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AUTHOR: Hera Antoniades TITLE: Regulatory Theory And Protection Of The Principal: White Collar Crime Fraud In Occupational Licensing For Property Agents |Refereed| KEYWORDS: "Trust accounting, fraud, property regulatory theory" ABSTRACT: "Documented increases in trust accounting fraud indicate that there is a clear need to enhance consumer protection in the property industry. During the last 100 years, regulatory policy has been developed to exemplify the standards for social responsibility and ethical behaviour between property agents and their principal. Regulatory theory argues over the necessity for regulation. The Positive theories of regulation examine the reason and need for regulation, whilst the Normative theories of regulation will generally include transparency, predictability and credibility for the regulatory system. With regards to property agents and their principal, the government is also interested in overcoming information asymmetries The research methodology in this paper utilises regulatory theory concepts to research and identify the problematic areas relating to trust accounting fraud. The suggestion of a correlation between occupational licensing requirements and an increase in the number of licenses issued, and also changes within the educational requirements for occupational licenses was considered using data from New South Wales property agency licensing. The research findings indicated some correlation with the increase of new licence and certificate applications, and trust accounting fraud. However, because of limiting data available ongoing research into this problematic area is required before rendering definite conclusions." View the Full Paper AUTHOR: Kamalahasan Achu TITLE: Do Clients Influence Valuations Carried Out For Financial Reporting Purposes? Some Evidence From Malaysia KEYWORDS: "client influence, financial reporting valuation" ABSTRACT: "Prior empirical studies indicate that valuers can be subject to pressure and influence from their clients to bias valuation outcomes (Smolen and Hambleton, 1997; Levy and Schuck, 1999; 2005; Baum, et al., 2000; Crosby, et al., 2009). Much of these findings have been based on valuations prepared for lending and performance measurement purposes. Building on this research, this paper examines the extent of client pressure and influence on valuations prepared for financial reporting by listed property companies and REITs in Malaysia. Malaysia provides a different perspective to the existing literature which has been mainly supported by findings from developed markets. Nineteen one-toone semi-structured interviews with the users and providers of the valuation service were analysed in order to investigate issues related to the motivation and means for client influence in the financial reporting valuation. Preliminary analysis suggests that clients have strong reasons to pressurise valuers considering there are financial and tax implications to the company. However, clients claim that the main reason for their interference in valuation is related to their superior knowledge about the subject property and therefore they expect valuers to meet their value targets. Valuers maintain that they aware of clients’ strategies to influence and have their own approach to cope with such influence. It is also discovered from the analysis that factors such as valuer liability, valuer integrity and method of valuation play an important role in the influence process." View the Full Paper AUTHOR: Azlina Binti Md. Yassin, Prof. Sandy Bond And Assc. Prof. John Mcdonagh TITLE: The Effectiveness Of The Riverfront Development Guidelines In Malaysia |Refereed| KEYWORDS: "Waterfront, Waterfront development, Guidelines for riverfront development." ABSTRACT: "Water is one of the most important of all the natural resources necessary to ensure human health and civilisation. Malaysia is fortunate to be able to call itself a water rich nation and possesses a number of rivers with great potential for recreation. The importance of rivers as the physical centre of a city and the site for trading from very early times remains in the history of all Malaysians (Hussein2006). Population growth, economic growth, urbanisation and increased technology have transformed many Malaysian river systems from water industries into non water industries. Due to these changes, the function of riverfront areas has also changed and the current pattern of riverfront development in Malaysia now focuses more on mixed-use development and recreation, while incorporating Malaysian cultural and historical values. However, in some cases, the implementation of these riverfront projects is driven more by investment needs than by community and environmental needs, with developers neither taking part nor contributing to the government goals of sustaining water and rivers as assets for the country. In addition, inadequate regulations and guidelines relating to riverfront developments, at every level of government, is having a negative impact environmentally and socially. Examples are increases in water pollution indexes and rates of juvenile problems. This paper presents the results of a study on the effectiveness of riverfront development guidelines in Malaysia. Data was collected using interviews with stakeholders involved in riverfront development projects within selected case study areas: Kuching Riverfront, Malacca Waterfront, Glenmarie Cove Riverfront; and survey questionnaires from property development companies listed on Bursa Malaysia. The results showed that most of the interviewees and developers were familiar with the Guidelines for riverfront development concept proposed by the Malaysian Department of Drainage and Irrigation, even though not directly involved in riverfront projects. Moreover, the majority did not support the guidelines for many reasons such as they are insufficient to control environment problems and there is no specific guidance for riverfront developments. These results will be used to provide recommendations for best practice in riverfront developments in Malaysia." View the Full Paper AUTHOR: Dr Bhishna Bajracharya, Dr. Iraphne Childs And Dr Peter Hastings TITLE: Climate Change Adaptation Through Land Use Planning And Disaster Management: Local Government Perspectives From Queensland |Refereed| KEYWORDS: ABSTRACT: "Climate change will manifest in altered regimes of natural hazard occurrence, and therefore can be conceptualised as a disaster management issue. Strategic land use planning is a critical tool to mitigate and adapt to hazardous events. Local governments in Queensland have the responsibility for aspects of disaster management and land use planning as core functions of the council. Together they form part of the Prevention Preparedness, Response and Recovery (PPRR) framework for disaster management. In many local governments, however, there seems to be divergence between land use planning and disaster management due to the lack of integration between different functions of council. Given the growing concerns about impacts of climate change, there are new imperatives for linking land use planning, disaster management and climate change as part of an integrated package to address disaster management issues in a holistic manner. The objective of this paper is to examine how local government perspectives on disaster management are linked to climate change and land use planning. Do Councils see land use planning, disaster management and climate change as separate? What are the key issues that local councils are grappling with in terms of disaster management? The paper will address some of these questions based on data from an on-line survey of local governments in Queensland and in-depth focus group discussions with six Queensland local governments. The paper will develop a framework for linking climate change with disaster management and land use planning to build community resilience." View the Full Paper AUTHOR: Andrea Blake And Prof Chris Eves TITLE: Valuers’ Liability: The Impact Of Torts Reform In Queensland |Refereed| KEYWORDS: "valuers’ liability, professional negligence, proportionate liability, economic downturn." ABSTRACT: "Historically there has been a correlation between the economic cycles and litigation in the area of professional negligence relating to valuers. Negligence actions have principally been instigated by financiers for valuations prepared during more buoyant economic times but where there has been a subsequent loss due to a reduction in property value. More specifically during periods of economic downturn such as 1982 to 1983 and 1990 to 1998 there has been an increased focus by academic writers on professional negligence as it relates to property valuers. Based on historical trends it is anticipated that the end of an extended period of economic prosperity such as has been experienced in Australia, will once again be marked by an increase in litigation against valuers for professional negligence. However, the context of valuers liability has become increasingly complex as a result of statutory reforms introduced in response to the Review of the Law of Negligence Final Report 2002 (“the IPP Report”), in particular the introduction of Civil Liability Acts introducing proportionate liability provisions. This paper looks at valuers’ liability for professional negligence in the context of statutory reforms in Queensland and recent case law to determine the most significant impacts of recent statutory reform on property valuers." View the Full Paper AUTHOR: Bond, Pacifici And Newman TITLE: Sustainability In Housing KEYWORDS: ABSTRACT: View the Full Paper AUTHOR: Steven Boyd TITLE: The Demise Of The Property Developers – A Review Of The Systemic Influences On The Sunshine Coast |Refereed| KEYWORDS: "Property developers, construction cost, market influences, gross realisations, profitability." ABSTRACT: "The development industry, in particular on the Sunshine Coast, appears to have experienced a disproportionate share of ‘misfortune’ in the wake of the Global Financial Crisis (GFC) with a considerably high level of insolvency in local development groups and a substantial fall in development activity. The fall in development activity is evidenced by the lack of physical construction activity and development industry research. Recent reports pertaining to the quantity of endorsed residential allotments reflect the lowest quantum of approvals in eight (8) years which contrasts the regions high current and proposed population growth. During the GFC property markets have been impacted, which may partially explain the fall of developers and the development activity, however, the leading market indicators (Gross Realisation and Construction Costs) for the Sunshine Coast have painted a mild adverse picture, not becoming the property development industry failures. This paper examines a ‘basket’ of Sunshine Coast property developers and identifies the respective status of their business practices followed by quantitative research to determine a ‘baseline’ profitability trend for developments in the region. The trend sets the scene for a comparison of how property developer failures have occurred relative to the envisaged profit declines during a set historical time horizon. In conclusion, there are broad ranging recommendations including a discussion on regulation of the development industry as well as suggestions regarding teaching and education. The appropriateness of endorsing the property developer as an ‘entrepreneur’ also arose presenting an avenue for further research." View the Full Paper AUTHOR: Terry Boyd And Steven Boyd TITLE: Valuing The Land Component Of Improved Investment Property For Tax Purposes KEYWORDS: "Unimproved capital value, replacement cost, productivity value, mass appraisal, residual method, value benchmarks" ABSTRACT: "This paper proposes that a land residual valuation calculation that assesses the value of the improvements of an investment property on a cost base, is, in principle, wrong and should not be used as an accepted valuation technique. This practice is undertaken widely in Australia where the ad valorem tax base is site value. The paper recommends an alternative model to value the land component of improved investment property. Initially the paper describes the importance of land value as a tax base and its current application in Queensland, Australia. It then considers mass appraisal systems and the reliance on the comparative valuation method for mass