Proceedings from the PRRES Conference - 2010
The 16th Annual Conference of the Pacific Rim Real Estate Society 
Wellington, New Zealand, January 24-27, 2010


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 appointed by the PRRES Board and the Conference organisers.  Full papers were refereed with authors being required to make any changes prior to presentation at the conference and subsequent publication as a refereed paper in these proceedings.   Non-refereed presentations may be presented at the conference without a full paper and hence not all non-refereed presentations and/or papers appear in these proceedings.  All authors retain the copyright in their individual papers.



AUTHOR: Kwame Addae-Dapaah And Chin Yun Jiao
TITLE: Defensiveness Of Us Equity Reits
KEYWORDS: "Equity REITs, defensive, return, bid-ask spread, US."
ABSTRACT: "Much has been said about the defensiveness of REITs. However, it appears that there is not enough empirical evidence to substantiate the claim. Therefore the paper sets out to investigate the defensiveness of US Equity REITs over four periods of market decline ? July 1990-March 1991, March 2001-November 2001, December 2007-December 2008 and 26-30 September 2008 ? as defined by the US National Bureau of Economic Research. The paper uses two return and two ?spread? metrics, ANOVA and Post Hoc tests to examine the defensiveness of US Equity REITs over the sampled periods. The results of the metrics generally support the view that US Equity REITs are defensive investment vehicles on the basis of minimax. In particular, the decline in REITs? return on 29 September 2008 was lower than the decline in non-REITs? return. Thus, it is defensive in the same way as the one-eyed man is the champion in an island of the blind."
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AUTHOR: Kwame Addae-Dapaah And Yu Siew Lan
TITLE: Shopping Centres And The Price Of Proximate Residential Properties
KEYWORDS: "Shopping mall, town centre, public housing, hedonic model, proximity factor, premium"
ABSTRACT: "The paper investigates the relationship between shopping centres (as a whole) and the price of neighbouring residential properties as well as the relative advantage(s), in terms of proximity factor effect, of a modern shopping mall and a conventional town centre. It is found, through hedonic analysis of 8600 transactions from 19 public housing estates, that proximity to shopping centres generally commands a premium. Notwithstanding the negative externalities of shopping centres, residential properties within 100-metre radius of shopping centres command a higher premium than those farther away although the price-distance relationship is not monotonic while the proximity factor varies from housing estate to housing estate. Furthermore, the results of the study show that residential properties near a town centre with a shopping mall command a higher premium than those near a town centre without a shopping mall. These findings will be of interest to investors in public housing and policy makers."
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AUTHOR: David Emanuel Andersson, Oliver F. Shyr, Tai-Wei Huang, And Jamie C. Wang
TITLE: A Tale Of Two Cities - How Transit Accessibility And The Financial Crisis Affected The Price Of Commercial Properties In Taipei And Kaohsiung
KEYWORDS:
ABSTRACT:
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AUTHOR: Hera Antoniades
TITLE: A Preliminary Study Of The Proposed National Licensing System For Property Agents Trust Accounts |Refereed|
KEYWORDS: "national licensing, trust accounting, governance, property agents. 1"
ABSTRACT: "Every State and Territory within Australia has a range of regulatory bodies to oversee consumer protection and the distinct licenses that comprise their regimes. In the case of property agents, licensing is managed under the auspices of individual state and territory Offices of Fair Trading. However, despite uniformity in the choice of regulator, the licensing provisions themselves are not uniformly designed, or enforced. This is particularly the case with respect to trust account regulations. More specifically, while each jurisdiction mandates compliance with trust account regulations, each jurisdiction has also enacted differing provisions, requirements and penalties. This lack of consistency is counter productive to the development of a seamless property market throughout Australia and can lead to inefficiencies and gaps in consumer protection. At the heart of these deficiencies lie broader issues concerning the type of governance that Australia should adopt with respect to its property sector. In July 2008, the Council of Australian Governments (COAG) agreed to establish a national licensing arrangement for seven occupational areas, including the property sector licensing, with respect to property agents, conveyancers and valuers. The aim of these reforms is to establish a more uniform licensing system within these jurisdictions. In the property sector, reform of licensing measures also entails reform of trust account regulations, which are considered part of licensing requirements. The purpose of this research paper is to analyse the different State and Territory laws and regulations applicable to property agency trust accounting and to explore appropriate governance requirements for a uniform model of trust accounting."
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AUTHOR: Azlina Binti Md. Yassin & Prof. Chris Eves & John Mcdonagh
TITLE: An Evolution Of Waterfront Development In Malaysia |Refereed|
KEYWORDS: "Waterfront development, Riverfront development, Urbanization"
ABSTRACT: "Rives have long been recognized as one of humanity?s most important natural resources. They are one of the most important of all the natural resources necessary to ensure human health and civilization. A close association between cities and water is inherent over the history of civilization and in fact, many urban cities in Malaysia are located close to river areas. The last two decades have shown Malaysia has shifted development strategy from an agricultural base to industrialization, and manufacturing industries have now become the main component of the economy for the country. This transformation since the 18th century has clearly shown that rapid urbanization, industrial and intensive agricultural activities, as well as wide-spread land development, have contributed to extensive changing of river functions for the economy, national development and the environment. In particular, river roles have become less significant for human life and river functions limited to transportation purposes only. Viewed historically, waterfront development in Malaysia has undergone cycles of change over the decades and the latest in this pattern is to more public purposes, such as recreational and mixed used development. By using data from interviewing various groups of respondent, this paper aims to identify the transition in waterfront development in Malaysia from historic times to the modern era and is a significance background contribution to research that is currently on going."
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AUTHOR: Bjornlund, H. And Rossini, P.
TITLE: "Climate Change, Water Scarcity And Water Markets: Implications For Farmers? Wealth And Farm Succession" |Refereed|
KEYWORDS: Water markets; water scarcity; climate change; farm succession
ABSTRACT: "Large areas of Australia are in the midst of the worst drought period in white man?s history; it is potentially the worst drought in a thousand years. The socioeconomic impacts within irrigation communities are detrimental. The Federal and State Governments are offering drought assistance to affected irrigators and businesses that are dependent on them. This paper provides a discussion of how water markets have been used by irrigators over the last 16 years to manage scarcity and structural adjustment. It then uses analysis of prices paid over the last 16 years within the Goulburn Murray Irrigation District in Victoria, Australia (GMID) to discuss how water markets could continue to be used to serve this purpose as scarcity worsens due to climate change and policy reforms. The analyses show strong and consistent increases in prices, with a strong relationship between the fluctuations in the two market prices. The price of allocations leads the price of entitlements. These findings have important implications for how markets can be used to assist irrigators to adapt to the impact of water scarcity and to protect the value of their total assets, either as part of an exit strategy or a succession strategy. Providing opportunities to deal with these processes in the best possible way will not only be most beneficial for the irrigators themselves but also for the communities servicing, and dependent on, the irrigation industry."
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AUTHOR: Sandy Bond
TITLE: Best Of The Best In Green Design: Drivers And Barriers To Sustainable Development In Australia
KEYWORDS:
ABSTRACT:
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AUTHOR: Lyndall Bryant
TITLE: Constraints To Cost Effective Land Supply
KEYWORDS: "Land supply, residential property, property development, infrastructure charges, affordability."
ABSTRACT: "The ready availability of suitably zoned and serviced land is one of the key factors in the timely and cost effective provision of new land for development. Unfortunately, in many high population growth areas, land that may be available does not have ready access to infrastructure, or the appropriate designation/s (zoning) in place. The corresponding lag in supply frequently bears the blame for the resultant disequilibrium in the market and affordability pressures on the end product. Government has the capacity to respond to the issue of land supply in a number of ways. Proactive measures define longer term goals and set the ground rules moving forwards. Reactive policy decisions are made in an often hostile environment where stakeholder interests conflict. With a trend to increased regulation, government risks further constraining the viability of land development in high growth areas, without full consideration of all the supply side variables. This preliminary paper will identify a number of the variables which may be constraining the supply of land for residential development in South East Queensland given the current regulatory environment. It will examine the interrelationship between these supply side constraints, a full understanding of which is required by government in order for its policies to stimulate, rather than restrict the supply of land in this high growth region."
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AUTHOR: Judith Callanan
TITLE: An Update On The Latest Literature ? The Effect Of High Voltage Transmission Lines On Property Values.
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ABSTRACT: "This report provides an update on the current literature, in relation to the impact of High Voltage Transmission Lines (HVOTLs) on property values. The bulk of research, has been carried out in America and Canada with limited research in England and New Zealand. An analysis of the literature reveals varying legal requirements in the placement and ongoing maintenance of the HVOTLs, between the different countries. Any effect on property values can be derived from two main components. The first would be due to the size of the structure as it is difficult to not accept that there will be a visual impact. The second is a fear for personal safety, which may be in the form of an immediate safety concern with the structure or lines falling and causing damage, or a fear of adverse health effects from the electromagnetic field generated or perceived by nearby residents."
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AUTHOR: Nelson Chan And Norman Harker
TITLE: Dual Rate Taxed Valuation: A More Rational Approach
KEYWORDS: "Freehold, leasehold, valuation, taxation consequences"
ABSTRACT: "There has been a lot of criticisms on the Dual Rate approach, such as the concept of recoupment of the initial investment outlay, the setting up of a low yield sinking fund and related tax issues, etc. (Baum el al, 2006). One big problem with the traditional valuation approach is where there is variable profit rent. Valuing varying profit rents by the Dual Rate method will result in error caused by the so called ?Double Sinking Fund? problem. Various methods such as the ?Double Sinking Fund? method? by Davidson, ?Sinking Fund Method and ?Annual Equivalent Method? by Greaves and Pannell?s method, etc. were introduced to redress this issue (Bowcock, 1983). Despite the modifications made by these methods, nevertheless, Mackmin (2008) claims that the dual rate method is now defunct. Inspired by Mackmin?s work, this paper re-visits the problems of taxation consequences of sinking fund in the UK. It looks at what is believed to be the only rational reason for using the Dual Rate adjusted for tax method variant. It confirms that the traditional method is not satisfactory even after the modifications made by the various methods mentioned above. The Single Rate Net of Tax approach is proved to meet all expectations and can be regarded as a more rational approach to the Dual Rate method."
