Proceedings from the PRRES Conference - 2013
19th Annual Pacific Rim Real Estate Society Conference

Melbourne, Australia, January 13-16, 2013

Delegate Papers  - Including Keywords and Abstract

Papers shown as "refereed" have been refereed through a peer review process involving an expert international board of referees headed by Judith Callanan and Dr David Higgins. Full papers were refereed with authors being required to make any changes prior to presentation at the conference and subsequent publication as a refereed paper in these proceedings.   Non-refereed presentations may be presented at the conference without a full paper and hence not all non-refereed presentations and/or papers appear in these proceedings.  All authors retain the copyright in their individual papers.

AUTHOR: Antti Saynajoki, Jukka Heinonen And Seppo Junnila
TITLE: A Comparative Greenhouse Gas Analysis Of Energy Efficiency Renovation And New Construction Of A Residential Area |Refereed|
KEYWORDS: "Carbon spike, LCA, climate change mitigation, renovation, construction, real estate business"
ABSTRACT: "Buildings are accountable for nearly half of the global greenhouse gas (GHG) emissions. Building sector is also considered to have the most economical potential for climate change mitigation. Several cities in Finland consider construction of new energy efficient residential areas as one strategy to reach even the short- and mid-term climate change mitigation goals of the future. Replacing existing residential areas that are in poor shape with new buildings is often considered as an economically more feasible option than renovating these areas. However, new construction projects cause significant GHG emissions in a short time period and the benefits of the improved energy efficiency realize only after several decades. Furthermore, energy efficiency improvements may also be implemented in the old buildings during the renovation process in an economically sustainable manner. Thus, legislation and regulation officials may have too little knowledge at their disposal in decision-making. The study evaluates the GHG emissions of the renovation process of an existing suburban building and compares it to a recent construction project of a residential area with similar attributes. The research method of the study is life cycle assessment that takes the indirect emissions of the supply chains into account besides the direct emissions. The case study screens whether renovating existing suburban areas is a better way to promote climate change mitigation than constructing new ones. The results of the study indicate that renovating the current building stock may be ecologically more sustainable than replacing it with new buildings. The results and conclusions of the study have value in evaluating the current climate change mitigation strategies as well as in preparing new ones."
View the Full Paper

AUTHOR: Judith Callanan
TITLE: A Contingent Valuation Approach To The Valuation Of High Voltage Transmission Lines |Refereed|
KEYWORDS: "Willingness to Pay, High Voltage Transmission Lines, Effect on property value, contingent valuation"
ABSTRACT: "This paper is to determine the effect High Voltage Transmission Lines (HVOTLs) have on property values, the perception residents have of the effect on value and whether residents are prepared to pay to have an existing HVOTL removed from their neighbourhood. A case study was undertaken to: i. Carry out a quantitative analysis to determine the effect of the HVOTL on property values. ii. Determine the perceptions of property owners to the presence of the HVOTLs, and iii. Determine the property owners’ ‘willingness to pay’ to have the HVOTLs removed, The results show a disparity between the actual sales data as compared to what residents expect and also how much they would be prepared to pay to remove the HVOTLs. The sales analysis results in a negative effect of 20% to those properties that are adjacent to the HVOTLs. This effect drops to a negligible amount at 100 metres. Owners within the neighbourhood believe there is a 10% effect whether they are adjacent or up to 400m from the HVOTLs. The majority of owners opposed any contribution towards removing the HVOTLs. This paper highlights the need for Valuers to have a better understanding, regarding how to appropriately measure the effect of HVOTLs on property values. "
View the Full Paper

AUTHOR: John Macfarlane
TITLE: Accurate Valuation When The Penalty For Inaccurate Valuation Is Asymmetric
ABSTRACT: "In many statutory valuation jurisdictions, there is an implied penalty for over-valuation which is less than the penalty for under-valuation. This follows the principle that tax payers should not knowingly be over-charged when applying ad valorum taxes. In NSW, one of the standards for valuation accuracy is the mean value price ratio (MVP). The prior standard for the MVP has been a range of 85% to 100%. That is, a level of under-valuation is tolerated but not so any level of over-valuation (MVP above 100%). At present, this standard is being reviewed with a suggested range of 90% to 100%. Clearly, the accuracy of valuations is impacted on by the variation in valuations. This raises a number of considerations. What should be the target level of valuation accuracy in this asymmetric environment? What is an appropriate standard for valuation accuracy? These issues will be considered in the paper. They may also be applicable in other property areas such as investment where under-performance is penalised much higher than over-performance (although a risk measure such as the standard deviation does not directly account for this) "

