such measures and suggests a practical private sector method of encouraging their implementation. The measures proposed will have relevance in many other countries around the world."
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AUTHOR: Harry M. Karamujic
TITLE: A Classification Of Home Loan Products In Australia |Refereed|
KEYWORDS: "Home loans, mmortgage, housing finance, financial products, home loan classification, home loan interest rates, home loan functionality."
ABSTRACT: "The paper explores major reasons for recent proliferation in a number of home loan products, and provides a classification and detailed account of various contemporary home loan products and packages offered in Australia. The following series of categories are used to facilitate discussion: type of offering, major functionality, major purpose, distribution segment, interest structure and conformation status. Among other things, the large number of home loan products, a significant variation in home loan products world wide, recent dynamic changes in the home loan market and the number of different ways in which home loan products can be grouped and viewed, make it difficult to exhaustively categorise home loan products. The home loan classification presented results from the author?s attempt to overcome this difficulty. As much as the author is aware, this is the first time that an exhaustive series of classifications of home loan products has been compiled. Finally, it is important to note that many of the findings in this study are derived from a number of different sources, including the author?s extensive experience in the industry."
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AUTHOR: Angelo Karantonis
TITLE: The Underlying Fundamentals Of Housing Affordability: The Sydney Dynamics |Refereed|
KEYWORDS: "Housing affordability, building cycle, housing approvals, housing price, housing markets"
ABSTRACT: "Once recognised as one of the highest home ownerships in the world, Australia has been experiencing a decline in housing affordability over the past decade or so. Whilst the reason for this is fundamentally increasing welling price in relation to household income, the underlying factors are varied. Much of the discussion has centred on the increase in dwelling price in Australia and in particular the capital cities with Sydney being the least affordable. But there have also been twelve consecutive increases in interest rates, which add to the repayment of loans. Furthermore, on the supply side, amidst all this, there has been a declining trend in new dwelling building supply. This paper will identify the various underlying factors, including demographic, economic, government and building activity and show why there is no one solution to the problem."
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AUTHOR: Valerie Kupke
TITLE: Key Workers And Housing Affordability
KEYWORDS:
ABSTRACT:
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AUTHOR: Valerie Kupke And Peter Rossini
TITLE: "Tracking Neighbourhood Change: Establishing The Links Between Change In Neighbourhood Social Structure, Built Form And Housing Market Performance" |Refereed|
KEYWORDS:
ABSTRACT:
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AUTHOR: Kwame Addae-Dapaah And Lee Peiying
TITLE: Investing In Reits: Contrarian Versus Momentum
KEYWORDS: "Value REIT, growth REIT, portfolio performance, time-varying risk, contrarian strategy, momentum strategy.."
ABSTRACT: "Notwithstanding the preponderance of evidence supporting the superiority of the contrarian investment strategy, other researchers have adduced evidence in support of superior performance from momentum investment strategy. This paper uses data for REITS stocks traded on the NYSE, AMEX and NASDAQ from 1990 to 2007 to ascertain the relative superiority of the contrarian and momentum REITS investment strategies. Furthermore, the paper is aimed at ascertaining the rationale for value/growth premium, if any (i.e. if risk is a credible explanation for value/growth premium). The value-growth paradigm forms the theoretical basis of the paper. Two methods: a simple sorting procedure based on the book-to-market value ratio (for contrarian) and six-months price momentum (for the momentum strategy) vis--vis Fama-French model are used to examine the time-varying risk of value and growth REIT portfolios. This is followed by a stochastic dominance test to verify the relative performance and risk of value and growth REIT portfolios. While the results show that both strategies provide superior performance, that of the momentum strategy is limited to only twelve months holding period. The growth premium for the momentum strategy, in addition to not being statistically significant, declines after twelve months. In contrast, the superior performance of the contrarian strategy increases over time and is found to be statistically significant for holding periods of more than, or equal to, six months. Furthermore, the results show that the superior performances are not a compensation for risk. This implies that investor psychology could be the driver for the value/growth premia."
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AUTHOR: Lai, Ying And Ge, Xin Janet
TITLE: "Media?S Influences On Purchasing Of Real Estate --- Case Of Guangzhou, China" |Refereed|
KEYWORDS: "media, purchase real estate, advertising, Guang Zhou, China."