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AUTHOR: Nelson Chan
TITLE: Property Taxes And Fees ? A Tale Of Two Cities
KEYWORDS: "Housing affordability, property prices, property fees, taxes"
ABSTRACT: "Housing affordability is a concern around the world. People are complaining that high property prices are beyond their means. Australia and China have different political systems. The former has a western democratic system while the latter has a communist/socialist system. Despite the difference in political ideology and economy, the people in both countries are complaining about the problem of high property prices. There are many factors for high property prices. High property taxes and fees are alleged to be a major suspect for causing high property prices. The paper attempts to examine the property taxes and fees for residential development in these two countries. Sydney in Australia and Wuhan in China are chosen as case study cities. The property taxes and fees in these two cities are examined and compared. It is found that property taxes and fees account for a substantial portion of property prices in these two cities. Housing affordability can be enhanced if the relevant governments are determined to reduce the amount of for property taxes and fees."
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AUTHOR: Fong-Yao Chen And Jen-Hsu Liang
TITLE: Are Appraisers Rational? ? Evidence From T-Reits
KEYWORDS: "Partial adjustment, Appraisal behavior, REITs"
ABSTRACT: "A herd mentality is driving financial events worldwide. The great damage that the current financial crisis has brought to the world has revealed the excessive optimistism characteristic of financial bubbles in the boom phase of economic cycles. It also leads to the re-evaluation of appraisal smoothing. In times of prosperity, do appraisals have to fluctuate with the market? Most of the previous studies examined appraisal smoothing from an aggregate level and used extensive data sets to de-smooth. This paper uses individual re-appraisal data of T-REITs and modifies the partial adjustment model developed by Quan and Quigley (1991) to observe appraisers? rational behavior in Taiwan. The results show that the confidence parameter is 0.85 and verifies that partial adjustments existed. We find that appraisers in Taiwan place less weight on market information because of market noise."
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AUTHOR: Bwembya Chikolwa
TITLE: Dislodgement Of Commercial Property Public Debt Markets: The Case Of U.S. And Australia |Refereed|
KEYWORDS: "REITs, A-REITs; Commercial mortgage-backed securities; unsecured bonds; Global financial crisis"
ABSTRACT: "The paper investigates if there are any discernible trends in the U.S. and Australian commercial property public debt markets with the onset of the global financial crisis (GFC). Commercial mortgage-backed securities and unsecured bonds issued by real estate investment trusts for the period 2000 to Q3:2009 are reviewed. It is shown that events in the equity markets have an impact on the pricing of these two instruments. Furthermore, the impact of subdued activity in these financing instruments on the commercial property market is discussed."
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AUTHOR: Lawrence Chin, Phd And Fong Shao Hui
TITLE: Percentage Leases In Singapore?S Shopping Centres
KEYWORDS: "Rental system, percentage leases, shopping centres"
ABSTRACT: "Recently, retailers have realized the importance of finding alternative ways to cut down on costs incurred in their businesses, especially now when the future outlook is uncertain. Unforeseen circumstances like the breakout of war and the spreading of unknown diseases like SARS and H1N1 around the world have been happening in the recent years and many businesses around the globe have suffered. Shopping centers in Singapore are not spared from the calamity either. It is evident from newspapers reports that people do not dare venture out of their homes when disaster strikes. As a result, with fewer customers patronizing the shops in the shopping centers, the retail business will falter. Due to the uncertainty of the economic outlook and intense competition among malls, retailers have to look into ways, which they can reduce the burden of having to pay high rents. Therefore, an effective scheme to help tide them over a crisis would be the adoption of the percentage lease scheme. This paper examines the concept of percentage leases and its feasibility as a financial tool in managing shopping centres. The findings show that although there is an emerging trend of the popularity of the percentage lease scheme, more can be done to encourage the retail industry to adopt it."
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AUTHOR: Nor Nazihah Chuweni, Rohaya Abdul Ghani And Ting Kien Hwa
TITLE: An Analysis Of The Relationship Between Rental Growth And Capital Values Of Office Spaces
KEYWORDS: "office capital growth, inflation rate, rental growth"
ABSTRACT: Purpose ? The objective of this research is to model capital value growth in the office market by taking into consideration inflation. Design/methodology/approach ? A regression model is employed to model office capital value growth in Kuala Lumpur for the 1990 to 2008 period. Independent variables used in the model are rental growth and annual inflation rate. Findings ? Real office rentals growth are found to be significant factors affecting office capital value growth rate in Kuala Lumpur. Practical implications ? The regression model provides a better understanding of the factors affecting office capital growth and provides a simple forecasting tool. Originality/value ? A model of office capital growth is determined which could be used for the prediction of future growth in office capital value.
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AUTHOR: Ian Clarkson
TITLE: Rural Valuation Education: Taking City To The Country
KEYWORDS: "Rural Valuation, Education"
ABSTRACT: "Whilst a large portion of the property, and therefore valuation, industry is based in urban areas, by far the largest portion of most countries is rural and regional areas. Presenting courses in rural and fringe urban valuation techniques will create a more rounded property professional, capable of a wider skill range which will be further developed through industry mentoring and expertise. This paper looks at the industry and student demand for such a rural valuation and land management course. It describes the course content that may be covered in such training. The paper also looks at changing practices in this field and how rural purchase decisions are changing, forcing a re-think of current valuation techniques. Finally, practical delivery issues such as flexible delivery, web-based interactive media and mentoring will be discussed."
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AUTHOR: Greg Costello
TITLE: Land Leverage Dynamics In The Perth Housing Market |Refereed|
KEYWORDS:
ABSTRACT: "This paper develops an empirical test of the land leverage hypothesis applied to the Perth (Western Australia) housing market over the period 1988-2009. Land leverage reflects the proportion of the total property value embodied in the value of the land (as distinct from improvements), as a significant factor for establishing the future path of house prices. It follows that the value of land and value of improvements on that land are likely to evolve differently over time. Since total property price change is a weighted average of change in both land value and improvements, properties that vary in terms of how value is distributed between land and improvements will show different price changes over time. The land leverage hypothesis suggests that the magnitude of price responses should be positively correlated to the level of land leverage. The hypothesis is empirically tested using data on individual housing transactions in Perth Western Australia. Vacant lots subsequently selling as improved properties are identified and analysed in order to measure the influence of land leverage over a sample period 1988-2009. The results confirm a significant relationship between the extent of land leverage and house price changes over time together with some significant temporal influences corresponding with variations in housing market conditions throughout the sample period."
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AUTHOR: Greg Costello And Ferdinand Preller
TITLE: Property Development Principles And Process - An Industry Analysis |Refereed|
KEYWORDS:
ABSTRACT: "Property development is widely regarded as an integrated process revolving around numerous components that link distinct phases in the development cycle. This paper explores industry participants? perceptions of key performance areas of the property development process. We focus upon the development of commercial property in Queensland Australia. Utilising a sample of major Queensland-based developers we use a questionnaire to survey industry perceptions of key performance processes in the property development industry. The main emphasis of the survey is to identify common principles and characteristics of the property development process as they occur prior to the commencement of construction activities. Our results confirm that in general, developers apply many pre-construction development principles within a structured framework. We conclude by identifying and discussing in detail several key performance areas identified in our survey responses: (i) location and site selection, (ii) market research/analysis, and (iii) feasibility principles incorporating design development and financial analysis."
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AUTHOR: Lucy Cradduck And Andrea Blake
TITLE: Dealing With Unique Interests In Crown Land: A Queensland Perspective |Refereed|
KEYWORDS: "Crown land, tenure, profit a prendre, leasehold tenure, land management"
ABSTRACT: "Security of tenure is the cornerstone of the land management system in Australia. Freehold title is protected through indefeasibility of title entrenched in legislation2 and protection of registrable interests in land is offered through the Statutory Assurance Fund. For those with interests pertaining to Crown Land no such protection is offered, although this position is not uniform across Australia. Notably those with Crown leasehold interests or a profit a prendre on Crown Land in Queensland are not protected through registration on the freehold land register and do not have the benefit of indefeasibility of title. The issue of management of interests pertaining to Crown Land has become increasingly relevant due to the complexities associated with balancing public interests including native title with more commercial interests in land generated through carbon sequestration, forestry and mining. This paper considers the framework for the management of Crown Land in Queensland and the adequacy of this framework for commercial interests that pertain to Crown Land."
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AUTHOR: Simon A. De Garis
TITLE: "Rural Managed Investment Schemes In Victoria, Australia: The Demise Of Timbercorp."
KEYWORDS: Timbercorp. Managed Investment Scheme. Grower Investors. Agricultural crops. Almond growing.