appraisal. Thereafter the paper examines the complexities of valuing the land residual of improved investment property when standardised, and possibly automated, procedures are necessary. The paper recommends at the current practice of incorporating a cost based value of the improvements is flawed and explains alternate techniques when a residual or extraction technique is required. These techniques acknowledge that the market value of the improved property is based on its productivity and consequently each component of the property value should be assessed on a productivity basis. Finally the paper demonstrates the application of the proposed technique on developed shopping centre properties in Australia." View the Full Paper AUTHOR: Prof. Chris Eves And Lyndall Bryant TITLE: Sustainability And Mandatory Disclosure In Queensland An Assessment Of The Impact On Home Buyer Patterns |Refereed| KEYWORDS: "Sustainability, housing, buyer decision making, buyer preferences, mandatory disclosure." ABSTRACT: "Sustainability Declarations were introduced by the Queensland State Government on 1 January 2010 as a compulsory measure for all dwelling sales. The purpose of this policy decision was to improve the relevance of sustainability in the home ownership decision making process. This paper assesses the initial impact of this initiative over its first year in operation. In partnership with the Real Estate Institute of Queensland, real estate agents and salespeople in Queensland were surveyed to determine what impact the Sustainability Declaration has had on home buyer decision making. The level of compliance by the real estate industry was also reviewed. These preliminary findings indicate a high level of compliance from the real estate industry, however results confirm that sustainability is yet to become a criterion of relevance to the majority of home buyers in Queensland. The Sustainability Declarations are a first step in raising awareness in home owners of the importance of sustainability in housing. Further monitoring of this impact will be carried out over time." View the Full Paper AUTHOR: Greg Costello And Chris Leishman TITLE: Using Option Pricing Theory To Value Development Land |Refereed| KEYWORDS: ABSTRACT: "In this paper we explore the use of option pricing theory to value development land for individual housing units. Such land is generally purchased vacant with the intention of building on it at some point in the future. This can be treated as a “real option” capable of being valued using several methods previously used in the valuation of securities and with limited application towards property assets. Our results confirm that option pricing models appear to have the greatest potential for valuing development land for which immediate development is not optimal. The traditional valuation methods (such as a residual valuation or discounted cash flow) cannot adequately reflect the ‘hope value’ of a site which has a very low or negative current development value. Overall, the option pricing models examined in this study also predicted development plot transaction prices more accurately than a traditional estimate of residual value. For development plots with an apparent negative residual value, the option pricing models examined in this study predicted considerably lower transaction prices than those actually observed. This may suggest that vendors have a reservation price, below which they will not sell, or it may suggest that prospective purchasers are willing to pay a significant premium that cannot be explained either by current market value or option value. There is evidence of significant variation in the accuracy of option pricing models within an urban area. To an extent, this is surprising because option pricing models already make allowance for intra-urban variation in house prices. However, construction costs, the cost of borrowing, rental yields and the volatility of returns are assumed to be set at the market, rather than neighbourhood, level and this may not actually be the case in practice. The predictive performance of option pricing models does not appear to be constant over the economic cycle. The option pricing models tested in this study tended to under-predict development plot transaction prices significantly in a period of strong property market growth. This may suggest that expectations play a more important role in determining the option value of development land than currently thought to be the case." View the Full Paper AUTHOR: Lucy Cradduck TITLE: "Property, Planning And Purpose: Legal Concerns Facing Broadband Roll Out In Australia" |Refereed| KEYWORDS: Broadband; Greenfield estates; Brownfield sites; Property rights ABSTRACT: "The Australian government, and opposition, are committed to facilitating high-speed broadband provision. In April 2009 the (then) Labor government announced a proposal to facilitate provision by mandating “…the use of fibre optic infrastructure … in greenfield estates ….” Separately, the installation of (usually overhead) cables commenced in select brownfield areas throughout Australia. In the lead up to the 2010 federal election, the broadband policy focus of the (then) federal opposition was to enabling private investment rather than direct investment by government itself. High-speed broadband is essential for Australia’s economic future. Whether implementation is undertaken by government, government owned corporations or private investors, will impact on the processes to be followed. Who does what, also will determine the rights available to land owners. The next stage, of necessity, will involve the establishment of procedures to require the retrofitting of existing urban environments. This clearly will have major property, property rights and valuation impacts. As Horan (2000) observed “…preserving... unique characteristics … of…regions requires a compromise between economic ambitions and social, cultural, and environmental values”. The uncertainty following the federal election, and the influence of independants with individual agendas; presents unique challenges for broadband implementation. This paper seeks to identify the processes to be followed by various potential broadband investors as they work to establish a ubiquitous network. It overviews current legislative regimes and examines concerns raised by stakeholders in various government reviews. It concludes by plotting a clear way forward to the future, with particular regard to property rights and usage." View the Full Paper AUTHOR: Dr. Zhi Dong TITLE: Foreign Exchange Rate And Capital Structure Decision KEYWORDS: ABSTRACT: View the Full Paper AUTHOR: Professor Chris Eves TITLE: Tracking The Brisbane Residential Property Market: Post Gfc |Refereed| KEYWORDS: "Residential property, residential house sales, property returns, capital gain, property investment, house listings, income return" ABSTRACT: "Prior to the GFC, Brisbane and Perth were experiencing the highest increases in median residential house prices, compared to the other major Australian cities, due to strong demand for both owner occupied and investment residential property. In both these cities, a major driver of this demand and subsequent increases in residential property prices was the strong resources sector. With the onset of the GFC in 2008, the resources and construction sectors in Queensland contracted significantly and this had both direct and indirect impacts on the Brisbane residential property market. However, this impact was not consistent across Brisbane residential property sectors. The affect on houses and units differed, as did the impact based on geographic location and suburb value. This paper tracks Brisbane residential property sales listings, sales and returns over the period February 2009 to July 2010 and provides an analysis of the residential market for 24 Brisbane suburbs. These suburbs cover main residential areas of Brisbane and are based on an equal number of low, medium and high socioeconomic areas of Brisbane. This assessment of socio-economic status for the suburbs is based on both median household income and median house price. The analysis will cover both free standing residential property and residential units/townhouses/villas. The results will show how each of these residential property sub markets have performed following the GFC." View the Full Paper AUTHOR: Jeremy Gabe TITLE: Market Implications Of Operational Performance Variability In Certified Green Buildings |Refereed| KEYWORDS: "Sustainable, commercial property, assessment, LEED, energy, performance" ABSTRACT: "Voluntary green building certification tools are promoted as a market-driven solution to improve operational environmental performance in the commercial property industry. Because certification often occurs pre-occupancy, simulations of resource efficiency (especially energy consumption) are used to reward operational performance. This paper examines the effect on the first 450 LEED green building certifications when credits for simulations of operational energy performance are replaced with two models of post-occupancy energy performance. Results show that approximately one-third of current LEED buildings are likely misrepresented to the market as a result of differences in measured energy consumption relative to expectations. Two likely reasons for this misrepresentation are presented. First, the precision of contemporary energy simulations is less than the narrow thresholds for awarding LEED credits. Second, many buildings are sensitive to the loss of a single credit because their designs only meet minimum requirements. Similar outcomes can be expected in Australasia because the mechanism for awarding and weight given to energy efficiency credits in the final assessment is similar to LEED. These results present a conflict of interest between building owners and those who value building performance. Eliminating this conflict is one of multiple benefits that are likely to result from a change in certification process that involves a level of ongoing performance assessment." View the Full Paper AUTHOR: Dr Janet Xin Ge TITLE: "The Impacts Of Anti-Speculation Policies On House Price Movements: The Case Of Guangzhou, China" |Refereed| KEYWORDS: "housing market, house prices, government policy, Guangzhou" ABSTRACT: "The Chinese government implemented a new regulation in April 2010 for the purpose of regulating and suppressing real estate speculation and maintaining a healthy and sustainable housing market in the long term. This policy proposes to increase the minimum down payment for purchasing second homes. First-home buyers must deposit a minimum of 30 percent down payment for purchasing properties of over 90 square meters. Buyers of second homes with areas less than 90 square meters must make a minimum of 50 percent down payment, and loans for the purchase of third homes have been temporarily suspended. The impacts and effectiveness of the policy were challenged and argued about by various groups associated with the housing market. This paper studies the results of a survey on the impact of the new regulation. The market performance is then analysed using the case of Guangzhou. Finally, elements that affect house prices and the future direction of house prices will be estimated from the demand for and supply of housing in the marketplace. The study suggests that the new regulation is effective in preventing speculative activities and that house prices in Guangzhou will decrease in the short term." View the Full Paper AUTHOR: Don Gilbert TITLE: Matching Market Demand To Supply Of Retail Space Via More Accurate Market Rental Valuations For More Efficient Development And Use Of Retail Space KEYWORDS: ABSTRACT: View the Full Paper AUTHOR: Peter J Glynn, Dr Ros Taplin TITLE: Climate Change Related Labour Market Implications For The Construction Industry |Refereed| KEYWORDS: ABSTRACT: "Climate change will have a considerable impact on the construction and property industries. More specifically, policies and regulations made with regard to construction labour have future implications for the availability of climate adaptive property. Construction is an industry that is labour intensive, highly regulated and a significant adopter of the latest technology. The link between climate change and the labour market was recognised by the governments and others when they included provision for a “just transition” in the negotiating text for the now unrealised United Nations Framework Convention on Climate Change (UNFCCC) Agreement