ABSTRACT: "This study endeavors to provide an overall view of the Cantonese? usage of media and how it affects their expectations in the purchase of real estate, to better understand the real estate market in Guangzhou. Mass media, as a most prominent element in real estate marketing communication, has increasingly significant effects on the decisions of its audiences. However, deeply rooted Chinese traditional notions direct the purchases as well. A survey is conducted to explore the influences on the purchasing activities of people in Guangzhou. The study is conducted in the following manner: Firstly, the current background of the residential real estate market and mediums in real estate advertising and communication are briefly illustrated. Secondly, mass media theory and literature on media?s influence on purchasing are briefly reviewed. Thirdly, the survey design and data collection procedures are described. Finally, the elements of real estate preferences, and how Chinese traditional notions affect property purchasing activities are analyzed. The findings suggest that the media takes an overwhelmingly important role in providing information on property, whereas the opinions of relatives or friends are most influential when making decisions. The characteristics of a property are always emphasized by the agents during promotion; and the Cantonese welcome various types of housing as they are living in a relatively open and prosperous city. However, they still retain a strong traditional concept of ?family? which influences their purchase behavior significantly."
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AUTHOR: Chyi Lin Lee
TITLE: Downside Beta And Appraisal Based Real Estate Returns |Refereed|
KEYWORDS: "Direct Property, Downside Beta, Smoothing, Australia"
ABSTRACT: "This study aims to examine the ability of downside beta in explaining the Australian direct property returns with addressing the smoothing issue. Utilising the quarterly IPD/PCA Australian property indices over 1995-2008, the results reveal that smoothed and unsmoothed downside betas are statistically distinguishable. The results also show that unsmoothed downside beta is positive and statistically significant related to Australian direct property returns, while smoothed downside beta exhibits a negative link with the returns. The results are robust after controlling for the different property types and different smoothing parameters. These findings provide further insights into the pricing of appraisal based real estate indices."
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AUTHOR: Chyi Lin Lee
TITLE: Housing Price Volatility And Its Determinants
KEYWORDS: "Housing, Volatility Spillover, EGARCH, Australia."
ABSTRACT: "Many studies have been sought to understand the volatility patterns of real estate, whereas the study of housing price volatility is relatively little. This study aims to examine the determinants of housing price volatility for 8 capital cities in Australia. This study utilises quarterly data of 8 capital cities in Australia from 1987:Q4 to 2007:Q4. An Exponential-Generalised Autoregressive Conditional Heteoskedasticity (EGARCH) model is employed to analyse the volatility series of housing prices. Its determinants are also investigated. The results show that the volatility clustering effects (ARCH effects) are found in many capital cities. The importance of estimating each individual city?s EGARCH model is also demonstrated in which the determinants of housing volatility vary from a city to another city. These findings provide some important insights into the volatility of housing price."
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AUTHOR: Ming-Long Lee
TITLE: Inflation-Hedging Properties Of Equity Reits: Before And After The 1990S Structure Break
KEYWORDS: "real estate, REIT, inflation, DOLS, structure break"
ABSTRACT: Unsecuritized real estate is often hailed for its inflation-hedging quality. Do equity real estate investment trusts (REITs) exhibit the desirable inflation hedging characteristics as well? Does the early 1990s structure change in the REIT industry affect the properties? The results reveal a change in the inflation-hedging properties before and after the early 1990s. Particularly REITs provide significant hedging service for expected inflation in the long-run after the structure break but not before the break. This finding is consistent with the view that a more sophisticated investor base in the REIT market after the break improves information flow and helps REIT prices better reflect the performance of underlying real estate (Ziering et al. (1997)).
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AUTHOR: Stephen Lee And David M. Higgins
TITLE: Sharpe Performance By Australian Property
KEYWORDS:
ABSTRACT:
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AUTHOR: Stephen L. Lee
TITLE: The Extent Of Convergence In Asian Real Estate Markets
KEYWORDS: "Asia Real Estate Convergence, Kalman Filter"
ABSTRACT: "This paper assesses the extent to which movements in the returns of four Asia real estate markets (Australia, Japan, Hong Kong and Singapore) are each associated with movements in their neighbours? returns, within the region, in comparison with returns in the US. Using monthly data over the period 1990:1 to 2007:12 and time-varying parameter modelling techniques we find that the extent of convergence of the securitised real estate market within Asia is not a simple process, with some countries showing strong and lasting relationships while others show little or no evidence of convergence."