ABSTRACT: "Managed Investment Schemes gained popularity in the last 25 years, particularly in the forestry and horticultural sector. One of the largest players was Timbercorp. The 2008 Annual report reveals it was established in 1987, had net assets of $595.6m, made a profit of $44.6million, had 14,615 shareholders,18,400 grower investors with an investment of $2 billion, a horticultural estate of 22,000 ha and a forestry estate of 98,000 ha and 63,000 Mgl of High Security water.Their land holdings were mainly in Queensland and Victoria. There were also operations in Western Australia ,South Australia, and Tasmania. Crops included softwood plantations (generally Eucalyptus Globulus) Blue Gum for wood chip production,almonds,olives,citrus,avocado,mangoes,table grapes,truss tomatoes and garlic. The horticultural projects were well managed from a technical point of view.For instance the olive estate of some 6,530 ha produced 27,160 tonnes in 2008, yielding some 4.6 million litres of extra virgin oil. On 23 April 2009 the Company was placed in voluntary administration, owing $903m. This paper provides some background on the Australian almond growing industry, and examines the corporate structure of Timbercorp/grower investors, particulary almond growing, to provide some reasons for the demise of this large Company."
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AUTHOR: Peter Elliott, Simon Huston And Hoon Han
TITLE: Homeowner Risk Appetite In A Growing Metropolis |Refereed|
KEYWORDS: "risk appetite, disturbance, infrastructure, focus group, urban renewal"
ABSTRACT: "Infrastructure, such as new power lines or urban renewal projects, disrupts housing consumption services but can enhance investment returns. The paper investigates how disturbance risk appetite varies spatially. It conducts a preliminary study of two diverse locations in Brisbane, Australia. Risk appetite of peri-urban homeowners is inferred from a focus group study. The risk appetite of centrally-located home buyers is derived from a survey. The results suggest that homeowners in central locations tolerate disturbance better than peri-urban ones, presumably in the expectation of compensating financial gain. The policy implication is that project evaluation should consider the spatial variation of risk appetite."
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AUTHOR: Gary Garner
TITLE: Approaches For Calculation Of Holding Costs In The Context Of Greenfield Residential Development |Refereed|
KEYWORDS: "Holding cost, housing affordability; regulatory assessment; opportunity cost; Greenfield"
ABSTRACT: "There are increasing indications that the contribution of holding costs and its impact on housing affordability is very significant. Their importance and perceived high level impact can be gauged from considering the unprecedented level of attention policy makers have given them recently. This may be evidenced by the embedding of specific strategies to address burgeoning holding costs (and particularly those cost savings associated with streamlining regulatory assessment) within statutory instruments such as the Queensland Housing Affordability Strategy, and the South East Queensland Regional Plan. However, several key issues require further investigation. Firstly, the computation and methodology behind the calculation of holding costs varies widely. In fact, it is not only variable, but in some instances completely ignored. Secondly, some ambiguity exists in terms of the inclusion of various elements of holding costs and assessment of their relative contribution. Perhaps this may in part be explained by their nature: such costs are not always immediately apparent. They are not as visible as more tangible cost items associated with greenfield development such as regulatory fees, government taxes, acquisition costs, selling fees, commissions and others. Holding costs are also more difficult to evaluate since for the most part they must be ultimately assessed over time in an ever-changing environment based on their strong relationship with opportunity cost which is in turn dependant, inter alia, upon prevailing inflation and / or interest rates. This paper seeks to provide a more detailed investigation of those elements related to holding costs, and in so doing determine the size of their impact specifically on the end user. It extends research in this area clarifying the extent to which holding costs impact housing affordability. Geographical diversity indicated by the considerable variation between various planning instruments and the length of regulatory assessment periods suggests further research should adopt a case study approach in order to test the relevance of theoretical modelling conducted."
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AUTHOR: Bob Hargreaves And Iona Mccarthy
TITLE: Is New Zealand Farm Land Worth What It Will Produce?
KEYWORDS: "Farm land values, price expectations, rural cycles, income approach, New Zealand"
ABSTRACT: The availability of cheap credit coupled with an increased demand for agricultural commodities resulted in a recent bubble in farm land values in New Zealand. Although the market has corrected somewhat there is still an underlying structural problem with farm land values as the New Zealand taxation system presently encourages farmers to accept low capitalisation rates in return for tax free capital gains. The authors note that while some of the increases in farm land values can be justified by increased productivity the application of fundamental price earnings ratios suggests further downward adjustment in farm land values is likely.
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AUTHOR: Mike Hefferan And Mr. Stuart Ross
TITLE: Forces For Change In Property Education And Research In Australia |Refereed|
KEYWORDS: Australian property sector; Property teaching and learning; Property research; Changed environment; Roles of universities; Professional bodies
ABSTRACT: "The property sector represents some 40% of national wealth and by its nature and function, impact on nearly all forms of economic, community and individual activity are profound. Compared with other sectors, however the critical role of education and research appears to lack the overall strategy and vision that one might expect. This is not to suggest that the education agenda has not progressed considerably over the last decade or so. Quality tertiary courses are now offered in most Australian states at undergraduate and, increasingly at post graduate levels with a robust accreditation process in place. Nevertheless, given the compounding changes occurring across the sectors, it might be debated whether in fact, these courses are now to fully prepare future property professionals. The current situation with property research in Australia is even more problematic. On the national agenda, particularly through the Australian Research Council, research into property and related areas is demonstrably under represented. This is a perennial issue that shows no signs of improvement. Quality research is produced ? but it tends to be eclectic and relatively small scale with most university staff being committed to teaching and learning activities. Relatively few have wide research experience. This may simply reflect the nature of the property sector and the relative newness of teaching and learning and research initiatives in it. As the sector matures however, a more strategic and coordinated approach may be necessary. This paper attempts to identify changes occurring within the property professions and the tertiary sector that will influence the both education and research in these areas into the future."
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AUTHOR: J-Han Ho, Steven Rowley And Greg Costello
TITLE: "From Nomads To Settlers: Scenario Analysis As A Guide For First Home Owners In Renting Versus Buying A Home In Perth, Western Australia."
KEYWORDS:
ABSTRACT: "The number of nationwide First Home Owner Grant (FHOG) purchases was 54,924; in the June quarter of 2009, an increase of 94.3% over the year (REIA 2009). This paper outlines an analysis tool which compares the financial outcomes for households who are contemplating the tenure choice of renting versus buying their first home in the Perth metropolitan region with the FHOG. The model employs the user cost of capital theory to develop a model that calculates the relative cost of renting and buying for a variety of house types under a number of market growth scenarios.. The results indicate that purchasing a median priced house has an immediate net financial benefit when compared to renting a house at the median rent if the annual growth rate for the property is ?2.95% .This model can be used by prospective purchases to aid the decision to rent or purchase using either pre-determined scenarios based on historic variable rates or employing user generated assumptions."
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AUTHOR: Tai-Wei Huang, Oliver F. Shyr And David Emanuel Andersson
TITLE: "The Good, The Bad, And The Ugly ? The Successes And Failures Of Transit ? Oriented ? Development In Taiwan During The Financial Crisis"
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AUTHOR: Neville Hurst And Richard Reed
TITLE: Residential Auction Clearance Rates ? What Do They Really Mean? |Refereed|
KEYWORDS: "Auctions, residential, clearance rate, willing buyer, willing seller."
ABSTRACT: "The residential market in Melbourne is often referred to as the ?auction capital of the world? with approximately 30-35% of housing transfers undertaken via the auction process, most of which are conducted on the weekend and then reported in the media the following day. The most quoted measurement of auction success is via the clearance rate which simply indicates the proportion of signed contracts of sale within the auction process. At the same time the clearance rate can have a relatively large variance where the residential market can traditionally range from very good (i.e. a high clearance rate) to very poor (i.e. a low clearance rate). The subsequent effect on the market can directly increase or decrease demand, predominantly based only on this single measure of the perceived level of auction clearance rates only. This paper examines the concept of the auction clearance rates and the heavy reliance on the only one measure of success (i.e. the clearance rates), regardless of other variables. The emphasis is placed on the auction clearance rate as one measure of demand in the housing market but within the context of the definition of market value i.e. willing buyer-willing seller. This is supported by a discussion about other variables including the asking price, the auction process itself, marketing considerations and seasonal adjustments. The findings provide an insight into how to correctly interpret the auction clearance rate in the context of the overall supply-demand interactions. Whilst the auction process is clearly an integral part of the residential transfer process it is essential that the auction clearance rate is used with caution and also in conjunction with other variables."
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AUTHOR: Rodney L Jefferies
TITLE: Real Valuation For Real Estate? - A Comparison Of Conventional And Real Value Models
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AUTHOR: Seung-Young Jeong And Jinu Kim
TITLE: Determinants Of Goodwill In Retail Properties In Seoul |Refereed|
KEYWORDS: "Goodwill, retail property, Structural Equation Modeling"
ABSTRACT: "This paper empirically models the determinants of Goodwill using Structural Equation Modeling. It employs a two-stage model that estimates Goodwill in a stage one using the regression model and then includes predicted in a stage two demand model investigating endogenous and exogenous determinants of Goodwill. The data includes information on premium rents for 522 retail trade area in Seoul, South Korea. The major findings are as follows: Firstly, there is a high correlation between Goodwill and retail rents from utilizing the retail property. It reveals that the higher the Goodwill has the higher the retail rent in commercial area of Seoul. Secondly, Goodwill is influenced by the retail rental price factor, Low-Income Population and Low-Density Housing. The analysis shows that economic factors within the retail traded-area have highly affected Goodwill at the statistically significant level with the reliable model in Seoul city."
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AUTHOR: Angelo Karantonis
TITLE: Is There A Relationship Between Price And New Construction In The Residential Markets Of Australia? A Preliminary Finding. |Refereed|
KEYWORDS: "Building activity, building cycle, housing approvals, housing starts, housing price, housing affordability."
ABSTRACT: "The price of residential property across the capital cities of Australia has had an upward trend from the early 1980s, yet at the same there has been a fluctuating construction cycle and in more recent years, there has been a downward trend. This paper undertakes a study using a series of correlation analysis to investigate the relationship between new residential construction and prices. It also investigates to see whether there are any common factors that influence the residential prices and new residential dwellings over the past 25 years."