for COP15. The International Trade Union Confederation (ITUC) in its Statement to COP15 articulated its belief that climate change was an issue for the workplace and that it was therefore an issue for collective bargaining. This paper examines the implications of climate change for the construction industry. Are policymakers and regulators sufficiently informed and aware to accommodate the workplace impacts of climate change and the requirements of a low carbon workplace? Are actors in the workplace sufficiently informed to effectively implement government initiatives? Issues that are explored in the paper include: consultation with social partners and communities, training for workers in the area of adaptive construction and new cleaner technologies, the role of collective bargaining, and green and “decent” job creation" View the Full Paper AUTHOR: M. H. Hanis, C. Susilawati And B. Trigunarsyah TITLE: Asset Identification: Addressing The Climate Change In Public Asset Management Process |Refereed| KEYWORDS: "Asset management, local government, climate change." ABSTRACT: "Climate change is becoming increasingly apparent that is largely caused by human activities such as asset management processes, from planning to disposal, of property and infrastructure. One essential component of asset management process is asset identification. The aims of the study are to identify the information needed in asset identification and inventory as one of public asset management process in addressing the climate change issue; and to examine its deliverability in developing countries’ local governments. In order to achieve its aims, this study employs a case study in Indonesia. This study only discusses one medium size provincial government in Indonesia. The information is gathered through interviews of the local government representatives in South Sulawesi Province, Indonesia and analyse documents provided by interview participants. The study found that for local governments, improving the system in managing their assets is one of emerging biggest challenge. Having the right information in the right place and at the right time are critical factors in response to this challenge. Therefore, asset identification as the frontline step in public asset management system is holding an important and critical role. Furthermore, an asset identification system should be developed to support the mainstream of adaptation to climate change vulnerability and to help local government officers to be environmentally sensitive. Finally, findings from this study provide input for local governments asset manager of types of information that essential in asset identification/inventory system particularly in addressing the climate change." View the Full Paper AUTHOR: Professor Michael J Hefferan TITLE: Changing Demands For Property Professional Service And Its Impact On Tertiary Courses – An Australian Study |Refereed| KEYWORDS: "Australian property sector, Changing role of property professional Tertiary property courses, Professional development and retraining" ABSTRACT: "Over the last decade there has been a demonstrable shift of the demand for property professionals in Australia. This has been driven, in part by rapidly changing technologies and client demand; however, it also reflects the growing complexity and level of sophistication of property markets and the strategic and operational management of this asset class. These changes will almost certainly impact on the existing workforce in the short to medium term and, therefore, should influence both tertiary education programs and professional development courses. The expectations and aspirations of students now entering these courses also need to be considered. Whilst these would seem to be critical issues for the professions, students, educational institutions and ultimate clients, much of the information on and projections of future demand for property professionals in Australia appears to be, at best, anecdotal. In 2010, the author, in association with the Australian Property Institute, collected primary data from key informants drawn widely from senior property professionals and from client / user groups of valuations and property analysis, in both the public and private sector organisations. The informants were asked to provide their perspectives on the current and future roles of property professionals across the business and wider community. The results of in this study indicate that there is uncertainty regarding the future of some of the mainstream activities currently undertaken by valuers. Much more positively, however, this research strongly identifies a growth in demand and emerging opportunities for generic professional skills in property. These findings may have a significant impact, not only on the profession and professional bodies, but also in providing some clearer direction to tertiary and other institutions providing both initial qualifications and professional development courses and retraining into the future." View the Full Paper AUTHOR: Jukka Heinonen And Seppo Junnila TITLE: "Comparing Climate Change Effects Of Rural And Metropolitan Lifestyles, A Hybrid?Lca Approach" |Refereed| KEYWORDS: "hybrid life?cycle assessment, rural communities, lifestyles" ABSTRACT: "Climate change is often recognized as the most severe global environmental problem of the present time. Rural municipalities tend to be seen as one of the drivers of climate change. Rural lifestyle is marked unsustainable due to higher level of private driving and energy use compared to more dense metropolises. This, however, seems to be a much more complex issue and should be further studied before either one of these two lifestyles can be proclaimed more sustainable than the other. While life cycle assessment has been widely accepted as the method to study the environmental loads of communities, a vast majority of the studies are conducted from the producer perspective. In this study we present a hybrid life cycle assessment model to study the carbon consumption of a community. This approach enables us to compare rural and metropolitan lifestyles considering full life cycle emissions of consumption. We argue that this approach, in addition to the producer perspective, will be of high importance in the near future when effective carbon management strategies are created. With two case studies from Finland we demonstrate that in this kind of study the metropolitan lifestyle seems not to be producing more sustainable communities." View the Full Paper AUTHOR: Christopher Heywood, Daoren Lai And Eckhart Hertzsch TITLE: Normal - Sustainability Upgrades To Office Buildings: A Survey Across Australian Climatic Zones |Refereed| KEYWORDS: "Asset management, Australia, energy saving, existing buildings, refurbishment, sustainability" ABSTRACT: "Recent refurbishment strategies for commercial office buildings have emphasised improved energy consumption (sustainability) and energy ratings. Buildings in Melbourne and Brisbane were surveyed to identify strategies adopted and energy saving results achieved because they represent the range of climatic conditions that contain most of Australia’s commercial buildings. Consequently, these locations would likely display the diversity of technical refurbishment solutions to achieve sustainability objectives in a range of climatic zones. The results demonstrate the range of upgrade techniques adopted by asset owners and provide evidence of an emerging ‘normal’ approach to sustainability upgrades. The resultant energy ratings are also identified. This research captures the early attempts to improve assets’ energy efficiency prior to the implementation of compulsory reporting of energy consumption. In surveying existing practice it shows that while normal practice is important in improving energy efficiency, additional improvements are required to meet targets for deep cuts in greenhouse gas emissions. As a result, a more balanced approach to refurbishment strategies that better integrate energy consuming systems and building fabric should be considered." View the Full Paper AUTHOR: Janine Irons And Lynne Armitage TITLE: "The Value Of Built Heritage: Community, Economy And Environment" |Refereed| KEYWORDS: Australia; built heritage; heritage and environment; heritage significance; heritage value; property value. ABSTRACT: "Whilst legislatures at all levels of Australian government have been slower to establish heritage protection than many other OECD countries, the community’s commitment predates identifiable involvement by government in the conservation arena by more than two decades as illustrated by the foundation, in Sydney in the mid 1940’s, of the National Trust of Australia (AGPC 2006). It was not until the 1970’s that formal frameworks were established through statutory control mechanisms for the identification and protection of Australia’s rich stock of heritage places (Irons and Armitage 2010). Similarly, at the professional level, the relatively recent emergence and dissemination of standardised approaches to valuation and management practices for heritage property (e.g. IVSC 2007; API 2008; RICS 2009) across international boundaries is an acknowledgement of their special value and – to some extent – demonstrates a recognition of characteristics which are shared by diverse cultures (Armitage and Yau 2008). Set within the context of Australia’s commitment to the Kyoto protocols, requiring signatory countries to meet mandated reductions in the use of non-renewable resources, the potential opportunity cost savings achievable by the more effective use of existing built structures has re-emerged as an area of interest. The objective of this paper is to review the multifaceted elements which contribute to our perceptions of heritage reflecting values which incorporate yet transcend the merely economic (Ashworth 2002) within this contemporary perspective of the role of heritage property identified above. This paper draws upon a rigorous study (Irons 2008) which investigates in detail the effect of local heritage listing on the single family dwelling. The paper identifies the framework of heritage management in Australia and considers the many meanings of the relevant terminology. Concepts of cultural heritage, of place and of significance are discussed providing a preface to a review of the value of heritage from a number of perspectives. In an age of increased sensitivity to profligate resource consumption, this traditional view is then extended to consider the potential environmental benefits of heritage conservation, contributing a contemporary commentary to some economic, social and professional concerns and reflects upon the challenges of the journey yet to come." View the Full Paper AUTHOR: Angelo Karantonis TITLE: Is Australia Selling Off Its Real Estate? |Refereed| KEYWORDS: "Foreign real estate investment, regulations and controls of foreign investment, affordability, residential real estate market." ABSTRACT: "In the recent Federal election campaign in Australia, the Greens political party and several other candidates from other political persuasion expressed a concern that Australia was opening up and selling off its real estate to foreign buyers. They also argued that this has resulted in making residential real estate unaffordable to the average person in Australia. According to the Foreign Investment Review Board (FIRB), the level of ‘expected’ foreign investment in Australian real estate has increased from $269 million to $45 billion over the past 30 years. This paper will examine the regulations for foreign investment in the Australian real estate market and identify the critical changes to these regulations over the past three decades. It will also identify the changing investment patterns and the level of investment and see if there is a relationship between foreign investment and rising prices in the Australian residential real estate market." View the Full Paper AUTHOR: Seung-Young Jeong And Jinu Kim TITLE: A Study Of Retail Property Prices In Seoul |Refereed| KEYWORDS: "Retail property, Retail property prices, Structural Equation Modelling (SEM)" ABSTRACT: "The purpose of this study is to identify the determination variables which affect the retail property prices in Seoul by examining the variables related to the economic conditions of retail trade areas, physical characteristics of buildings, and location. About 146 major retail property data from 1 December 2007 to 31 December 2007 were analysed. Regression analysis and a structural equation