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AUTHOR: Michael Y. Mak And L. Stephen Edmonds
TITLE: The Effectiveness Of Landcom?S Housing Affordability Objectives For Moderate Income Households ? A Case Study In Western Sydney |Refereed|
KEYWORDS: "housing affordability, moderate income households, Landcom"
ABSTRACT: "In recent years, housing affordability has becoming a significant issue in Australia, and in particular housing affordability for Moderate Income Households (MIH) in Sydney has been reached a crisis point. There are a number of government initiatives to improve the housing affordability for MIH, for instances, by reducing lot or house size from the product supply side and by introducing finance models such as shared equity or government subsidy from the demand side. Landcom is a State owned developer chartered to deliver social and economic benefits to the people of NSW and it is endeavored to provide affordable housing for MIH. The aims of this paper are to examine the effectiveness of Landcom?s MIH housing affordability objectives using a case study in Western Sydney. The status of housing affordability in Australia will be first reviewed and Landcom?s MIH housing objectives will be then outlined. Five key objectives are identified for examination: (a) dwellings are delivered at affordable prices for MIH, (b) dwellings constructed below comparable market costs, (c) housing project that made commercial returns, (d) model replicable by most competent and innovative project home developers, and (e) achievable in functional and aesthetic criteria as well as best practice in social and environmental outcomes."
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AUTHOR: Vince Mangioni
TITLE: The Evolution Of The ?Public Purpose Rule? In Compulsory Acquisition Referred Paper |Refereed|
KEYWORDS: "Pointe Gourde, Public Purpose Rule, Marginal Value, Parity Value, Compulsory Acquisition (Aust) / Eminent Domain (U.S.)"
ABSTRACT: "The compulsory acquisition of land has been a necessary but contentious domain of government at sub-national and national levels and in recent years has intensified in a number of developed and developing countries. Traditionally the domain of government for the provision of public infrastructure in serving the needs of the community, ?public purpose? provisions are provided for in both State and Commonwealth legislation around Australia and internationally. Not clearly defined within the various legislation, are the purposes to which acquired land may be put in complying with its use as a public purpose or more specifically, what a public purpose constitutes. This paper is a critique of the application of the public purpose rule and examines the boundaries and recent attempts to qualify and solidify the potential extent of this rule within legislation in parts of Australia and internationally. Local and international examples are used to highlight the extent to which this rule has evolved without requisite legislation and questions the limitless expansionary potential of what may constitute a public purpose. A framework has been developed to provide for an alternate assessment of compensation in view of the current limitations and restrictions of the Pointe Gourde Principle in the formulation of compensation."
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AUTHOR: John Mcdonagh
TITLE: Critical Success Factors In Land Development In New Zealand Part 1 |Refereed|
KEYWORDS: "development, subdivision, residential, success factors, site selection, due diligence, resource management, regulatory environment, development finance"
ABSTRACT: "This research aimed to investigate the critical factors that contribute to the success of residential land development in New Zealand. The methodology employed involved reviewing the literature to determine those factors earlier identified as critical by international researchers and then comparing those to critical factors identified in a survey of property development teams active in New Zealand. In the interests of brevity the findings are reported in two papers. This paper focuses on factors associated with the site itself. A second paper focuses on factors relating to the development team. The findings include the concept of ?success? is centered on profitability, timeframes and budgets. There was a greater focus on the due diligence phase, at the expense of the site selection phase, compared with earlier research. There were also fewer options available for financing property development in the New Zealand context. The development legislation was generally seen as appropriate but its application was felt to be inconsistent and the source of much of the risk in a property development. While the critical factors identified were similar to those found in the literature, there was a much greater reliance on experience to manage their impact than on the more formal approaches employed in other countries."
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AUTHOR: Sussie Morrish And Deborah Levy And Zhi Dong
TITLE: The Role Of Property In An Entrepreneur?S Sme Portfolio
KEYWORDS: "entrepreneurship, property assets, diversification, SME (small to medium enterprises)"
ABSTRACT: "Portfolio entrepreneurs own more than one distinct business simultaneously at any given time. Although only having come to prominence in recent times, portfolio entrepreneurship appears to be more ubiquitous than previously thought. These entrepreneurs own, operate and pursue opportunities in different sectors but usually have a core focus in their portfolio of businesses. We interviewed 15 successful New Zealand entrepreneurs to explore the role of property within their portfolio. Our analysis shows that property plays an prominent role in a portfolio consisting primarily of small to medium enterprises (SMEs). This ranges from land holdings, farms and commercial premises such as hotels, malls, office spaces, subdivisions and property construction. We find evidence that property is also widely used as a strategy for diversification and to separate the operations of a core business thereby creating other distinct business entities around the property and other assets. The importance of property during the life cycle of the portfolio is also highlighted. These findings have implications in advancing our understanding of the strategic role property may play within an SME portfolio and also the interface between entrepreneurship and property assets."