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AUTHOR: Valerie Kupke, Tony Lockwood & Peter Rossini
TITLE: Locating Community Housing Across A Metropolitan Area |Refereed|
KEYWORDS: "community housing, spatial analysis, mapping"
ABSTRACT: "?In February 2009 the Australian Government responded to the global recession by introducing a $41 billion Nation Building and Jobs Plan as a means of stimulating the economy and supporting employment through to 2010. The plan includes investment in schools, community infrastructure and housing with a strong focus on growing the social housing sector within Australia. The initiative provides funding of $6 billion for the construction of new social housing which it is hoped will boost the supply of affordable public and community housing as well as stimulate the building and construction industry. The funding is provided to states and territories on the condition that suitable proposals for funding are identified quickly and that 75 percent of the homes are completed by December 2010. To this end there is the opportunity within the state of South Australia for some 1250 new homes to be built within the public and community housing sector. The state government is looking to acquire land for this development which meets particular criteria in terms of size, price and access. There are also underlying social imperatives in terms of housing development which need to be maintained. This paper considers how spatial analysis and mapping can facilitate this land acquisition and help to target particular locations in a timely fashion across a metropolitan area. It also discusses the growth of the community housing sector in Australia and the broader implications of this particular economic stimulus package for this housing sector in general. "
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AUTHOR: Valerie Kupke, Peter Rossini, & Stanley Mcgreal
TITLE: A Multivariate Study Of Medium Density Housing Development And Neighbourhood Change Within Australian Cities |Refereed|
KEYWORDS: "Medium density housing, neighbourhood, social structure"
ABSTRACT: "The introduction of medium density housing development within suburban areas has been favoured by government as a means of improving the efficiency of land use, reducing the costs associated with the delivery of government infrastructure and services, increasing the opportunity for affordable housing, promoting home ownership and balancing social mix. However it has been hypothesised that such development may be having a negative impact on local neighbourhoods in terms of social structure, for example reducing diversity as measured by economic status and family makeup or in terms of local housing market performance as measured by price. This paper considers whether such outcomes are able to be measured in terms of social structure and housing market performance within four Australian cities, Adelaide, Perth, Sydney and Melbourne between 2001 and 2006. The analysis is conducted at a disaggregated level to more accurately measure impacts at the local level. The paper attempts to identify whether medium density housing development has any impact on housing market performance at suburb level as measured by median price, if there are associated changes in neighbourhood structure as measured by social constructs using the technique of principal components analysis and to note any significant difference between cities in terms of impacts."
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AUTHOR: Francis Pf Lai, Dulani Halvitigala, John Boon, Roger Birchmore
TITLE: How Can Bim Technology Assist In Optimising The Life Cycle Cost Of A Building? |Refereed|
KEYWORDS: "Building Information Modelling, 4D Modelling, Life Cycle Costing Analysis"
ABSTRACT: "The complexity of a modern construction project, especially in a fast track environment, necessities the use of Building Information Management (BIM) system to manage such a project to provide the necessary probable cost outcomes of alternative designs ahead of actual construction times. The visualization of such alternative designs through ?prototyping? design solutions has the definite advantage of identifying coordination and other construction issues, minimizing delays in construction downtimes and avoiding the cost of reworks. As a communications tool, BIM technology, through modelling techniques such as Ecotect developed by Autodesk?s Revit, can additionally be used to assess impacts of alternative energy saving designs on the life cycle of a building. This paper explores the use of Ecotect in the sustainable design analysis of alternative energy saving designs of a simple residential building. It serves to graphically illustrate the successive steps of the building through its economic life, illustrating the effects of a design decision to the building. It aims at uncovering the feasibility and/or the desirability of using BIM 4D Modelling Technology for life cycle costing in construction projects generally and in residential housing projects in particular."
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AUTHOR: Ming-Long Lee, Shew-Huei Kuo, Ming-Te Lee And Chia-Wei Lin
TITLE: Market Signals Associated With Taiwan Reits Ipos
KEYWORDS: "Taiwan, REITs, IPO, event study method, real estate stocks"
ABSTRACT: "The study examines the influence of REIT (real estate investment trust) IPO (initial public offering) announcements in Taiwan on the returns of construction stocks, the non-REIT real estate stocks in Taiwan (Liow and Sim, 2006), using the Event Study method. Sing, Ho and Mak (2002) found that announcements of REIT IPOs had negative impacts on non-REIT real estate stocks in Malaysia. In contrast, we found that REIT IPO issues had favorable effects on these stocks in Taiwan following a series of news announcements, including the REIT IPO filing approved by the Financial Supervision Commission, the offering date and the listing date. In addition, our empirical results show that the first REIT IPO had a greater impact on funds transfer and that higher abnormal returns may be gained from investing in underpriced construction stocks during the period of REIT IPO issues."
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AUTHOR: Chyi Lin Lee
TITLE: A Survey Into The Use Of Derivatives By Australian Property Funds |Refereed|
KEYWORDS: "Derivatives, property funds, motivation factors, risk factors and Australia."
ABSTRACT: "Derivatives have gained an increasing attention by academics and practitioners in recent years. However, there is relatively little evidence on the patterns of use and the property funds? attitudes with respect to derivatives. Therefore, this study seeks to address this shortfall and aims to examine the usage of derivatives by property funds in Australia. A survey of Australian property fund managers was undertaken. The results show that different types of property funds have dissimilar patterns of derivatives use. Besides, the results also reveal that large property funds are more likely to use derivatives. The motivation factors and risk factors for using derivatives are also identified. In addition, significant differences are found between the perceptions of derivative users and non-users. The findings have offered some insights into the knowledge base of property investors towards derivatives."
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AUTHOR: Chyi Lin Lee
TITLE: An Examination Of Volatility Dynamics In Australian Reit Futures |Refereed|
KEYWORDS: "Volatility spillover, REIT futures, EGARCH, Australia. "
ABSTRACT: "This study aims to examine the volatility spillover in Australian REIT futures over the study period of 2004-2008. An Exponential-Generalized Autoregressive Conditional Heteoskedasticity (EGARCH) model is employed to analyze the volatility series of REIT futures. The results show that REITs futures are heavily influenced by REITs and stocks, suggesting that the news originated from these markets will affect REITs futures. The results also illustrates that the equity market is more influential than REITs in affecting the volatility of REIT futures. It is also shown that REIT futures are more sensitive to negative news than positive news. These findings have provided additional insights into the volatility patterns of property futures."
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AUTHOR: Rita Yi Man Li & Prof. Kwong Wing Chau
TITLE: "An Empirical Study Of Brand Name, Land Costs, Income And Housing Availability?S Impact On Residential Fittings In Hangzhou, China" |Refereed|
KEYWORDS: "brand name, income, land costs, housing availability, residential fittings"
ABSTRACT: "Provision of superb fittings in kitchen, washroom and living room has been regarded as developers? important weapon to get the upper hand market. It is common to find developers? advertisements around the globe about their residential innovative fitments. Nevertheless, developers in Hangzhou only provide bare flats to their customers. Home vendors have to find contractors for bedroom doors, floor and wall tiles; electrical suppliers for fridges and washing machines; plumbers for water pipes and water closet installation. While recent research on housing development focuses on the financial aspect, this paper contributes to filling the knowledge gap on the reasons behind these flats in Hangzhou. With the help of binary Probit Regression models, the paper concludes that there is a negative and significant relationship between bare flats and land costs."
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AUTHOR: Max Y. Li And Ho, Kim Hin David
TITLE: A Parametric Model Of The Ex Ante Direct Real Estate Risk And Return Estimation
KEYWORDS: "Ex Ante, Direct Real Estate, Risk and Return."
ABSTRACT: "This paper investigates the merits of a unique real estate risk-and-return estimation model. In this model, we rigorously integrate the bond duration-convexity concepts, the real estate return Beta distribution function and the real estate equivalent yield valuation model. Only very limited information through the lease structure of a direct real estate asset is required for this model of risk and return estimation. No historical data is utilized in estimating the real estate risk and the expected return via this model. Empirically this model offers a useful and innovative approach to the risk-and-return estimation of new direct real estate assets, which do not have past time series."
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AUTHOR: Rita Yi Man Li & Prof. Kwong Wing Chau
TITLE: On The Road To Sustainable Well-Furnished Flats In Shanghai: Lessons Learnt From Hong Kong And Sydney |Refereed|
KEYWORDS: "sustainability, fittings, residential, Hong Kong, Sydney, Shanghai"
ABSTRACT: "?The Day after Tomorrow? pictures the gloomy scene of human?s fate should we keep increasing our greenhouse gases. Global climate change has become one of the most popular topics over the past decade. The slogan sustainable development ? meets the needs of the present generation without depriving the needs of future generation ? is in the lips of many government officials, green groups and political leaders. Developers in our society play an important role in achieving this target, e.g. some developers in Sydney provide energy saving lights, others provide balcony in Hong Kong. Although bare units in Shanghai offer much flexibility to city dwellers on choosing their own fittings, many people predict that well-furnished flats will replace the bare ones gradually in the near future. Review of policies and provisions of fittings by developers in Sydney and Hong Kong can definitely provide useful information to Shanghai developers and Environment Bureau Officials."