modelling (SEM) were constructed to test the significance of the variables on the retail property prices in Seoul. The results indicate that age of building, size of shop and location explain a significant portion of the variability of the retail property prices. Through the empirical analysis, it was concluded that the retail property prices in Seoul were affected by the economic conditions, physical characteristics, and location." View the Full Paper AUTHOR: Valerie Kupke, Peter Rossini And Sharon Yam TITLE: An Exploration Of Female Home Ownership Patterns In Australia |Refereed| KEYWORDS: "Female home ownership, Australia, housing demand" ABSTRACT: "In Australia one of the most important factors contributing to housing demand is the growth in the number of households and lone person and single parent households are the two households projected to grow fastest. Both households are significantly over represented by female headship. At the same time women are being associated with longer life spans, higher levels of workforce participation and increasing levels of wealth accumulation. Thus there is the expectation that significantly more women will be looking to purchase homes on their own and that this will be an important determinant of their ability to secure adequate living standards in old age. Yet there has been little research on female home ownership in Australia. This paper presents a preliminary analysis of female purchasers in Australia for two time periods, 1998 and 2008 using national survey data collected by the Australian Bureau of Statistics (ABS). Key characteristics and changes over time are identified as a first step in identifying the propensity to purchase by female headed households." View the Full Paper AUTHOR: Valerie Kupke And Peter Rossini TITLE: An Exploratory Analysis Of Land And House Price Data Over Time |Refereed| KEYWORDS: "Land pricing, data cleaning, time series analysis" ABSTRACT: "This paper presents an exploratory analysis of vacant land and house price transaction data for a 25 year period in order to provide context for later research on the land pricing strategies of the housing development industry. Residential developers are important agents of change within the urban landscape and yet little academic work has been conducted in Australia on their decision making. Adelaide, the state capital of South Australia has been selected as a case study as transaction data for both house and vacant land was available. The city is also recognized by the development industry in Australia as one of the best managed in terms of land supply. This paper primarily aims to report on the data cleaning and manipulation processes required before analysis of the house and land price trends could begin. The steps taken to assimilate and clean over 1 million sales are explained before the results of the preliminary time series analysis are presented. The results report on over 121,833 vacant land transactions for a 30 year time period from 1981 to 2010 across 4 sectors of metropolitan Adelaide and some 404,549 detached dwelling transactions between 1985 and 2010. Land prices are discussed according to median site price and on a median $ per square metre basis for each sector. Next indexed land and house prices for various time periods are reported. Finally a Site Adjusted Price Index for vacant land and an equivalent Quality Adjusted Housing Price Index are compared for the 25 year time period from 1985 to 2010." View the Full Paper AUTHOR: Matti Kuronen, Jukka Heinonen, Christopher Heywood, Seppo Junnila, Jukka Luoma-Halkola And Wisa Majamaa TITLE: Customerships In Urban Housing Redevelopment – A Case Study On Retrofitting A Suburb |Refereed| KEYWORDS: "Urban housing development, Customership, Redevelopment, Low-energy retrofitting, Finland" ABSTRACT: "Urban development process can be considered as a system with its stakeholders falling under categories of Public, Private and People. This approach is called Public-Private-People Partnership (4P) and it has been successfully used in housing development. Between the stakeholders there are several kinds of relationships already recognised, but the field is by no means studied thoroughly. This paper discusses “customerships”, that is, customer relations from customer’s viewpoint, in the field of urban housing development. The issue is approached theoretically from systems theory and from the concept of customership in context of built environment. Moreover, a case study based on key stakeholder interviews of an urban housing redevelopment process aiming to low-energy retrofitting of a suburban housing area is presented. The paper does not delimit its view to the traditional end customer’s (home buyer or owner of refurbished home) role only, but evaluates all the relationships as either existing or potential customer relationships. In the case several customerships and requirements to partnership were identified. It is concluded that customership can provide a relevant viewpoint in urban housing development and help to develop the process more viable." View the Full Paper AUTHOR: Professor Craig Langston TITLE: On Archetypes And Building Adaptive Reuse |Refereed| KEYWORDS: "adaptive reuse, obsolescence, useful life, strategic decisions, buildings" ABSTRACT: Building adaptive reuse is increasingly being applied as a solution to urban renewal where existing facilities have become obsolete but where significant physical life remains embedded in their structure and materials and/or where heritage and cultural values deserve to be protected. Revitalisation of buildings in this context is a valid response to climate change and sustainability agenda as it has the potential to reuse a large proportion of resources in place without destruction or substantial replacement. There are now a large number of examples of successful adaptive reuse projects across a broad range of facility types worldwide. This paper applies an existing adaptive reuse potential (ARP) model to construct archetypes or patterns for various facility categories to provide insight into project feasibility decisions. The probability of success is tested using a unique application of PERT analysis for a range of obsolescence rates. The archetypes reflect distinct characteristics that help inform selection of potential reuse opportunities. View the Full Paper AUTHOR: Chyi Lin Lee And Richard Reed TITLE: Volatility Decomposition Of Australian Housing Prices |Refereed| KEYWORDS: "Housing prices, permanent and transitory volatilities, investment risk, Component-GARCH, Australia" ABSTRACT: "This study examines the volatility pattern of Australian housing prices. The approach for this research was to decompose the conditional volatility of housing prices into a “permanent” component and a “transitory” component via a Component-Generalized Autoregressive Conditional Heteroskedasticity (C-GARCH) model. The results demonstrate that the shock impact on the short-run component (transitory) is much larger than the long-run component (permanent), whereas the persistence of transitory shocks is much less than permanent shocks. Moreover, both permanent and transitory volatility components have different determinants. The results provide important new insights into the volatility pattern of housing prices which has direct implications for investment in housing by owner-occupiers and investors." View the Full Paper AUTHOR: Junxiao Liu And Kerry A. London TITLE: New Housing Supply And Residential Construction Costs In Australia: A Panel Ecm Approach |Refereed| KEYWORDS: "new housing supply, residential construction costs, panel error correction model" ABSTRACT: "The supply of new housing in Australia has been experiencing a low increase rate since the 1990s in conjunction with an increasingly strong housing demand. On the contrary, residential construction costs across Australia’s states maintained dramatic increases simultaneously. Economic theory suggests that new housing supply is correlated to the costs of residential constructions. However, few empirical studies have focused on examining this relationship for Australian housing markets. To comprehensively investigate the relationship between the supply of new housing and residential construction costs a function for new housing supply considering the effects of regional heterogeneities is introduced in this study. By estimating a panel error correction model (ECM) applicable for quantifying the correlation with regional heterogeneities, this research identifies that a causal link and a strong correlation exist in between new housing supply and residential construction costs in Australia." View the Full Paper AUTHOR: David Parker, Tony Lockwood And Wayne Marano TITLE: Mass Appraisal Certification Standards – The Spatial Dimension |Refereed| KEYWORDS: "Mass Appraisal, Standards, GIS" ABSTRACT: "The mass appraisal process is used to determine property values in many jurisdictions around the world as a basis for taxation and has been for a considerable time. The need to be able to transparently demonstrate the fairness and equity of this process is of prime importance to both government and the taxpayer. Currently this is primarily achieved in Australia and New Zealand through a series of assessment ratio studies based on standards established by the International Association of Assessing Officers (IAAO). Both United States and Australasian jurisdictions have started to spatially represent aspects of their mass appraisal process in order to improve the auditing function which leads to the certification for use as a taxation base. Against the broad background of international practice this paper investigates the spatial interpolation of the sales price to the assessed value ratio as a way of contributing to the quality control and assurance of the fiscal cadastre. This is considered through a case study of the metropolitan area of Adelaide, South Australia." View the Full Paper AUTHOR: Jarmila Machajdiková Daniela Špirková Janka Bábelová TITLE: The Historical Development Of Land Registration And Its Impact On Real Estate Development In The Central Europe With The Emphasis On Slovakia |Refereed| KEYWORDS: "Cadastrial Act, Historical Development of the Cadastre, Land market" ABSTRACT: "Unlike the situation in the territory of the Independent states of former Soviet Union, the cadastre has the long tradition in the Central East European countries that were the part of the Austrian-Hungarian Empire before 1918. After 1918 the processes of expropriation of the land took places several times. The different political reasons drove the expropriation processes in the market economy, during the WW2 and during the socialist rule. The land records in these countries were well kept until the socialist rule. The Soviet domination of the Central Eastern Europe, the collectivization of the farms and the different concept of the property rights led to the different concept of the land registration, as a result of it many records are missing. The transition to the market economy brought the necessity to develop the land market. The sound records in the land register became the necessity for the restitution processes to former owners, such as the private persons, public urban land owners (urbar) and church, development of the private property, restructuring of the economy etc. Although the lot of effort was exerted to ameliorate the situation in the land register, yet many problems persist: incompleteness of the records, unfinished heritage processes, excessive co-ownership of the land etc. Unsolved problems burden the public and private developers with additional costs related to the land consolidation. In some cases the territory without clear title on property is staying derelict, or is environmentally damaged. The extensive areas of the panel housing neighborhoods build during the socialism are now owned by the people, but the land is the property of someone else. Such facts than make difficult the comprehensive refurbishment of the older neighborhoods in the cities. In the present paper we are trying to show the ways how these problems could be solved in future." View the Full Paper AUTHOR: Michael Y Mak And Clinton J Peacock TITLE: "Social Sustainability: A Comparison Of Case Studies In Uk, Usa And Australia" |Refereed| KEYWORDS: "Sustainable development, Social sustainability, Case study" ABSTRACT: "Traditionally, the sustainable development concept emphasizes on environmental areas such as waste and recycling, energy efficiency, water resource, building