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AUTHOR: Abdul Jalil Omar & Christopher A. Heywood
TITLE: Corporate Real Estate Management Internal Branding: Closing The Gap With Its Customers |Refereed|
KEYWORDS: "CREM, internal branding, relationships, service performance"
ABSTRACT: "Two main elements for a service being accepted are its performance and its relationship with the targeted audience. Corporate real estate management (CREM) can be shown to have a significant technical performance for organisations in term of physical, financial, human, functionality, business and capital markets. Despite of these contributions, there still a gap between CREM executives and its customers. Meanwhile, branding theory is successful in conveying services? performance and establishing relationships with a targeted audience. This paper explores how internal branding helps to close the gap between CREM executives and CREM?s customers. It is part of research undertaken for a PhD study at the Faculty of Architecture Building and Planning, University of Melbourne. The theoretical framework provides a useful ground for understanding CREM internal branding. The main elements of branding that are suitable to CREM?s situation are positioning the brand, communicating the brand message, delivering the brand performance and leveraging the brand equity."
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AUTHOR: Geoff Page
TITLE: Non Urban Land Use-Why We Should Include In Curriculum
KEYWORDS:
ABSTRACT:
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AUTHOR: Geoff Page
TITLE: Sustainability In Undergraduate Property Courses |Refereed|
KEYWORDS: "Sustainability, property education"
ABSTRACT: "Sustainability, green buildings and climate change are three of a number of relatively new and similar terms that are used in the property field. This paper reviews the literature on teaching the concept of sustainability in university courses and identifies key aspects of content, perspective and delivery methods that should be considered in designing the curriculum to increase understanding and practice of sustainability. The paper provides a case study of the approach taken within the University of South Australia undergraduate property degree to incorporate sustainability and challenge students to change their environmental footprint."
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AUTHOR: David Parker
TITLE: Areit Investment Strategy: A Desktop Review
KEYWORDS: "REIT, management, strategy, governance, investment, reporting"
ABSTRACT: "Following a brief literature review, it is proposed that the investment strategy of an AREIT should be clearly stated for the benefit of investors and that the portfolio should be structured and managed accordingly. A desktop review ofthe annual reports of a sample of AREITs is undertaken in an endeavour to identify the investment strategy. The investment strategy is then compared to the AREITs portfolio structure and management. Issues surrounding the statement of investment strategy, portfolio structuring and management are considered and conclusions drawn with areas for further research identified."
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AUTHOR: David Parker
TITLE: Impact Of Board Composition On Australian Reit Performance
KEYWORDS: "REIT, board, performance, governance, management, control"
ABSTRACT: "Already well established in Australia and the USA, REIT's are now growing significantly in Asia and Europe. Previous research focusing on US REITs has investigated the impact of Board composition on REIT performance, with a particular focus on agency issues arising from the level of separation of ownership and management. Following a brief literature review, a survey ofAustralian REITs is undertaken to determine aspects of the composition of REIT Boards. The fmdings on Board composition are then compared to REIT performance and conclusions drawn, with areas for further research suggested."
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AUTHOR: Richard G. Reed
TITLE: The Increasing Use Of Reverse Mortgages By Older Households |Refereed|
KEYWORDS: "Reverse mortgages, home equity, negative equity, seniors, long-term implications."
ABSTRACT: "Reverse mortgages have been increasingly accepted by older Australians which follows an international trend towards reverse mortgages. Between 2005-07 the size of the market reached $2 billion in Australia with over 33,000 outstanding (SEQUAL 2008). At the same time the largest single asset for many older Australian households is their primary place of residence, usually in the form of a detached house or a medium to high density unit. This cohort consists primarily of retirees aged 55 years and over who have permanently left the full-time workforce with limited means of earning additional household income, but who also have a lack of prior financial planning assistance and often no access to superannuation funds. In addition there has been an increase in essential living expenses such as medical, food, transport and the introduction of a Goods and Services Tax (GST). This paper investigates the uptake in reverse mortgages in Australia as a means of providing a viable long-term solution for older households to meet unforeseen expenses during retirement. It investiges existing reverse mortgage providers and what products they are currently offering. The emphasis is placed on the potential for reverse mortgages to be misunderstood by retirees over the long-term, as accessing home equity in this manner is an irreversible decision when there is no financial capacity to repay the loan. It examines the long-term implications for older households, especially those who are unfamiliar with banking practices, complex mortgage documents and costs associated with a reverse mortgage."