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AUTHOR: Tzu ? Chin Lin
TITLE: Tearing Down Buildings In A City Hungry For Land
KEYWORDS: teardowns; economic obsolescence; land supply
ABSTRACT: "To tear down a building is not only an engineering matter, it involves also economic considerations. Previous studies suggest the possibility of a building being torn down to be not uniform across neighborhoods, and can reasonably be explained by a number of economic and social parameters. Moreover, pressure of land redevelopment is great in a city where demand significantly outstrips supply. In consequence, buildings in such a city are prone to be knocked down far ahead of the time when they are physically obsolete. We examine the building teardowns in Taipei, a city consistently ranked as one of the most crowded worldwide. Analysis of reliable official records allows us to present a number of evidence?supported findings. Firstly, demolished floor?areas by and large keep pace with market demands. In addition, not only those old neighborhoods with aged buildings but also the pricey neighborhoods have observed most activities of teardowns. Both physical and economic factors are at play to determine where to knock the buildings down. Despite its modern materials, buildings made of reinforced concrete tend to be replaced significantly earlier than its end of physical life. In contrast, a notable proportion of brick and wood buildings stand longer than their physical life. The parallel phenomena actually highlight the potential misallocation of land resources."
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AUTHOR: Tzu ? Chin Lin
TITLE: Valuation Of A Condominium Site In Multi ? Ownership
KEYWORDS: land?value response surface; Cobb?Douglas regression model; land?value ratio
ABSTRACT: "Separation of land and building values of a condominium in multi?ownership from a developed property is a significant feature of property valuation in Taiwan. This study first employs land?value response surface to replace a set of distance?to?facilities variables traditionally applied. We then follow the Cobb?Douglas regression model to explicitly assign the price of a condo into respective value elements of land and building. The empirical analysis of condo transactions from 1994 through 2003 in Taipei suggests the followings. First, land?value response surface variable performs well to account for locational price effects, and to reduce the severity of systematic regression residual over space. Second, the average ratio of land value to the condo price is approximately 24% for low?rises and 19% for high?rise condos, respectively. These figures appear to be lower than those widely assumed in the local market. In addition, the above ratio rises with building age and the quality of neighborhoods. Comparisons of model?derived values with assessed values for taxation purposes suggest that the government has over?valued land and under?valued buildings. We believe the assessment biases are primarily due to the assumptions assessors generally make: a site with single ownership and ready for an immediate (re)development. In reality, however, the majority of properties sold in the market are with a partial ownership and no immediate prospect of redevelopment. What is more, the overvaluation of buildings is believed to result from the shortage of land supply which, through zoning regulations, further constraints the supply of new buildings."
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AUTHOR: Daniel Yet Fhang Lo
TITLE: Urbanization And Economic Growth: Testing For Causality |Refereed|
KEYWORDS: "The study seeks to empirically test the Granger causality of urbanization and economic growth. By using co-integration and causality tests, it investigates the relationship between urbanization and economic growth for 28 countries for the period 1950-2000. The results are consistent with some previous research findings: There is a long-run stable relationship between the two variables. The causality tests further suggest that the urbanization variable Granger-causes the economic variable for developing nations, while the opposite holds for developed nations. It is therefore suggested that the causal relationship between the two variables is dependent upon the economic development status of a nation. Furthermore, the author posits that the change of the sign of the causal link as the nation?s economy advances is due primarily to the changes in the major factors of production: from labour intensive production at the preliminary stage of development to capital- or technology-intensive production when it becomes more developed. Economies of scale, both internal and external, could be a reason for the time lag between the two variables."
ABSTRACT: Urbanization; economic growth; Granger-causality test
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AUTHOR: Michael Y Mak, Willy D Sher, Anthony P Williams
TITLE: Students? Evaluation Of An Online Postgraduate Property Program |Refereed|
KEYWORDS: "property education, online delivery, student evaluation"
ABSTRACT: "Property students embarking on their postgraduate studies come from a wide variety of backgrounds. Most of them are of mature age and already working in the property industry nationally and internationally. Many are of the so-called Net Generation and are highly computer literate and expect to engage with their studies using computer systems. Following a review by the accrediting body (the Australian Property Institute) the Master of Property program at the University of Newcastle, Australia has been redeveloped to embrace full online delivery of all courses, replacing traditional paper-based distance learning practices. This paper reports on an evaluation of the effectiveness of the online delivery mode from the perspective of students. It first describes how the property courses are delivered through the Blackboard learning management system. It then analyses the effectiveness of the six major online delivery mechanisms: learning materials, study guides, discussion board postings, weekly reviews, case studies and assignment submissions. The analysis is based on data collected from student surveys and shows that students valued the manner in which Blackboard facilitates and supports learning. The survey data also shows that all six major online delivery mechanisms are considered as useful by students. The MOP students polled were overwhelmingly satisfied with online delivery and found the subject matter to be intellectually challenging and that their courses improved their knowledge and understanding."
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AUTHOR: Vince Mangioni
TITLE: Urban Cleansing And Renewal Redefining The Principles Of Compensation In Compulsory Acquisition |Refereed|
KEYWORDS: "Compensation, Economic Development, Just Terms, Public Purpose, Pointe Gourde"
ABSTRACT: "The process of compulsory acquisition for the purposes of urban renewal and economic development are becoming more common as populations continue to grow in urban built up locations and more intensive uses of land is warranted. The most practicable process for site assembly and the provision of higher and better uses of land may well be argued to be through the process of compulsory acquisition. This paper explores the hybrid use of compulsory acquisition powers for the taking of land by local government from one party and the reselling of that land to a developer for a more intensive and similar use. It contrasts the use of the Pointe Gourde principle between traditional public purposes and the emerging purpose of economic development in the assessment of compensation. Two cases are used defining the emerging purpose of economic development in Australia and United States. A third case demonstrates a dichotomy between the compensation principles of assessing betterment in partial acquisition cases and contrasts this against the opposing principle used in total acquisitions in the specific circumstances of economic development. A model is developed which defines the dispossessed party is a stakeholder in the economic development of land, in which consent for the defined purpose of economic development is a natural progressive step in defining the highest and best use of land."
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AUTHOR: Kf Man And Cm Mak
TITLE: Effect Of Road Traffic Noise On Housing Price - Hong Kong Evidence
KEYWORDS: "noise effect, housing prices."
ABSTRACT: "It is generally accepted that certain physical attributes of residential flats in Hong Kong contribute to the prices that they achieve on the market. Noise, however, has been ignored in the literature. This study attempts to examine the effect of noise on the price of residential flats in Hong Kong. A hedonic pricing model was employed to determine whether noise affects the pricing of residential flats in Hong Kong. The CRTN method was used to determine the actual traffic noise level in individual residential flats for a selected residential neighborhood and to estimate the impact of noise levels on housing prices. Based on data from 571 transactions over a time span of seven years, it is found that whether a residential flat directly affected by road traffic has a statistically significant effect on its price, with the price decreasing by 8.6%. Upon closer examination, it is found that for every 1 dBA increase in the noise level, the corresponding price of residential flat decreases by 0.31%."
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AUTHOR: Patricia Fraser, Martin Hoesli And Lynn Mcalevey
TITLE: "House Prices, Disposable Income, And Permanent And Temporary Shocks"
KEYWORDS: "House prices, permanent income shocks, temporary income shocks, SVAR approach"
ABSTRACT: "This paper specifies a two-variable system of house prices and income for New Zealand, the U.K. and the U.S., covering periods from 1973:4 through 2008:2. The analysis allows the identification of differences in house price?income relationships over sub-periods and, using a SVAR approach, compares the responses of house prices when faced with permanent and transitory shocks to income. It continues by decomposing each historical house price series into their permanent, temporary and deterministic components. Our results suggest that while real house prices have a long-run relationship with real income in all three economies, the responsiveness of house prices to innovations in income will vary over both time and markets depending on whether the income disturbances are viewed as permanent or temporary. The evidence suggests that New Zealand and U.K. housing markets are sensitive to both permanent and transitory shocks to income, while the U.S. market reacts to temporary shocks with the permanent component having a largely insignificant role to play in house price composition. In New Zealand, the temporary component of house prices has tended to be positive over time, pushing prices higher than they would have been otherwise; while in the U.K. both permanent and temporary components have tended to reinforce each other. Overall, there is no clear consistent global pattern regarding the importance of these shocks which implies that housing markets will react differently to the vagaries of global and domestic economic activity driving such shocks."
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AUTHOR: Brett Mcauliffe,
TITLE: Valuation Methods For Resident Funded Retirement Villages In Australia: A Practitioner?S Perspective |Refereed|
KEYWORDS: "Valuation Methods, Retirement Village, Independent Living Unit (ILU), Deferred Management Fee (DMF), Discounted Cash Flow (DCF)"
ABSTRACT: "Designed for independent living, retirement villages provide either detached or semi-detached residential dwellings with car parking and small private yards. Retirement village developments usually include a mix of independent living units (ILUs) and serviced apartments (SAs) with community facilities providing a shared congregational area for village activities and socialising. Retirement Village assets differ from traditional residential assets due to their operation in accordance with statutory legislation. In Australia, each State and Territory has its own Retirement Village Act and Regulations. In essence, the village operator provides the land and buildings to the residents who pay an amount on entry for the right of occupation. On departure from the units an agreed proportion of either the original purchase price or the sale price is paid to the outgoing resident. The market value of the operator?s interest in the Retirement Village is therefore based upon the estimated future income from Deferred Management Fees and Capital Gain upon roll-over receivable by the operator in accordance with the respective residency agreements. Given the lumpiness of these payments, there is general acceptance that the most appropriate approach to valuation is through Discounted Cash Flow (DCF) analysis. There is however inconsistency between valuers across Australia in how they undertake their DCF analysis, leading to differences in reported values and subsequent confusion among users of valuation services. To give guidance to valuers and enhance confidence from users of valuation services this paper investigates the five major elements of discounted cash flow methodology, namely cash flows, escalation factors, holding period, terminal value and discount rate. Whilst there is dissatisfaction with the financial structuring of the DMF in residency agreements, as long as there are future financial returns receivable by the Village owner/operator, then DCF will continue to be the most appropriate valuation methodology for resident funded retirement villages."