design, carbon emission, and aims to eliminate negative environmental impact while continuing to be completely ecologically sustainable through skilful and sensitive design. However, contemporarily sustainable development also implies an improvement in the quality of life through education, justice, community participation, and recreation. Recently social sustainability has gained an increased awareness as a fundamental component of sustainable development to encompass human rights, labour rights, and corporate governance. The goals of social sustainability are that future generations should have the same or greater access to social resources as the current generation. This paper aims to reveal the level of focus a development has in meeting social sustainable goals, success factors for a development, and planning a development now and into the future from a socially orientated perspective. This paper examines the characteristics of social sustainable developments through the comparison of three case studies: the Thames Gateway in east of London, UK, the Sonoma Mountain Village in north of San Francisco, USA, and the New Rouse Hill in north-west of Sydney, Australia." View the Full Paper AUTHOR: Kf Man And Kw Chau TITLE: Does The Building Cycle Co-Move With Property Cycle – Empirical Evidence From Hong Kong |Refereed| KEYWORDS: "Building cycle, property cycle, co-movement" ABSTRACT: "This study investigates the cyclical behaviour of the building cycle and how building cycle interacts with property cycle in Hong Kong. We have employed spectral analysis to relevant time series data in Hong Kong. We found that cycle(s) for demand for new building works (building cycles) have various periods ranging from 1.7 to 5.3 years. We also found that there is a strong co-movement between residential building cycle and the private residential property price cycle. However, there is only a weak correlation between the price series of the other three sectors (retail, office and industrial) and the non-domestic building activity in Hong Kong. The findings are not only useful for Hong Kong construction companies in formulating their business strategies, but are also useful for policy makers in making decisions with regard to land and housing policies." View the Full Paper AUTHOR: Kf Man, Sy Lau TITLE: Valuation Of Raw Land In Hong Kong- A Sequential Compound Option Approach |Refereed| KEYWORDS: "raw land, land tenure, valuation, sequential compound option" ABSTRACT: "Various studies have tested the applicability of the well developed Real Option Pricing Model (ROPM) to the valuation of raw land and the related real options. Due to the unique characteristics of real estate, however, ROPM application has met with limited success. Recognizing the difference in land tenure between Hong Kong and other westernized countries, it is argued that the right to develop a piece of raw land in Hong Kong is in the nature of a sequential compound option and the value of raw land is the related option premium. We have calculated the value of the sequential compound options for four low rise residential properties and the outcomes are satisfactory, i.e. the estimated values of these four sites are closer to the actual transacted prices than the values estimated by traditional valuation methods. The land prices estimated by the model are between 11.44% lower and 0.86% higher than the actual prices paid. It is recommended that further research be undertaken in other market sectors such as high rise residential, commercial, and industrial for further testing of the validity of the model." View the Full Paper AUTHOR: Vince Mangioni TITLE: Property Investment Advice Whos Who In The Investment Advice Zoo? |Refereed| KEYWORDS: "Financial services, investment advice, selling advice, valuation" ABSTRACT: "As direct property investment continues to grow particularly post the Global Financial Crisis, investors have increased their participation in the direction of investment decisions and how their money is invested. The quality of investment advice in relation to property and who provides that advice is of paramount importance and the primary focus of this paper. In contrast to property itself, advice in relation to property investment and who is best qualified to provide it, is central to this paper. This objective has been measured through a review of the practices and views of the various participants to the property purchase and investment process. A review of the roles, tasks and opinions of the various professions has been measured using surveys and discussions with professions a party to the purchase and investment process. In conclusion, opportunities are identified for property professionals to evolve the extent, scope and quality of advice in relation to direct property investment, through the evolvement of educational and pedagogical expansion of property practitioner." View the Full Paper AUTHOR: Noorsidi Aizuddin Mat Noor & Chris Eves TITLE: Malaysia High-Rise Residential Property Management: 2004-2010 Trends & Scenario KEYWORDS: "High-rise residential property, Property management, Property market trends" ABSTRACT: "Property management requires an understanding of infrastructure management, service life planning and quality management. Today, people are beginning to realize that effective property management in high-rise residential property can sustain the property value and maintaining high returns on their investment. The continuous growth of high-rise residential properties indicates that there is a need for an effective property management system to provide a sustainable high-rise residential property development. As intensive as these studies are, they do not attempt to investigate the correlation between property management systems with the trends of Malaysia high-rise residential property development. By examining the trends and scenario of Malaysia high-rise residential property development, this paper aims to gain an understanding of impacts from the effectiveness of property management in this scope area. Findings from this scoping paper will assist in providing a greater understanding and possible solutions for the current Malaysian property management systems for the expanding high-rise residential unit market. With current high rise units in excess of 1.3 million and increasing, the need for more cost effective management systems are of highly important to the Malaysian Property Industry." View the Full Paper AUTHOR: Brett Mcauliffe TITLE: Implications Of The National Rental Affordability Scheme On The Valuation Of Residential Property |Refereed| KEYWORDS: "Valuation Methods, National Rental Affordability Scheme, NRAS, Residential Property, Affordability" ABSTRACT: "The provision of shelter is a basic need and in Australia there has been a history of home ownership. However recent economic growth and rising construction costs, particularly over the past decade, has placed home ownership out of reach for some. In response to increased affordability pressures, the Australian Federal Government established the National Rental Affordability Scheme (NRAS) in 2008. The aim of establishing the NRAS initiative is to stimulate the supply of new affordable rental dwellings, targeting 50,000 new properties by June 2012, through the provision of a National Rental Incentive for each “approved” dwelling. To be approved the dwelling must be newly constructed and subsequently rented to eligible low and moderate income households at rentals no greater than 80 percent of market rates. There is a further requirement that the accommodation be provided as part of the scheme for no less than 10 years. The requirement to provide new residential accommodation at below market rentals for no less than 10 years has an impact on value and as such the valuation methodologies employed. To give guidance to valuers this paper investigates the scheme, the impact on value and expectations for the future." View the Full Paper AUTHOR: Mike Todd And John Mcdonagh TITLE: Solatium Payments For Public Works - An International Comparison |Refereed| KEYWORDS: "compensation, public works, solatium, market value, international, comparison" ABSTRACT: "Public works are essential to support modern society but often necessitate the requirement to compulsorily acquire land. In these circumstances the right to full compensation is usually enshrined in legislation, but what constitutes full compensation? Should full compensation include some consideration over and above market value for the lack of a willing seller usually inherent in definitions of market value? Such a solatium is payable in New Zealand, but concern has been expressed that the level of payment is inappropriate. This research examined the historic background and current situation applying to public works compensation in New Zealand, as well as in a variety of other countries with a common legal tradition. The findings revealed a variety of approaches applying to compensation legislation and practice. In many cases some form of solatium or additional compensation for compulsory acquisition was seen as appropriate, particularly if residential dwellings were involved. Most commonly this payment has been in the order of five to ten percent of market value overseas. In light of these findings the current level of solatium payment in New Zealand appears to be unusually low. An increase to a more typical level may smooth the progress of public works delivery in New Zealand by reducing costly and time consuming legal battles over compensation." View the Full Paper AUTHOR: P.Brent Nahkies TITLE: Retrofitting – Cpr For The Central City? KEYWORDS: "Retrofitting, adaptive re-use, inner city revitalisation" ABSTRACT: "There is widespread concern within the Christchurch City Council and the wider community that the central city of Christchurch is dying. As a result the Christchurch City Council has been trying to revive the dying „heart? of Christchurch by a variety of means with limited success. Large areas of the central city comprise old buildings that currently suffer from extensive functional and economic obsolescence. One solution to this problem would be large scale demolition and comprehensive urban renewal based around replacement new buildings. However, such an approach has serious limitations in terms of the resulting loss of heritage and the non sustainable nature of such development. Therefore the preferred solution is to encourage inner city revitalisation by retrofitting the old buildings in a way that is economic for their owners. If these buildings are no longer suitable for their current use an alternative economic use must be found. This adaptive re-use approach poses even greater challenges to property developers due to the requirements of the Building Act 2004. This paper discusses the reasons behind the decline of the Christchurch inner city, evaluates the past and current efforts being made to arrest that decline and makes recommendations for future measures to reverse this decline." View the Full Paper AUTHOR: Dr Daniel Ohare TITLE: The Development Of Knowledge Nodes And Health Hubs As Key Structuring Elements Of The Sustainable City Region |Refereed| KEYWORDS: ABSTRACT: "Universities and hospitals are recognised as key infrastructure in the social and economic life of the city. These facilities can make a major contribution to urban sustainability by virtue of their locations, their interrelationships, and their coordination with transport infrastructure investments. The strategic placement and development of universities, hospitals and associated facilities can focus urban development in a way that mitigates climate change pressures and underpins the social and economic sustainability of the developing city region. This paper reviews several case studies in the development of knowledge nodes and health hubs in the emerging city region of South East Queensland (SEQ). The case studies include recognised knowledge nodes and health hubs (including the Smart City Strategy for Brisbane; Kelvin Grove Urban Village; Griffith University and Gold Coast Hospital; Sippy Downs – Kawana), as well as several unrecognised nodes and corridors that could be capitalised upon to strengthen the sustainability of SEQ. The case studies reveal a shift from highway based concepts of urban structure to one in which the development of active transport is seen as essential to the flourishing of creative communities. The paper concludes that a broader and more strategic approach to knowledge nodes and health hubs