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AUTHOR: Sophie Riley And Grace Li
TITLE: Serviced Strata Schemes: Real Property Or A Financial Product? |Refereed|
KEYWORDS:
ABSTRACT: "Over the last two decades, serviced strata schemes have become a popular investment vehicle for many people aspiring to enter the real estate market. On one level, serviced strata schemes are based on an acquisition of a strata title unit, regulated according to state conveyancing laws. Yet, serviced strata schemes are also a way of pooling resources and are additionally regulated as managed investment schemes under the Corporations Act 2001 (Cth). These dual layers of regulation are primarily, although not exclusively, based on disclosure mechanisms. The purpose of this paper is to examine those mechanisms to determine the compatibility of state/territory laws to commonwealth objectives and also to determine the extent to which the present regime meets the needs of investors. It is concluded that lack of uniformity amongst state and territory laws is at odds with the unified approach fostered by the Corporations Act 2001 (Cth). This discrepancy potentially undermines the protection of investors. We therefore argue that the way forward should encompass Australiawide standards applying to vendor disclosure in conveyancing transactions."
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AUTHOR: Peter Rossini
TITLE: Improving Student Engagement Through Tracking Student Interactions With Online Materials
KEYWORDS: "Teaching, student engagement, online teaching, web tracking"
ABSTRACT: "Over the last two decades many Universities in Australia have moved to offer property programs in alternative study modes. The University of South Australia offers property in on-campus (internal) as well as off-campus (external) and off-shore (transnational) modes. Each mode uses a high level of online materials and interaction. The major difficulty with educating students off campus (where students do not have any on campus activities) is that of student engagement and experiential teaching. It is difficult to engage students without face-to-face contact and it is also difficult to gauge how students interact with the material. One option is to track how and when student?s access online materials, but this it is almost impossible in the absence of a specialised University system to allow this. This paper illustrates how a free, web based system can be used to track online activity (for any html page on the world wide web) and presents some results of this tracking over two courses that were offered in three different modes. This provides insights as to how students in different modes interact with the online materials and may give guidance as to how to better engage students online, in each mode. "
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AUTHOR: Garrick Small
TITLE: Climate Change And Property Value
KEYWORDS: "climate change, property value, economic welfare"
ABSTRACT:
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AUTHOR: Garrick Small
TITLE: "Jekyll, Hyde And Property Value"
KEYWORDS: "property value, financial value, property cycles, methodology, speculation and asset price."
ABSTRACT:
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AUTHOR: Connie Susilawati
TITLE: Can Risk Management Boost The Supply Of Affordable Housing Development And Management? |Refereed|
KEYWORDS: "Affordable housing development, affordable housing management, risk management, risk assessment"
ABSTRACT: "A shortage of affordable housing is a major problem in Australia today. This is mainly due to the limited supply of affordable housing that is provided by the non-government housing sector. Some private housing developers see the provision of affordable housing for lower income people as a high risk investment which offers a lower return than broader market-based housing. The scarcity of suitable land, a limited government ?subsidy?, and increasing housing costs have not provided sufficient development incentives to encourage their investment despite the existing high demand for affordable housing. This study analyses the risk management process conducted by some private and notfor- profit housing providers in South East Queensland, and draws conclusions about the relationship between risk assessments/responses and past experiences. In-depth interviews of selected non-government housing providers have been conducted to facilitate an understanding of their approach to risk assessment/response in developing and in managing affordable housing projects. These developers use an informal risk management process as part of their normal business process in accordance with industry standards. A simple qualitative matrix has been used to analyse probability and impacts using a qualitative scale - low, medium and high. For housing providers who have considered investing in affordable housing but have not yet implemented any such projects, affordable housing development is seen as an opportunity that needs to be approached with caution. The risks associated with such projects and the levels of acceptance of these are not consistently identified by current housing providers. Many interviewees agree that the recognition of financial risk and the fear of community rejection of such housing projects have restrained them from committing to such investment projects. This study suggests that implementing improvements to the risk mitigation and management framework may assist in promoting the supply of affordable housing by non-government providers."