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AUTHOR: Iona Mccarthy
TITLE: The Role Of A Viva Voce (Oral Examination) For Property Students
KEYWORDS: "Property education, assessment, communication"
ABSTRACT: A 2006 survey of New Zealand property graduates and their employers highlighted communication skills as an area of graduate weakness. This paper reviews the development and assessment of oral communication in the Bachelor of AgriCommerce degree and discusses the use of the oral examination as an assessment method for final year valuation students. Problems associated with oral examination are discussed and alternative methods of assessment are identified.
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AUTHOR: John Mcdonagh
TITLE: "Critical Success Factors In Land Development In New Zealand Part 2 - Planning, Team Member Selection, Project Management, Sales And Marketing Methods"
KEYWORDS: "development, subdivision, residential, success factors, planning, team, selection, project, management, sales, marketing."
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 relating to the development team. An earlier paper focused on factors associated with the site itself. The findings include the concept of ?success? is centered on profitability, timeframes and budgets. While establishment of a development plan and its regular review was identified as critical in the literature, this was not always done in New Zealand. In addition, some projects with plans did not include all the critical elements, while others identified additional critical elements. The development team formation process generally reflected international practice but with a particular emphasis on broad experience. A similar situation applied to development management but it was felt some areas were lacking, in particular clearer identification of the development manager role. Sales and marketing methods were often not put in place until later than ideal and had relatively small budgets compared to that recommended in the literature, but the methods and strategies were similar. Overall the critical factors identified were similar to those found in the literature, but with local adaptations reflecting the relatively small size of local developments and development teams."
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AUTHOR: John Mcdonagh & P.Brent Nahkies
TITLE: Heritage Building Preservation ? The Ultimate In Green Building?
KEYWORDS: "Heritage Preservation, Green Building, Sustainable Development, Building Rehabilitation"
ABSTRACT: The trend towards building green is gaining momentum. Much of the early emphasis has been on new buildings but there is increasing awareness of the importance of ?greening? the existing building stock. A small but significant proportion of existing buildings are considered to be heritage buildings and the need to ?green? these buildings while protecting their heritage values is an additional challenge that needs to be addressed. This paper discusses the opportunities and issues related to the rehabilitation of heritage buildings in a ?green? fashion. It also explores the potential synergies between heritage preservation and sustainable development.
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AUTHOR: Md Nasir Daud, Yasmin Mohd Adnan, Ibrahim Mohd @ Ahmad And Aniza Abd Aziz
TITLE: Constructing The Model For Malaysia?S Office Classification
KEYWORDS: "Criteria, classification framework, office buildings"
ABSTRACT: "The ability to perform accurate classification or grading of offices is important for the reliable assessment of office stock quality. In Malaysia, research has been ongoing to develop an office classification framework of sufficient calibre to be adopted as a national standard. In the earlier phase, the research had sought to determine the appropriate criteria to be included in the framework; the challenge then was to arrive at the criteria that not only take cognisance of the practices in other countries but at the same time embrace local values and preferences in their details. That phase of the work having being accomplished, the next step is to develop the appropriate office classification (or grading) model. The current paper dwells on this. It discusses three possible approaches to the model construction and provides arguments in favour of one of them."
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AUTHOR: Thi Kim Nguyen
TITLE: The Significance And Performance Of Listed Property Companies In Vietnam |Refereed|
KEYWORDS: "Vietnam property market, Vietnam listed property companies, Ho Chi Minh City Stock Exchange, performance analysis."
ABSTRACT: "Vietnam has emerged as a rapidly growing economy in the last few years with the average growth rate in excess of 8.0% per year before the global financial crisis and 5.0% in 2009, with a sizable, young and highly literate labour force. Although Vietnam is located in a region of significant growth of new property developments, details about the Vietnam property market are still not readily available. This paper presents a profile of the Vietnam property market, including the economic status, and assesses the significance and performance of listed property companies on the Ho Chi Minh City Stock Exchange (HSX). The risk-adjusted performance analysis and significance of listed property companies in Vietnam is assessed over August 2003 ? August 2009, with the ongoing property investment issues highlighted."
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AUTHOR: Tatsuo Oi
TITLE: Corporate Real Estate Management In Japan
KEYWORDS:
ABSTRACT: "Like in other countries, Corporate Real Estate (CRE) is also one of the most important assets for companies in Japan. Until early 1990's, Japanese corporations predominantly acquired real estate in order to obtain huge capital gains. However, bad debt problems caused them serious financial losses. Therefore, the importance of CRE management has been recently recognized. Some Japanese companies have integrated CRE management into their corporate strategy. The principal CRE management in Japan is categorized as cost reduction, workplace strategy, and portfolio optimization. These strategies are separate from each other. Consequently, many managers don?t understand the essence and existential reason for CRE management. There is a need to unify of CRE management. In addition, this paper explains CRE statistics, CRE management guideline and manual, and case studies on Nissan and Japan Post."
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AUTHOR: Abdul Jalil Omar & Christopher A. Heywood
TITLE: Corporate Real Estate Management?S (Crem) Positioning Status: Exploration Of The Pcdl Model In Practice |Refereed|
KEYWORDS: "branding, Corporate Real Estate Management, positioning strategy, service provision"
ABSTRACT: "Corporate Real Estate Management (CREM) is an evolving service provision inside organisations. CREM can be shown to have a significant contribution to an organisation?s growth. Despite these value creation services, CREM still faces uncertainty in its positioning status. There is a credibility gap between CREM executives and their customers. Meanwhile, the PCDL model as part of the branding body of knowledge was identified as a relevant way to understand CREM positioning inside organisations. There are four main elements in the PCDL model beginning with Positioning the brand (P), Communicating the brand message (C), Delivering the brand performance (D) and Leveraging the brand equity (L). The overall study explores the CREM positioning phenomenon using a case study approach from four industry sections including telecommunication, logistics, retail and education in Malaysia (an emerging real estate market) and Australia (a mature real estate market). Semi-structured interviews and document analysis were used for each case. CREM executives and CREM customers were interviewed to get feedback about the phenomenon. This paper reports evidence of the model?s elements being present in CREM practice from analysis of the interview data. Even though adopted from marketing body of knowledge, the PCDL model provides a promising ground to understand CREM?s positioning inside organisations."
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AUTHOR: Geoff Page
TITLE: Farmers Markets ?Establishment & Operational Considerations |Refereed|
KEYWORDS: "Farmers? markets, governance, management issues"
ABSTRACT: "This paper discusses issues involved in the establishment and operation of farmers? markets. These include site selection, management models and market governance. The paper includes insights into successful farmers? markets from both the literature and the experience of stall holders and market managers. This paper also examines some of the property issues related to the establishment of farmers? markets and their operation. It also seeks to encourage further research into the operation of farmers? markets as they have similar issues to urban retail centres and would benefit from considerations on stallholder product mix, stall location and internal stall layout."
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AUTHOR: David Parker
TITLE: Reit Investment Decision Making: A Multi Step Process? |Refereed|
KEYWORDS: "REIT, investment, decision making, strategy, tactical asset allocation"
ABSTRACT: "Real estate investment trusts (REITs) are multi-billion dollar property investment vehicles, well established in various countries around the world. Despite their size and prevalence, relatively little research has been undertaken into the property investment decision making processes adopted by REITs. With the aim of identifying whether the property investment decision making process is sequential and, if so, the nature and extent of the sequence, a review of the literature addressing generalised frameworks for the property investment decision making process was undertaken. Following analysis of the literature reviewed, a six phase approach to property investment decision making is hypothesized and then reconciled to the literature reviewed. Further empirical research is proposed to determine the appropriateness of classification into phases and to specify the content of each phase, together with determining the extent of difference, if any, between generalized property investment decision making frameworks for institutions and those adopted by REITs."
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AUTHOR: Christopher Ratcliffe & William Dimovski & Monica Keneley
TITLE: Mergers And Acquisitions Within The A-Reit Sector |Refereed|
KEYWORDS:
ABSTRACT: "Over the last decade the Australian Real Estate Investment Trust (A-REIT) sector has experienced an increase in merger and acquisition activity. This study examines A-REIT merger and acquisition transactions between January 1995 and December 2008 with the results showing that target shareholders enjoy positive cumulative abnormal returns (CARs) of 4.27% over the event window [-20,+20]. Analysis indicates that the CARs for bidding firms are considerably greater than prior real-estate research; acquiring A-REITs achieve positive and significant CARs of 0.99% and 0.86% over event windows [-2,+2] and [-1,+1] respectively. Investigation of bidder?s CARs finds that when scrip or a combination of scrip and cash is used to finance the acquisition, bidding firms enjoy higher CARs compared to cash financed M&As. We also find that the relative size or the size of the acquirer have a positive and significant impact on the excess returns of bidding A-REITs."
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AUTHOR: Lozelle Reed And T.E. Kleynhans
TITLE: The Highest And Best Use Of Agricultural Land In A Multifunctional Land Market ? Evidence From South Africa
KEYWORDS: "Lifestyle buyers, multifunctionality"
ABSTRACT: "Agricultural land has conventionally been perceived primarily as a production factor. For this reason the highest and best use (HBU) of such land was considered to be agricultural production for income purposes. The transition towards a multifunctional agricultural land market, where alternative uses - such as for lifestyle purposes - is evident, has challenged this view. Lifestyle buyers of farms often focus on a variety of characteristics of agricultural land which are not necessarily related to income but usually more intangible and subjective, which pose a measurement problem for valuers. The continued use of familiar traditional farming characteristics when valuing agricultural properties where lifestyle motivations are present, and the exclusion of less measurable characteristics, means that the market sales comparison method cannot be executed accurately. This study used a mixed methods research strategy to determine whether valuers use characteristics mainly related to agricultural production as HBU in valuations of agricultural properties bought for lifestyle purposes, and to identify the value attributes of farms that attract lifestyle buyers (and whether these differ from production oriented buyers). This was done in an intensive and extensive agricultural area within the Western Cape Province of South Africa. Results indicate that valuers use familiar production related characteristics when valuing farms bought for lifestyle purposes, while lifestyle and production oriented buyers also interpret the value attributes of agricultural properties differently. For this reason a multiple perspective approach to agricultural land valuations where the HBU is uncertain is proposed."