could underpin the sustainability of SEQ and other up and coming city regions." View the Full Paper AUTHOR: Timothy Oleary TITLE: Australian Residential Energy Standard Assessment And Rating Framework – A National Response For 2010/2011 Frameworks |Refereed| KEYWORDS: "energy efficiency, house ratings, carbon reduction" ABSTRACT: "The National Strategy on Energy Efficiency(NSEE) is designed to substantially improve minimum standards for energy efficiency in both residential and commercial buildings and accelerate the introduction of new technologies through improving regulatory processes and addressing barriers to the uptake of new energy-efficient products. This paper provides critical analysis of a national response to public discussion papers around the framework with a focus on residential class buildings. The core analysis covers in excess of 85 responses across a breadth of housing industry stakeholders published by the Senior Officials group on Energy Efficiency in 2010. Observations on housing energy performance issues together with technical and evidenced based housing energy efficiency data provide a common theme to the discussions in the paper under the headings of; ? The house energy rating schemes, metrics and tools, assessors, governance, training and accreditation issues. ? Overall sustainability, incorporating embodied energy, lifecycle of materials, water use and waste treatment. ? Accounting for climate variation, climate data and future climate change scenarios ? Economic evaluation, existing housing stock, consumer behaviour, appliance use, etc. The analysis reveals a general support for the Building code of Australia (BCA) as the principle mechanism for implementation though with debate and disagreement on the various software tools and ratings systems currently in use. Also a recognition by stakeholders that the final outcome of the Framework may be that ratings and standards have broader coverage than just energy efficiency, particularly greenhouse gas emissions and that this deserves support not just because greenhouse gas emissions are connected to energy use (and other causes), but because climate change is a key issue of concern internationally and Australia must play its part in reducing its emissions." View the Full Paper AUTHOR: Geoff Page TITLE: Successful Farmers Markets |Refereed| KEYWORDS: "farmers markets, market governance, community partnerships" ABSTRACT: "Farmer’s markets continue to grow in numbers internationally but some have struggled or floundered after initial establishment. This paper is based on observations, discussions, literature and information from farmers’ market websites. The factors that contribute to successful farmers markets include, provision of staples and market mix, market governance including authenticity, professional market staff, market promotion, market education, community partnerships and start up capital. Examples and insights are provided on how market managers have tackled the challenges of their markets in addressing known deficiencies." View the Full Paper AUTHOR: Professor David Parker TITLE: Reit Investment Decision Making: A Practitioner Survey |Refereed| KEYWORDS: "REIT, investment, decision, process" ABSTRACT: "While real estate investment trusts (REITs) are well established, multi-billion dollar property investment vehicles, relatively little research has been undertaken into the property investment decision making processes adopted by REITs. This paper is the continuation of a research project with previous conference papers comprising a literature review, the hypothesis of a multi-step property investment decision making process and a summary of the preliminary results of a survey of CEO’s and CFO’s of REITs in Australia to investigate the property investment decision making process undertaken by REITs. This paper seeks to investigate the similarities and differences in the multi-step property investment decision making process observed in the preliminary results between sector specific REITs and diversified REITs. Analysis indicates that sector specific REITs generally display greater total recall for the envisioning and planning stages (with the notable exception of the assert identification step), while both display similar levels of total recall for the dealing and executing steps but with the greatest differences in the watching and optimizing steps. Within the watching step, the difference is found to be compositional, particularly in the post audit and performance measurement steps, while neither sector specific nor diversified REITs appear to identify the optimizing stage as part of the property investment decision making process unless prompted. Further research is required to include the balance of the REITs from the ASX200 index within the survey sample in order to either confirm or refute the preliminary findings." View the Full Paper AUTHOR: Professor Richard Reed And Stefanie Forster-Kraus TITLE: Housing Affordability From A Global Perspective – A Comparison Between Housing Demography In Australia And Germany |Refereed| KEYWORDS: "Housing affordability, demography, population, Australia, Germany" ABSTRACT: "The population profile of many developed countries has changed rapidly in recent years. One factor has been a rapidly ageing population which is due to the ‘baby boom’ generation now entering retirement; another driver has been very low fertility rates where smaller families, often without children, are commonplace. Also the concept of a household has changed substantially where a single person household can now be frequently observed. These demographic changes have direct implications for housing affordability and the ability of a household to (a) enter the housing market and/or retain homeownership. This paper examines demographic changes in Australia and Germany. Comparisons are made between each country included differences in perceptions towards renting and purchasing a home. The paper also analyses housing affordability levels and discusses implications for purchasers who are seeking to obtain and retain housing. The findings from this paper are useful for stakeholders and policy-makers who are seeking to address one of the fundamental challenges of the 21 century, being the supply of affordable housing for all households." View the Full Paper AUTHOR: Richard G. Reed, Sara J. Wilkinson And Georgia Warren-Myers TITLE: Energy Efficiency And Property Values: A Discussion Paper KEYWORDS: "Energy efficiency, sustainability, office buildings, productivity" ABSTRACT: "Energy efficiency, sustainability, office buildings, productivity" View the Full Paper AUTHOR: Richard Reed, Sara Wilkinson, Anita Bilos And Karl-Werner Schulte TITLE: A Comparison Of International Sustainable Building Tools – An Update KEYWORDS: "Sustainability, green buildings, rating tools, perception, real estate." ABSTRACT: "This paper examines international rating tools for sustainable buildings and recent global trends. A rapid increase has been observed in the number of sustainable buildings entering the real estate market. Many of these buildings differ considerably with respect to their sustainable features, either from a design and/or performance basis, although a wide range of sustainable building assessment tools are now promoted and readily available throughout the world. Unfortunately many of these tools differ considerably with regards to what they actually assess, how they operate and whether they can be compared directly with assessment tools from other countries. It is important to undertakes a unique international assessment of global sustainability tools and critique their individual strengths and weaknesses. Most importantly in this paper the focus is placed on which tools from different countries can be directly compared with each other i.e. is a five star building with one rating system directly comparable with another rating system. The results of this paper will lessen much of the confusion and uncertainty that accompanies assessment tools for sustainable buildings, which in turn will assist investors, developers, tenants and government bodies to make informed decisions about green buildings. In addition it is envisaged that removing some of the uncertainty associated with sustainable buildings will increase the transparency for stakeholders and assist them to embrace sustainable buildings with more confidence." View the Full Paper AUTHOR: Dr Kristy Richardson And Dr Leone Hinton TITLE: "A Bachelor Of Property, Attrition And Flex Students: A Preliminary Examination Of The Challenges Of Retaining Students" |Refereed| KEYWORDS: ABSTRACT: "This paper examines the literature on student attrition and proposes a framework for the examination of attrition of students from CQUniversity’s Bachelor of Property. The examination and understanding of student attrition is of importance as attrition is not only of concern to higher education providers, property educators and the property profession to ensure the continued viability of the Bachelor of Property as a program of study and a tertiary study option for aspiring property professionals." View the Full Paper AUTHOR: Dr Steven Rowley And Professor Fiona Haslam-Mckenzie, TITLE: "Sustaining The 3Rs - Rural, Regional And Remote Housing Markets In Western Australia" |Refereed| KEYWORDS: "Rural and Remote Communities, Housing Markets, Housing Policy" ABSTRACT: "The housing markets of non-metropolitan Australia are often ignored by both policy makers and academics. The factors influencing housing demand and supply in this diverse sector are not well understood and are often very different to urban markets. This paper explores a selection of rural, regional and remote (3R) housing markets within Western Australia and unpicks some of the issues which drive these markets. For example, the resources boom has had a dramatic affect on 3R towns in Western Australia with the demand for accommodation from mining companies and supporting organisations placing severe pressure on housing markets, both large and small. Resource industry-led demand has increased house prices and rents dramatically in some areas resulting in serious affordability issues for communities. However, even those towns without resource based industries have seen price growth in excess of metropolitan areas creating significant challenges for these communities and their policy makers. Using house price data for Western Australia, the paper explores how different 3R housing markets have been affected by a variety of economic conditions. The paper builds on the quantitative analysis by utilising results from four case study towns within the State. The case studies allow an exploration of the key supply and demand drivers in these towns and offer an insight into the unique circumstances influencing 3R housing markets in Australia. The paper concludes with a discussion of the challenges facing policy makers if they are to deliver thriving and sustainable communities in non-metropolitan Australia." View the Full Paper AUTHOR: Dr Song Shi And Iona Mccarthy TITLE: Dairy Farmland Prices And Return Expectations In New Zealand KEYWORDS: ABSTRACT: "Using transactional data of New Zealand dairy farms over the period of 1981 to 2009, this paper investigated the relationship between dairy farmland prices and farmers’ return expectations based on the present value model. In short-term dairy farmland prices were positively correlated to farmers’ income expectations but negatively related to total return expectations. In long-term dairy farmland prices were significantly influenced by the growth expectation from farmers for both income returns and capital gains. It is debatable whether the current high growth expectation on New Zealand dairy farms is sustainable." View the Full Paper AUTHOR: Dr Song Shi TITLE: Serial Persistence And Risk Structure Of Local Housing Market KEYWORDS: "Risk structure, Variance ratio, Measurement intervals, SPAR index, Weighted repeated sales (WRS) index" ABSTRACT: "This paper investigated serial correlations and the risk structure of local house price movements for single family homes. It was found house price changes were strongly correlated over time, but the market risk structure (variance of price changes) was specific to location differences and varied largely depending on different measurement intervals. For the monthly measurement interval the market risk was close to a linear form. However, measured quarterly the market risk tended to follow a quadratic form for a shorter time period up to 8 