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AUTHOR: Connie Susilawati And Andrea Blake
TITLE: Multidisciplinary Students On Property Core Units: Comparative Analysis Of Introductory And Advanced Units |Refereed|
KEYWORDS: "Property education, multidisciplinary students, advanced, introductory"
ABSTRACT: "The composition of many professional services firms in the Urban Development area has moved away from a discipline specific ?silo? structure to a more multidisciplinary environment. The benefits of multidisciplinarity have been seen in industry by providing synergies across many of the related disciplines. Similarly, the Queensland University of Technology, Bachelor of Urban Development degree has sought to broaden the knowledge base of students and achieve a greater level of synergy between related urban development disciplines through the introduction of generic and multidisciplinary units. This study aims to evaluate the effectiveness of delivering core property units in a multidisciplinary context. A comparative analysis has been undertaken between core property units and more generic units offered in a multidisciplinary context from introductory, intermediate and advanced years within the property program. This analysis was based on data collected from course performance surveys, student performance results, a student focus group and was informed by a reflective process from the student perspective and lecturer/ tutor feedback. The study showed that there are many benefits associated with multidisciplinary unit offerings across the QUT Urban Development program particularly in the more generic units. However, these units require a greater degree of management. It is more difficult to organise, teach and coordinate multidisciplinary student cohorts due to a difference in prior knowledge and experience between each of the discipline groups. In addition, the interaction between lecturers/ tutors and the students frequently becomes more limited. A perception exists within the student body that this more limited face to face contact with academic staff is not valuable which may be exacerbated by the quality of complimentary online teaching materials. For many academics, non-attendance at lectures was coupled with an increase in email communication. From the limited data collected during the study there appears to be no clear correlation between large multidisciplinary student classes and student academic performance or satisfaction."
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AUTHOR: Pong-Kuang Tseng And Che-Ming Chiang And Hsueh-Yen Hu And Chau-Yau Chen
TITLE: Categories Of Building Violations And Environmental Externalities - Empirical Observation In Taiwan
KEYWORDS: "Building violations, Environmental Externality, Hedonic Price, Taiwan"
ABSTRACT: "Despite of the efforts of law regulations in relating to urban planning and building management, building violations is still one of the most important issues in Taiwan. While building violations are resulted from the fall between the ?Legal Building Usage? of buildings having obtained legal permits constructed according to the Urban Planning Act, the Building Act, the Building Code and Regulations as well as other relevant laws and regulations and the ?Reasonable Building Usage? according to the characteristics of personal demands of users based on their own viewpoints. This study hopes to analyze the fall between the ?Legal Building Usage? from the aspect of regulatory normalization and the ?Reasonable Building Usage? from the aspect of the users through the theories of externality so as to discuss how to consider the demands of the users from the aspect of laws and regulations and to propose appropriate strategies for building management. We select Tainan City, the fourth largest city in Taiwan, as empirical case to classify the investigation data of building violations in past years by time (building violations of early years and new building violations) and space (areas of early development and newly developed areas) for comparison and analysis on the features and impacts of different building violations, to analyze and review the rationality of the normalization of current laws and regulations on building management for building space through questionnaire investigation on the demands of the residents for usage space, to propose appropriate and reasonable suggestions on strategies of building management through the integration of the concept of reasonably building usage and the concept of legal building usage, and finally, to build the Hedonic Price Model with the Hedonic Price Method to compare and analyze actual effects resulted from different building management strategies taken by governmental agencies so as to propose appropriate and reasonable solutions for the future."