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AUTHOR: Professor Richard Reed And Georgia Warren-Myers
TITLE: Is Sustainability The 4Th Form Of Obsolescence?
KEYWORDS: "Sustainability, obsolescence, depreciation, value, capital expenditure."
ABSTRACT: "The long-standing theoretical approach for assessing the depreciated value of a building has commonly been linked to the identification, quantification and assessment of the effect of obsolescence. The future income streams of a property may be jeopardised if obsolescence is not recognised and dealt with in the management of the property. The value of the building is related directly to the degree of obsolescence evident in the building (Reed 2007; Myers 2009); accurately estimating the adverse influence on both the income levels and outgoings; particularly capital and operating expenditure, is critical. This is applicable to a wide range of land uses in the built environment including housing, commercial, industrial and retail (API 2007). Understanding what obsolescence is and how it exactly affects a property asset is critical although arguably is not fully understood outside the property field (Robinson et al. 2003). Whilst there have been many other forms of obsolescence identified, there are traditionally three core forms of obsolescence that affects all buildings: physical, functional and economic. More recently the concept of ?sustainability? has evolved from a radical green sector to a broad term which is accepted in and embedded throughout all facets of our society. To what extent it is treated as an obsolescence, however, is unclear. This paper discusses whether a new form of obsolescence has emerged, namely ?sustainable obsolescence? and whether its? addition to the traditional list of obsolescence is required. Whilst the term ?sustainable? is commonly perceived as relative to operating expenses and certification labels, there is a wider role that sustainability plays in our society. The concept of sustainable obsolescence applies to a broad range of considerations including the location of the property (locational sustainability), the amount of embodied energy in the building, the energy efficiency levels of the building and the degree of social sustainability. The debate about sustainable obsolescence must be conducted in light of the changing nature of the property market in wider society and increasing important issues such as corporate social responsibility, the higher profile of the environment and the increased importance of sustainability from view of stakeholders including the government and younger generations. Already it is not possible to undertake a valuation of a property asset without a comprehensive understanding of exactly what sustainability is, how it is defined and how it relates to property."
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AUTHOR: Peter Rossini & Valerie Kupke
TITLE: Introducing The Use Of Assessment Based Indicators Of Capital And Site Value To Measure The Economic Benefits Of Urban Renewal |Refereed|
KEYWORDS: "urban renewal, economic indicators, assessed value"
ABSTRACT: "Urban renewal describes the up grading of government housing stock which is considered obsolete in terms of meeting the needs of existing tenants. Such stock may or may not be in poor physical condition but as an asset class has almost certainly shown significant depreciation. Projects associated with urban renewal are often undertaken as public private partnerships with considerable on?selling of homes either to former tenants or to new residents. This feature of urban renewal is taken as a positive indication of success as such development seeks to improve the 'liveability' of an area by reducing concentrations of public housing and creating home purchase opportunities. The fostering of home ownership also seeks to encourage the maintenance of asset values and the creation of sustainable communities. Economic success in terms of asset value is also important to ensure continued involvement by the private sector. Typically the economic success of urban renewal has been based on evaluating changes in house prices, often using median prices or indices after the development has finished. However indicators that measure the increase in values in a renewal area compared to surrounding spatial areas may work against project objectives to increase or maintain high levels of affordable housing. As well a set of property transactions for a suburb typically represent a ?sample of convenience? of the total housing. It is rarely a representative sample and often suffers from significant sample selection bias. Over very large samples (e.g. whole cities) the bias tends to balance out, but in the smaller locations often associated with urban renewal projects can be quite extreme. Also certain sectors of the housing stock will often be overrepresented in transactions. This paper introduces a new method to measure the economic impact of urban renewal by using government assessments (valuations) as against sale prices to investigate the distribution of property values after development and shows that such an approach can provide a better indication of ?success? in terms of providing home purchase opportunities across a spectrum of purchasers as well as ensuring the economic viability of the asset class."
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AUTHOR: Peter Rossini, Valerie Kupke, Paul Kershaw And Stanley Mcgreal
TITLE: "Time On Market Indicators For Adelaide, South Australia" |Refereed|
KEYWORDS: "Time on market, residential property"
ABSTRACT: "The time that it takes for a property to sell; the time on market or TOM may be considered to be a measure of the buoyancy of the real estate market. The TOM will typically increase in periods of economic hardship when prices are falling and transaction volumes have decreased. This paper examines aspects of TOM for the residential property market in the Adelaide metropolitan area for a period of six months from October 2008 to April 2009. The study is based on data which results from combining sale transaction records from the South Australian Government, with details of property marketing collected from advertisements in newspapers and websites. This preliminary research investigates the coverage of the data and considers simple relationships between TOM and property types (detached, semi detached and units), location (ten regions) and house size (main rooms). The study also considers preliminary work in comparing first to last advertised price across the different locations and for each property type. A single stage regression model is developed to test for the significance of location, property type and building size on TOM. The research shows that within the Adelaide Metropolitan area there are significant variations in TOM in different locations and for different types of housing. An important finding is that smaller properties which are likely to attract first home buyers have a significantly shorter time on market."
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AUTHOR: Steven Rowley And Greg Costello
TITLE: The Impact Of Land Supply On Prices: A Sub-Market Analysis |Refereed|
KEYWORDS:
ABSTRACT: "In a paper at last year?s PRRES conference the authors examined the relationship between the quantity of new land supply and the growth in house and land prices in over 40 suburbs in the Perth metropolitan area. We found that there was a weak relationship between the quantity of new land and the growth in existing house prices but this relationship was anything but consistent. Many new suburbs with large scale land release experienced price growth well in excess of the average for the Perth Metropolitan area. The paper argued there were a number of reasons for this; first the type of new housing being built pushing up the median price and second, the impact of new infrastructure on the ?quality? of the suburb and therefore demand for housing. This paper extended the analysis by examining land supply and land and house price growth in 153 suburbs across ten housing sub-markets. There is considerable literature on how housing markets operate on a spatial scale much broader than the individual suburb i.e. the sub-market. We used operational sub-markets identified by the Real Estate Institute of Western Australia to identify whether the quantity of land released determined patterns of land and house price growth within the sub-markets. Land release had a weak, but statistically significant, relationship with house prices and those suburbs with high levels of land supply tended to exhibit price growth at a lower rate that suburbs with no new land supply. However, there was no relationship across sub-markets due to the considerable variation within the individual suburbs that constitute the sub-markets. The land supply, house price growth relationship is complicated by issues such as the type of new housing developed, quality of infrastructure accompanying new developments, land banking and land trading. These are issues policy makers need to take address when adopting a large scale land release policy to combat declining housing affordability."
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AUTHOR: Felix Schindler, Nico Rottke, And Roland Fuss
TITLE: Testing The Predictability And Efficiency Of Securitized Real Estate Markets |Refereed|
KEYWORDS: "Securitized real estate, weak-form market efficiency, random walk hypothesis, variance ratio tests, runs test, trading strategies"
ABSTRACT: "This paper conducts tests of the random walk hypothesis and market efficiency for 14 national public real estate markets. Random walk properties of equity prices influence the return dynamics and determine the trading strategies of investors. To examine the stochastic properties of local real estate index returns and to test the hypothesis that public real estate stock prices follow a random walk, the single variance ratio tests of Lo and MacKinlay (1988) as well as the multiple variance ratio test of Chow and Denning (1993) are employed. Weak-form market efficiency is tested directly using non-parametric runs tests. Empirical evidence shows that weekly stock prices in major securitized real estate markets do not follow a random walk. The empirical findings of return predictability suggest that investors might be able to develop trading strategies allowing them to earn excess returns compared to a buy-and-hold strategy."
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AUTHOR: John Sheehan
TITLE: Indigenous Carbon Property Rights
KEYWORDS: "Carbon property rights, dispossession, indigenous rights and interests, native title"
ABSTRACT: "The commodification of forests to permit carbon sequestration and hence trading in the resultant carbon rights is examined as an emerging dispossession of customary and traditional owners? rights and interests arising from the survival of native title. Indigenous property rights in biota are an important incident of native title, and the disregard of such ownership by national States when creating freestanding legal rights to carbon raises the twin issues of extinguishment, and liability for compensation. As the developed world moves towards carbon offsets and decarbonisation, the unforeseen cost of such responses to climate change is increasingly being borne by indigenous peoples throughout the world. In Australia, a direct conflict already exists between emerging carbon legislation and the Native Title Act 1993 (Cth.)."
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AUTHOR: Jane H. Simpson, John Mcdonagh
TITLE: Financial Reporting On Corporate Real Estate: A Study Of The Annual Reports Of Non ? Investment Companies Listed On The New Zealand Stock Exchange (Nzse)
KEYWORDS:
ABSTRACT: "Corporate Real Estate (CRE) is a significant asset, which has been shown to add value to businesses if it is efficiently and effectively managed. Globalisation of capital markets, advancements in technology and the current economic condition have again increased the awareness of the importance of CRE?s contribution. In order to be successful businesses need CRE to create and maintain their competitive edge in the marketplace. Advancement in terms of Corporate Real Estate Asset Management (CREAM) and the positive attitude shift of executives towards corporate real estate (CRE) have been made possible through research into the contribution CRE makes to a business?s bottom line. The objective of this study is to describe the financial reporting practices of companies (excluding investment companies) listed on the New Zealand Stock Exchange (NZSE) in order to reveal the current attitudes of management towards CRE. The results showed that information chaos exists behind the fa‡ade of the Balance Sheet, revealing that management have a surface level attitude and lack a real focus towards CRE assets. In New Zealand and overseas there is minimal literature that this study could build upon. The methodology involved an exploratory study of the 2008 annual reports; the results formed a snap shot of the current reporting practices of CRE and revealed the current attitudes of management in entities towards CRE."