quarters and after that the actual risk form seemed to sit in between the linear and quadratic forms. These findings have important implications in developing a house price index based on the weighted repeated sales (WRS) method." View the Full Paper AUTHOR: Oliver F. Shyr, David E. Andersson, Wen-Jou Olivia Liu And Liang-Yu Wang TITLE: Impacts Of Transit Accessibility On Housing Prices In Three Asian Cities |Refereed| KEYWORDS: "transit accessibility, green initiative, property values, hedonic prices" ABSTRACT: "With much less trips generated by Kaohsiung MRT, the joint development projects around the stations are not as attractive as those in Hong Kong and Taipei. However, we find that properties adjacent to Kaohsiung MRT stations enjoy a price premium of 6% compared to the others. On the other hand, the price elasticity for distance to station is about 5% in Taipei and 4% in Hong Kong. The plausible explanation is that transit networks in Hong Kong and Taipei are more widespread than the one in Kaohsiung, therefore, properties in the vicinity of MRT stations do not posses significant advantage of transit accessibility. Most of the projects around Hong Kong stations are for commercial purposes while the majority of the projects in Kaohsiung and Taipei are for mixed uses. Additionally, the green initiatives do not have significant impacts on the three markets." View the Full Paper AUTHOR: Jane H. Simpson TITLE: The Investment Strategies Of Property Trusts And Property Investment Companies Listed On The New Zealand Stock Exchange (Nzx) KEYWORDS: ABSTRACT: "The purpose of this study was to assess the overall investment strategies of the property trusts and property investment companies listed on the New Zealand Stock Exchange (NZX). The negative impact of the recent Global Financial Crisis (GFC) on property values and rental incomes has increased the attention, of investors and the property industry, on the performance of property. In New Zealand, Listed Property Trusts (LPTs) and Listed Property Investment Companies (LPICs) on the NZX provide vehicles for indirect property ownership. Research into the performance of these listed property entities in relation to other investment vehicles has shown that they are competitive. However, there has been minimal research on the investment strategies of the New Zealand LPTs and LPICs. This exploratory study analysed data from public domain documents and from the results of the survey of the Managers of the listed property entities on the NZX. The results provided an overview of the composition of the combined Listed Property Entities (LPE) property portfolio, highlighted management structures, and identified the motivating and risk factors that are currently influencing LPE managers’ investment decisions, including environmental sustainability factors. The findings revealed the current and future investment strategies of the LPEs on the NZX." View the Full Paper AUTHOR: Connie Susilawati And Muhammad Al-Surf TITLE: Challenges Facing Sustainable Housing In Saudi Arabia: A Current Study Showing The Level Of Public Awareness |Refereed| KEYWORDS: "Sustainable housing, public awareness, Saudi Arabia" ABSTRACT: "Sustainable housing implementation requires strong support from the public, government and the housing industry. Lack of public awareness and understanding of the language and the meaning of sustainable housing may cause lack of public support. Salama stated that ""sustainability or sustainable design is simply a rephrasing of some of the forgotten values of traditional architecture and urbanism""(Salama 2007). This exploratory paper examines public awareness of sustainable housing in Saudi Arabia. In developing countries, like Saudi Arabia, which have been experiencing a rapid rate of urbanisation, sustainable concept intervention is essential due to the scarcity of resources (Reffat 2004a). Sustainable building methods include the full use of the site design, passive solar design, natural light and ventilation. This paper reports on an exploratory survey on understanding the potential of the implementation of sustainable housing in Saudi Arabia. The main problem is that more than half of respondents were not aware of sustainable housing. Thus, one of the recommendations from the survey is to educate the public by using local media to inform people of the benefits of sustainable implementation to both new and existing housing stock." View the Full Paper AUTHOR: Dr. Connie Susilawati And Lynne Armitage TITLE: Understanding The Diversity Of Non-Specialised Units Within Australian Property Degrees |Refereed| KEYWORDS: Property education in Australia; professional accreditation; nonspecialised subjects; undergraduate transition. ABSTRACT: "Building on the recommendations of the Bradley Review (2008), the Australian Federal government intends to promote a higher level of penetration of tertiary qualification across the broader Australian community which is anticipated to result in increased levels of standardisation across university degrees. In the field of property, tertiary academic programs are very closely aligned to the needs of a range of built environment professions and there are well developed synergies between the relevant professional bodies and the educational institutions. The strong nexus between the academic and the professional content is characterised by ongoing industry accreditation which nominates a range of outcomes which the academic programs must maintain across a range of specified metrics. Commonly, the accrediting bodies focus on standard of minimum requirements especially in the area of specialised subject areas where they require property graduates to demonstrate appropriate learning and attitudes. In addition to nominated content fields, in every undergraduate degree program there are also many other subjects which provide a richer experience for the students beyond the merely professional. This study focuses on the nonspecialised knowledge field which varies across the universities offering property degree courses as every university has the freedom to pursue its own policy for these non-specialised units. With universities being sensitive to their role of in the appropriate socialisation of new entrants, first year units have been used as a vehicle to support students’ transition into university education and the final year units seek to support students’ integration into the professional world. Consequentially, many property programs have to squeeze their property-specific units to accommodate more generic units for both first year and final year units and the resulting diversity is a feature of the current range of property degrees across Australia which this research will investigate. The matrix of knowledge fields nominated by the Australian Property Institute for accreditation of degrees accepted for Certified Practising Valuer (CPV) educational requirement and the complementary requirements of the other major accrediting body (RICS) are used to classify and compare similarities and differences across property degrees in the light of the streamlining anticipated from the Bradley Review." View the Full Paper AUTHOR: Tan, Teck-Hong TITLE: The Effect Of Homeownership Externalities On Housing Satisfaction |Refereed| KEYWORDS: "Sustainability, Housing Satisfaction, Homeownership, Externalities" ABSTRACT: "In order to achieve sustainability in the housing industry in Malaysia, public and private housing providers should regulate their housing activities to suit homeowners needs and wants by examining factors which account for housing satisfaction or dissatisfaction among homeowners. Previous housing studies show that homeowners generally are satisfied with their housing. However, these studies do not explain to what extent homeownership affects housing satisfaction. It is reasonable to believe that the degree of housing satisfaction may depend on types of externalities of homeownership that homeowners are expected to receive. Therefore, this paper intends to fill the gap that currently exists in housing satisfaction literature by developing an understanding on which expected externalities of homeownership contribute to overall satisfaction of home owners in Malaysia. From the analysis, homeownership externalities, as defined by social capital investment, household stability and local amenities investment, appear to affect the level of housing satisfaction." View the Full Paper AUTHOR: Pamela Wardner TITLE: Impacts Of Public Policy On Employment Centres Within Master Planned Communities In South East Queensland |Refereed| KEYWORDS: "Master planned communities, South East Queensland, Public policy, Employment creation" ABSTRACT: "One of the significant challenges that the Queensland government faces, specifically in South East Queensland (SEQ), is the management of population growth which is projected to increase by 735,500 new households by 2031. Currently, the State government relies on private capital to deliver housing developments and has favoured the development of contemporary master planned communities (MPCs) in greenfield sites. Master planned communities are expected to deliver the physical infrastructure and also provide the social infrastructure for the well-being of the residents in such developments. Public policy also expects these large-scale MPC developments to deliver employment opportunities in response to the underpinning principles such as decentralisation, land use, regional development and sustainability. Of all the principles, sustainability, as it is broadly defined, has been the most difficult for public policy to deliver because it requires pragmatic restructuring and infrastructure investment that will have bearing on the creation and support of suburban MPC employment. The ideals of job-housing balance and minimisation of journey to work travel have been difficult to achieve in the short term. Perhaps there is an unrealistic expectation of the creation of an ‘instant’ employment node in the initial stage of an MPC. Governments fail to recognise the need for such areas to establish and mature. Public policy needs to take into consideration the location decisions of firms and align itself, legislation, regulation and incentives with locator firms’ needs. Drawing from the insights of twenty key informant interviews, this paper outlines the need to provide a ‘world-view’ of the value of employment centres located within an MPC that can be accepted and embraced by all stakeholders. Being on the same page, will maximise community utility of the concept of live-work-play provided by MPC and governments’ earnest intentions may be supported by concrete action in creating jobs to occupy these new employment centres." View the Full Paper AUTHOR: Dr Nathalie Wharton And Ms Lucy Cradduck TITLE: Enabling Sustainable Property Practices By Ensuring Security Of Tenure |Refereed| KEYWORDS: "Residential tenancies, Security of tenure, Property rights, Global financial crisis, Australian Consumer Law" ABSTRACT: "Sustainable property practices will be essential for Australia’s future. The various levels of government offer incentives aimed at encouraging residents to participate in sustainable practices. Many of these programmes however are only accessible by owner occupiers, or landlords and tenants with long term tenancies. Improving security of tenure for tenants, to enable longer term tenancies, would positively impact upon property practices. This article explains what security of tenure is and identifies how a lack of security of tenure adversely impacts property practices. By comparison with Genevan property practices, it concludes by making suggestions as to how security of tenure can be reinforced." View the Full Paper AUTHOR: Sara J Wilkinson And Dr. Hilde T. Remøy. TITLE: Sustainability And Within Use Office Building Adaptations: A Comparison Of Dutch And Australian Practices. |Refereed| KEYWORDS: "Amsterdam, Melbourne, office, sustainability, refurbishment, building adaptation, Australia, the Netherlands." ABSTRACT: "Local Authorities worldwide are encouraging adaptation as a means of reducing building related urban energy consumption and greenhouse gas emissions. The City of Melbourne is promoting the retrofit of 1,200 CBD properties before 2020 with sustainability measures as part of their policy to become a carbon neutral city. Australian cities date from 1837 to the present day whereas some European cities have been inhabited for over two millennia. The concepts of adaptation and evolution of buildings and