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AUTHOR: Sonthya Vanichvatana
TITLE: Geographical Area And Economic Behavior Of Potential Buyers For Condominium Units Along Mass Rapid Transit Lines: The Case Of Bangkok (2004 ? 2008) |Refereed|
KEYWORDS: "economic behaviors, condominium, geographical area, mass rapid transit"
ABSTRACT: "Condominium development is viewed as high risk, due to the fact that it requires precise project strategy to target specific groups of clients. As, the main purpose of the project strategy is to identify potential buyers, such strategy is then used to guide the design for proper product configurations to match the potential buyers. Once the condominium project is launched and the construction is in progress, any changes in the product design will be almost impossible, difficult and/or very costly. This is unlike low-rise housing development which each housing unit is built independently. In addition, potential buyers, for a particular product type, can come from different geographical areas and have different behaviors. Also that, the recent study (Vanichvatana 2008) has found that potential buyers, for a Condominium unit along the Mass Rapid Transit lines in Bangkok (C-MRT), come from different geographical areas in Thailand: (1) ten Bangkok districts which the mass rapid transit lines are located, (2) other forty districts in Bangkok, (3) five provincial metropolitan areas, and (4) other provinces outside Bangkok Metropolitan Areas (BMA). The aim of this research is to understand the economic behaviors of the potential buyers for C-MRT who come from different geographical areas in Thailand. The study is based on the database of registered visitors to the House and Condo Shows number 12th through 18th exhibited in Bangkok during November 2004 and March 2008. The analysis is of five economic behavioral variables: career, types of house live in, type of occupancy, budget for C-MRT, and income level. The results show that the economic behaviors of potential buyers who were from within Bangkok are quite different from those from other provinces, including from the five metropolitan provinces. The analysis results show that there is a strong correlation between budget and income level in every geographical area. However, the results from the regression analysis shows that in order to foresee the budget level, only the data from those who live in Bangkok can be more meaningful. The results will be benefit to condominium developers to be well aware of diverse behaviors and economics of potential clients who are from different geographies."
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AUTHOR: Clive M J Warren
TITLE: Who Needs A Green Star?
KEYWORDS: "Sustainable development, Green Star, valuation, Australia."
ABSTRACT: "The market for sustainable buildings is growing, albeit from a slow start, as awareness of the consequences of climate change begin to influence the corporate decision makers seeking new office accommodation. Research has shown that a circle of blame has prevailed in recent times resulting in few sustainable buildings being developed. The recent growth of the Green Star and NABERS rating schemes is testament to the need to establish market recognisable measures of environmentally sustainable development (ESD) against which developers, occupiers, and owners can benchmark their sustainability credentials. The developer?s and owner?s dilemma that has emerged from the uncertainty as to what a sustainable building is, has been one of; can I afford the added cost of ESD or, more particularly, can I afford not to build ESD? A more precise question that is being asked is how many green stars do I actually need? This paper will examine the growth of the rating systems in Australia and the issues facing developers, owners and valuers in establishing the viability of ESD. It will also explore the occupiers? / corporate real estate perspective looking at workplace and triple bottom line performance as well as issues relating to green leases in ESD premises."
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AUTHOR: Sara J Wilkinson And Kimberley James And Richard Reed
TITLE: Delivering Sustainability Through The Adaptive Reuse Of Commercial Buildings: The Melbourne Cbd Challenge. |Refereed|
KEYWORDS: "Australia, policy makers, commercial buildings, adaptation, reuse, sustainability."
ABSTRACT: "The City of Melbourne is aiming to be carbon neutral by 2020 (Arup 2008) and have set a target of adapting twelve hundred commercial buildings to incorporate sustainability initiatives to reduce greenhouse gas emissions from the sector (AECOM 2008). In order to meet this target the City of Melbourne is taking a proactive approach to establish strategies to deliver sustainability in the built environment within the 2020 timeframe. With regards to upgrading and building maintenance 71% of investment is used for such works (Department of the Environment 2008) and the total Australian property stock was worth over $6 trillion in June 2008. Given that building services in commercial buildings typically lasts between 20- 30 years and the average age of the stock is 31 years ? it appears that many properties are due for adaptation and there is major opportunity for adaptation that alleviates the impact of global warming and climate change. Uncertainty surfaces such as; how much adaptation of existing stock is typically undertaken?; And is the target of 1200 adaptations before 2020 achievable? Furthermore how could the City identify which buildings are most probable to be adapted prior to 2020? This paper details the configuration of a database of Melbourne buildings populated with data about physical, social, economic, legislative and environmental attributes. There is a discussion about how the database will be used to determine; how much adaptive reuse has been undertaken historically; if any triggers to adaptation can be identified; and whether any relationships between adaptation physical, social, economic, legislative and environmental attributes and adaptation exist. The relevance of this research is obvious to all policy makers where adaptation of existing commercial buildings is perceived a as key component of delivering sustainability."