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AUTHOR: Connie Susilawati And Lynne Armitage
TITLE: Affordable Housing Solutions: Affordable Housing Providers? Perspective |Refereed|
KEYWORDS: "Affordable housing, mixed housing, low cost home ownership, housing provider, Australia"
ABSTRACT: "Accessibility to housing for low to moderate income groups in Australia has been experiencing a severe decline since 2002. On the supply side, the public sector has been reducing its commitment to the direct provision of public housing. Despite strong demand for affordable housing, limited supply has been generated by nongovernment housing providers. This paper identifies and discusses some current affordable housing solutions to ameliorate the problem which have been developed by non-government housing providers. This study utilises case studies generated from nineteen housing providers during indepth interviews in South East Queensland in 2007-2008. The case studies are classified into four categories which relate to the nature of their product: affordable rental housing, mixed housing, affordable housing for people with special needs and low cost home ownership. Each category is discussed on the basis of the characteristics typical of that organisation of housing provider, their partnership arrangements and main target market. In addition, the special design and facilities required for people with special needs which include high care accommodation and aged care are highlighted. Finally, this study recommends offering a continuum of solutions to affordable housing for low income people by means of a rent-to-buy scheme."
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AUTHOR: Clive M J Warren
TITLE: The Role Of Corporate Real Estate Managers In Disaster And Business Continuity Planning |Refereed|
KEYWORDS: "Climate Change, Business Continuity, Disaster Management, Corporate Real Estate"
ABSTRACT: Climate Change is predicted to have a significant effect on the frequency of extreme weather events and the occurrence of natural disasters. This paper describes the current climate change predictions and the likely consequences for building assets in the face of extreme weather events. There is a need for asset managers to mitigate and prepare for future events however current practice as illustrated by the literature shows that little risk assessment is currently undertaken with few organisations preparing integrated disaster management plans or business continuity plans to help them meet the challenge. There is a need for further research into the impacts on assets and the role of the corporate real estate manager in assessing the risks and developing strategies to prepare the organisation and to mitigate the effects of natural disasters and severe weather events.
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AUTHOR: Hao Wu, Chyi Lin Lee And Nelson Chan
TITLE: An Investment Approach To The Emerging Housing Markets In 2Nd Tier Chinese Cities |Refereed|
KEYWORDS: "Housing markets, second tier cities, investment, China."
ABSTRACT: "Understanding the economics of grouping and ranking cities and their property markets is proven an important issue from the real estate investment and the urban economics/planning perspectives. It appears that little research attention has been placed on the so-called ?second tier city? property investment markets in emerging markets such as China. From the macro strategic investment point of view, it implies a lack of understanding of this ?would-be? significant investment sector for both domestic and international investors. And it is also relevant to China?s Macroeconomic Regulation and Control to the country?s booming property sector. This paper critically reviews the concept of 2nd tier cities in China and conducts statistical analysis of the commercially viable investment grade residential property markets of selected Chinese cities, using historical market return data and standard methodology for international real estate investments e.g. (Newell and Webb, 1996). The paper discusses the consistency of the way markets are grouped and the standard way to determine an investment strategy, including defining features (e.g. maturity) of property markets, relative to the context of cities/markets. Performance and diversification benefits of these market groups are examined. The results suggest evidence of the selected housing markets as being effective investment vehicles in terms of risk-adjusted returns and diversification benefits. Note that the conclusion is subject to the condition that certain market/policy specifications are effectively in place. It seems that there is a lack of theory about the correlations among different city ?groups? in the urban development and property investment contexts. Equally weak is a lack of ?theory? on the sustainable growth in Chinese housing market. This paper hopes to stimulate further research under this path."
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AUTHOR: Hao Wu And Chuan Chen
TITLE: "A Pilot Case Study Of Inner-City High ? Density Housing On Brownfield In Chongqing, China" |Refereed|
KEYWORDS: Brownfield; high-density apartment; inner-city; contamination; Chongqing; China
ABSTRACT: "Chongqing is one of the largest and rapidly emerging property markets in China. To substance the development needs in the process of the economic transition, China has created major policies such as ?suppress the 2nd industry and develop the 3rd industry? to assist its rapid urban economic structural change, which consequently weeded out a flood of polluting plants out of the inner-city, replaced by residential and commercial uses. This paper examines one of the former industrial sites existing in the inner-city area of Chongqing which has recently been developed into a large-scale high-density residential space. The site was formerly used for chemical industrial purpose during the planned economy era. This case study provides detailed (factual) evidence about the short- and long- term impact of property development projects that have changed the Highest and Best use of inner-city sites into residential or commercial uses in the changing social and economic setting. It identifies institutions, processes and practices in the reclamation of inner-city brownfield areas for high-density residential use in Chongqing and preliminarily yet critically evaluates its impact. Findings from this study are likely to stimulate policy debates and raise the awareness and the urgency to improve policy and industry practice standards in the building and property industry concerning inner-city brownfield development in China. This, in the future will lead to higher consumer satisfaction and confidence."
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AUTHOR: Lee Hong Sharon Yam And Peter Rossini
TITLE: Implementing A Project-Based Learning Approach In An Introductory Property Course
KEYWORDS: "Project-based learning, active learning, deep learning, constructive alignment"
ABSTRACT: "Project-based learning (PBL) is a student-centred instructional approach used to promote active and deep learning by involving students in investigating real-world issues in a collaborative environment. In Property programs, PBL is particularly appropriate as is exposes students to experiential learning in which they experience a ?feel? for the activities involved in the property profession. In this paper, we discuss how PBL was implemented in an introductory property course running in semester one, year one, which is offered in multiple modes of study. This course also serves as an introduction to University study and the property profession. Two qualitative student surveys were conducted during the study period to explore students? feedback on their learning experience. Feedback from students suggested that PBL provides good insights to the valuation process and the field work involved and that group exercises help to motivate students and make the subject matter more interesting. As well, we have identified challenges in implementing PBL; these include workload issues, teachers? content knowledge, lack of experience from both teachers and students and the need to develop specialised material for off-campus study."
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AUTHOR: Lee Hong Sharon Yam
TITLE: Tutoring Strategies To Engage First-Year Students In The Transition To University Learning: The Students? Perspective |Refereed|
KEYWORDS: "Tutoring strategies, first-year students, transition, student engagement, studentcentred learning"
ABSTRACT: "Transition to university learning is often difficult and complex for Australia?s diverse student population, therefore it is important for academics to implement strategies that enhance student engagement. This paper examines how students perceive the usefulness of tutoring strategies adopted in the first six weeks of study, specifically how these strategies assist in engaging students in their learning. A qualitative approach was adopted to explore the feedback from a group of first-year students in a Property Programme on their learning experience in an Australian university. Three main themes were highlighted in the findings: student-centred teaching style, feedback, and assessments. Of these, the student-centred teaching style was identified as the most significant factor in engaging students? learning and, hence, in assisting students with their transition. This suggests that tutors need to be studentcentred and caring of students in engaging in their study, particularly during the transition period."
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AUTHOR: Chung-Hsien Yang, Vickey C. C. Lin, Ying?Hui Chiang And Ming-Fang Yu
TITLE: A Hybrid Model For Long-Tailed Distribution Property
KEYWORDS: "Long-Tailed, Hedonic Price, Quantile Regression"
ABSTRACT: "Since the valuation of typical properties is popular, the long-tailed distribution property is a special issue for the valuation model. Due to the poor accuracy and low hit rate of the estimation in a traditional hedonic model, we developed a hybrid model of OLS and quantile regression for long-tailed property. We also developed a process to build a hybrid model by classifying and identifying properties. The model has improved the accuracy of Automated Valuation Models (AVMs), especially with long-tailed properties. By using the data of Taipei, the hit rates within 10% and 20% error in OLS are 0.5224 and 0.806, less than 0.5373 and 0.8209 in quantile regression. The MAPE in OLS is 0.1212, more than 0.1197 in quantile regression."
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AUTHOR: Yasmin Mohd Adnan Md Nasir Daud
TITLE: "Identification Of Important Factors For Office Space Decision By Tenants In Kuala Lumpur City Centre, Malaysia ? Experts? View"
KEYWORDS: "CBD, important factors, office space decision, experts? view"
ABSTRACT: "While the central business district (CBD) in most cities is referred to as the heart of the city, the development strategy within the Kuala Lumpur city centre area is to have a moderate commercial growth. This is to curb the oversupply of commercial space and attracting quality development with the aim of enhancing Kuala Lumpur?s role as an international and financial centre. As the Kuala Lumpur city centre has the most concentration of office space in Malaysia, it would be useful to identify the factors which would attract and retain tenants for the existing office buildings in the area. It has been noted from various studies on office occupation in the central business district (CBD), different factors influence the decision. In the preliminary part of a study to identify the factors influencing tenants? decision in office occupation, the view of experts? were sought. This paper highlights the findings of a survey among property consultants/agents and property/leasing managers in which the main important factors are identified. This result will then be used into the study for the determination of the relative importance of the factors and sub-factors across the different categories of office buildings? tenants in Kuala Lumpur city centre."
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