suburbs is well developed in Europe, though the scale of some of the post war developments has created different forms of building perhaps less adaptable or suited to change. The need to adapt buildings and to reduce environmental footprints becomes more pressing over time as global concentrations of carbon dioxide increase. Is it possible for Europeans to learn from Australian practices and vice averse? Through examination of office building adaptation in Melbourne and Amsterdam, it is possible to learn where similarities and differences exist and where new practices can be shared. This paper addressed the questions; What are the key attributes influencing adaptations in Melbourne and Amsterdam office buildings, and what are the similarities and differences? Using the Melbourne CBD and Amsterdam as a case study, the research analysed 7393 commercial building adaptations in Melbourne and 98 office buildings in Amsterdam where adaptations were completed. The outcomes of this research show where similarities and differences exist and are relevant to all urban areas where adaptation of existing office buildings can mitigate the impacts of climate change and enhance the city for another generation of citizens and users." View the Full Paper AUTHOR: Sara J. Wilkinson, Professor Richard G. Reed And Junaidah Jailani TITLE: User Satisfaction In Sustainable Office Buildings: A Preliminary Study |Refereed| KEYWORDS: "Tenant satisfaction, sustainability, office buildings, productivity" ABSTRACT: "Energy efficiency was first mandated for commercial buildings in 2006 in Part J of The Building Code of Australia (BCA) and regulators are already implementing increased measures in 2010 (ABCB 2010). Further increases will follow as part of the co-ordinated effort to reduce building related greenhouse gas emissions. The introduction of the Energy Efficiency Disclosure Bill 2010 will establish a national scheme to promote the disclosure of information about the energy efficiency of office buildings as well as further highlighting the need for efficiency. Increased energy efficiency in the form of insulation, energy efficient light fittings, sophisticated Building Management Systems (BMS), micro-generation such as solar and wind turbines all result in measurable quantifiable reductions in operating costs for owners and tenants. However convincing all building owners about the sound business case for adopting sustainability measures has not been fully realised. To-date the adoption of cutting edge sustainable buildings in Australia is restricted to a few industry leaders, such as Investa and ISPT in Victoria for example. Sustainable building owners and tenants often benefit from reduced operating costs during the building lifecycle although the ‘intangible’ effect on businesses (e.g. employee productivity) is uncertain. This aspect has not been accurately quantified and has not been included as part of the measurement of sustainability in buildings. This study will allow property stakeholders, including government policy-makers and investors/developers, to better understand the optimal type and level of sustainability to be incorporated into the built environment. In addition this knowledge will enable policymakers to make more informed decisions with regards to the likely impact of the legislative measures they propose in respect of sustainability and buildings in The Building Code of Australia (BCA) and other relevant legislation." View the Full Paper AUTHOR: Gavin Wood, Rachel Ong And Clinton Mcmurray TITLE: "Housing Tenure, Energy Expenditure And The Principal-Agent Problem In Australia" |Refereed| KEYWORDS: ABSTRACT: "The Australian Government is currently committed to delivering a cut in carbon emissions in response to climate change concerns. In this context, much research and policy attention has been given in recent times to the energy efficiency of new housing, much less to the existing housing stock. It is generally acknowledged that the energy efficiency of existing homes can be greatly improved with the use of existing technologies, but there are significant barriers to its uptake. This paper focuses attention on one such barrier – the principle-agent problem present in the private rental market. While landlords are generally responsible for the purchase of many energy consuming household appliances, tenants are responsible for the purchase of energy. These split incentives lead to an energy efficiency gap. Applying a hedonic regression model to the 2006 wave of the Household Income and Labour Dynamics in Australia survey (HILDA) we attempt to estimate the magnitude of the principle-agent problem by modelling energy expenditure as a function of housing tenure, dwelling type, location and other socio-demographic variables. We fail to find evidence in support of the split incentives hypothesis in Australia and offer some reasons for why this may be the case." View the Full Paper AUTHOR: Sharon Yam And Peter Rossini TITLE: Online Learning And Blended Learning: Which Is More Effective? |Refereed| KEYWORDS: "online learning, blended learning, face-to-face learning, property education" ABSTRACT: "One of the significant recent transformations in tertiary education is the trend to offer students the opportunity to offset internal classes with a greater online component in order to cope with competing demands from family and work commitments. Traditionally courses were offered internally with significant class room contact with a limited number of tertiary programmes being offered in external mode via “correspondence”. With the growth of the world-wide web and elearning some programs are now fully online but blended learning has also become popular, offering various combinations of internal classes and online content. This paper reports the results of delivering an introductory first-year property course using both online and blended learning. The paper considers the effectiveness of blended and online learning based on the thesis that blended learning is more effective as students have the advantages of both face-to-face learning and the online environment. A case study approach is adopted that involves two recent cohorts of students. Course statistics from the newly introduced Moodle software are used to analyse how these two groups of students use the online material and how these activities are correlated with their learning outcomes. The paper provides some insights into the use of the Moodle platform and how students react to the blended style of learning." View the Full Paper AUTHOR: Laura Yao Huimin & Frederik Pretorius TITLE: Real Options Analysis: Empirical Testing Of Real Options In Residential Real Estate Development |Refereed| KEYWORDS: "capital budgeting methodology, land use conversion; real options analysis; empirical testing" ABSTRACT: "From a real options analysis perspective, the modern theoretical view is that development land represents a perpetual call option to the landowner on the conversion and subsequent development of the land. In the research literature, modeling this process typically follow institution-free assumptions, allow for unconstrained land use mix, density, exercise timing, and other assumptions that otherwise influence “optimal” development decisions. However, in real property markets analysis of land development options are significantly more constrained by institutions than typical stylized land development options encountered in academic literature and research. Hong Kong practices the leasehold system of land management, through which land use and improvements are controlled through leasehold contract conditions in conjunction with urban planning regulations. Developers speculatively purchase long-term land leases with the intention to apply successfully to convert land use and changes in development density, in practice similar to systems that operate under freehold systems, with one important exception: land development options are not perpetual American calls but instead are very long-dated American calls. This paper reports on the experimental application of the perpetual American call option model in the Hong Kong market for very long-dated land development options, and tests if the model explains the behavior of developers through the analysis and testing of option values in ten cases that involved the purchase of development land, holding the land over long periods, and converting and developing the land. Despite it being a perpetual model and not a term-specific long-dated call as the leasehold land management system would specify, in eight out of ten cases the perpetual call model yields “optimal” results that match actual developer behavior. This finding could complicate significantly the standard expectation that American call options with no dividend should not be exercised early. This constitutes the research question for the second phase of this research (not reported on here), which aims to compare these results with results obtained from a study of the same sample but with options valued with a long-dated American call option model with consideration of potential early exercise." View the Full Paper AUTHOR: Jia You, Hao Wu And Sun Sheng Han TITLE: Origin And Diversity? The Chinese Property Developer In The Nanjing Affordable Housing Market |Refereed| KEYWORDS: "Affordable housing, developer, Nanjing, evolutionary diversity" ABSTRACT: "Property developers have appeared to be one of the most critical elements in the rapidly emerging housing markets in transitional China. Yet little is known about their origin and diversity. This paper fills in a gap by examining the origin and evolutionary diversity of property developers involved in affordable housing projects using Nanjing as a case study. Data is collected from semi-structured interviews conducted between December 2009 and January 2010, as well as official websites of developers, and media reports. All developers who were involved in affordable housing projects in Nanjing (2002-2010) were identified. The study found that the developers in the affordable housing sector in China can be categorised into four groups according to their origins. Similarities are observed within each category; while diversity presents in multiple ways such as ownership and organisational structure. This paper is one of the first attempts to investigate developer diversity in China’s housing market." View the Full Paper AUTHOR: Paul Zarebski And William Dimovski TITLE: Determinants Of Capital Structure Of A-Reits And The Global Financial Crisis KEYWORDS: ABSTRACT: "This paper contributes to the capital structure literature by investigating the determinants of capital structure of Australian Real Estate Investment Trusts (A-REITs) over the period 2006-2009. We partition capital structure into total leverage, long term leverage and short term leverage, and subsequently analyse their determinants prior to the Global Financial Crisis (GFC) shock (2006-2007) and after (2008-2009). We find that a diverse range of explanatory variables impact differently upon the term of leverage, and that the GFC has provided an unique environment which has forced managers to alter their long term strategy on capital structure." View the Full Paper AUTHOR: Hugh Zochling And Matthew Phipson TITLE: Reit Takeovers – An Evaluation Of Barriers To Activity |Refereed| KEYWORDS: "REITs, A-REITs, discount to net asset value, takeover" ABSTRACT: "The global financial crisis in September 2007 resulted in the most significant downturn in global real estate markets in decades. Listed real estate markets were particularly affected, as the combination of high leverage and collapsing real estate values led to massive erosion of shareholder value and investment confidence. The Australian real estate investment trust (A-REIT) market suffered one of the largest downturns relative to its global peers. Currently the downturn appears to be abating, with most A-REITs having undertaken a process of balance sheet reconstruction, via asset sales, equity raisings and debt reduction. However, many A-REITs continue to trade at a significant discount to underlying net asset values. Such circumstances typically provide takeover opportunities that may unlock significant value. However, despite the potentially attractive values, we have seen limited recent takeover activity in Australia. This paucity of A-REIT takeovers suggests there may be barriers to such activity. This research examines the barriers to takeovers currently existing in the A- REIT market." View the Full Paper |