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AUTHOR: Hao Wu And S K Wong And Keith Mckinnell And Richard Reed And Jon Robinson
TITLE: Commercial Property Markets And Property Cycles In Chinese Cities
KEYWORDS: Emerging market; stability; commercial property; China
ABSTRACT: "This paper uses interview data to explore and examines property markets in three Chinese cities with the focus placed on the emergence of the commercial property markets and the government-market interplay, noting the market formation process and cycles that are ?unexpected? in a transitional economy. The research identified varying opinions and perceptions among key stake-holders about cycles in China?s emerging commercial property markets. Interviews in the three cities suggested a spectrum of factors that may substantially affect the stability of China?s office markets. A cross-sectional comparison of the three cities has revealed a similar pattern of cyclical behaviour highlighting structural change and state intervention with leads-and-lags, in spite of the dispersion in geography, culture and market maturity. The various views offered about market mechanism and cyclical behaviour represent varying levels of market maturity. These brief insights offer an opportunity to develop an alternative approach to measure property market conditions in emerging or immature markets such as China."
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AUTHOR: Lee Hong Sharon Yam And Maziah Ismail
TITLE: Corporate Social Responsibility In Malaysia Housing Developments House-Buyers? Perspectives |Refereed|
KEYWORDS: "Corporate social responsibility, housing development, house buyer, Malaysia"
ABSTRACT: "In recent decades, public awareness of corporate social responsibility (CSR) continues to increase. Today?s consumers expect businesses to go beyond their profit agenda, and be socially responsible. The focus of this paper is the house-buyers? perspective of socially responsible housing developments in Johor Bahru, Malaysia. The study was designed to complement and triangulate the findings of developers? perspectives on CSR presented at the PRRES Conference in 2008. In this current paper, a qualitative approach, by way of house-buyer focus-group, was used to uncover house-buyers? criteria of basic housing development, levels of satisfaction with their current place of stay, their expectations on developers? social responsibilities, and factors influencing their purchase decisions. Research result showed that most housebuyers expect a socially responsible developer to provide more CSR features in their housing projects regardless of the type of property developed."
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AUTHOR: Lee Hong Sharon Yam And Paul Burger
TITLE: Student Engagement & A Teacher?S Self: A Case Study Of Inclusive Teaching |Refereed|
KEYWORDS: "student-centred learning, student-engagement, inclusive teaching, practice-based teaching, small-group learning"
ABSTRACT: "In today?s culturally-diverse classroom teachers embrace various methods to enhance learning outcomes. Moreover, student engagement in the context of international education attracts much attention. In this paper we explore how we implement teaching and learning methods to engage our students without reference to distinctions between international and local students. We discuss practiced-based teaching and small-group learning as pedagogic methods to engage students with their learning. From our case-study of student-centered learning we conclude that a teacher?s self plays a role in practice-based teaching and small-group learning. From the role of self evidenced in our study we hypothesize that self is the catalyst for the manifestation of inclusive teaching in a culturally diverse classroom."
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AUTHOR: Azlina Binti Md. Yassin, Prof. Chris Eves And John Mcdonagh
TITLE: Waterfront Development For Residential Property In Malaysia
KEYWORDS: "Waterfront, Waterfront development, Riverfront, Residential properties, Guideline"
ABSTRACT: "Rivers and water are valuable natural resources for human life, environment and national development. Recognition of water resources as national heritage will contribute towards more long term sustainable property development. Waterfront development is already a well-established phenomenon internationally. In Malaysia, as the economy began to change in 1980s, so did the land uses along many of the river and waterfront locations. The pressures of new technology coupled with an urban population growth and urbanization began to force a transition from water dependent industry to a variety of non-water dependent developments such as apartments, offices, and retail shopping areas. Residential waterfront development has taken advantage of available land and water amenities and incorporated as a feature or ?selling point? of the development. It has been found that wide views of water add an average of 59% to the value of waterfront property, as well as providing attractive landscaping and better property neighborhoods respectively. Development of waterfront lands in Malaysia occurred with limited federal, state, or municipal planning guidance; resulting in cost aspects like flooding and pollution. Although some waterfront development projects continue to remain profitable with a maintained successful public access component, many have not. This paper provides a brief introduction to the research project to address this issue, which is currently on-going. The result will give a significant contribution to the final output of this research."
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AUTHOR: Simon Y. Yau And Daniel Chi Wing Ho
TITLE: Value Enhancement Effects Of Building Management Practices: A Preliminary Study In Hong Kong
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