AUTHOR: Lyndall Bryant
TITLE: Action Research And Unit Improvement In Higher Education; A Case Study Approach |Refereed|
KEYWORDS: "Action research, unit improvement, student surveys, student satisfaction"
ABSTRACT: "Student satisfaction data has been collected on a national basis in Australia since 1972. In recent years this data has been used by federal government agencies to allocate funding, and by students in selecting their universities of choice. The purpose of this paper is to present the findings of an action research project designed to identify and implement unit improvement initiatives over a three year period for an underperforming unit. This research utilises student survey data and teacher reflections to identify areas of unit improvement, with a view to aligning learning experiences, teaching and assessment to learning outcomes and improved student satisfaction. This research concludes that whilst a voluntary student survey system may be imperfect, it nevertheless provides important data that can be utilised to the benefit of the unit, learning outcomes and student satisfaction ratings, as well as wider course related outcomes. Extrapolation of these findings is recommended to other underperforming units."
View the Full Paper

AUTHOR: Paul Kershaw And Peter Rossini
TITLE: Aggregated Vs Actual Data In Calculating Housing Market Yields: Why Most Published Yields Are Misleading
ABSTRACT: "In Australia residential investors rely upon a range of published market indicators to assist with their purchase decision. Typically they rely on published data such as median prices and median yields to provide macro level information prior to more traditional micro-level submarket analysis. Over the past two decades the use of median prices has been widely criticized and alternative indices suggested and tested. However gross yields based on aggregated (median) data are still widely published. This paper demonstrates mathematically that using aggregated data for gross yield estimates is biased and that this bias relates to the variance in rentals and price. Gross yields based on individual transaction data and aggregated data are then compared to demonstrate empirically the extent of this bias. The data are analysed over a 10 year period and across a capital city for different housing types to show how “true” gross yields vary over time, space and housing type. The authors conclude that using published aggregated gross yield data will negatively impact on an investor’s decision to acquire residential property as an investment"

AUTHOR: Iona Mccarthy And Michael Lawrence
TITLE: An Assessment Of Rural Valuation Methods For Dairy Farm Financing
ABSTRACT: This study investigates whether greater weighting should be placed on an investment approach to determining the value of a dairy farm enterprise when assessing available security for a farm lending proposal. The investment value and current market value of three case study farms is compared at four different stages of the property cycle between 2005 and 2012. Recommendations are made on the most appropriate valuation method(s) to apply in making sustainable dairy farm financing assessments.

AUTHOR: Richard Reed And Anita Bilos
TITLE: An Examination Of International Sustainability Rating Tools: An Update
ABSTRACT: "Previous research in this area (Reed et al. 2009; Reed et al. 2010) has highlighted the confusion about international rating systems, partly due to the rapidly increasing number of sustainable buildings entering the global 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. This paper builds upon earlier studies and undertakes an international comparison of global sustainability tools and investigates their characteristics and differences. 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 are designed to lessen some of the confusion 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. "

AUTHOR: Jian Liang
TITLE: Are Different Types Of Real Estate Investment Trusts Using Different Earnings Management?
ABSTRACT: "Abstract This paper is the first empirical research investigating if different types (office, residential, retail, industry and diversified) of real estate investment trusts (REITs) are using different earnings management (EM) strategies. In this research, a panel data set containing financial, accounting and property data from 2000 to 2011 for all real estate investment trusts in Australia is used, and Dechow and Dichev model is employed to capture the EM used by REITs. The proportions of office, residential, retail and industry property assets value takes in the total assets value of REITs are used as independent variables, together with other variables such as total cash flow and average lease term etc. to regress against the EM in dynamic panel data regression model. Findings in this research suggest that retail and office REITs are more actively engaging in EM comparing to industry and residential REITs, and retail REITs tend to use EM to bring down the earnings on financial report to retain more liquidity to cope with possible financial distress"

AUTHOR: Francis Pangfei Lai
TITLE: Are We Socially Intelligent? |Refereed|
KEYWORDS: Social Intelligence; Property Professionals; Teacher-Learner Autonomy
ABSTRACT: "The topic of Social Intelligence has been researched by many neuroscientists, psychologists, management consultants and educational specialists up until now. There is as yet no sign of any research on this topic by property professionals. This paper is thus a discussion paper aimed at stimulating interest in this topic so that research on social intelligence can be carried out by property professionals in the future. It was Daniel Goleman’s book “Social Intelligence: The New Science of Human Relationships” that started the author thinking on the relevance of social intelligence to property professionals. In the course of practicing as a property consultancy and lecturing at various universities over the years, the author notices that a property professional tends to lack the many soft skills of emotional and social intelligence. In this paper, he advocates the need to include such soft skills of ‘social intelligence’ as an essential component in the training of future property professionals. The term ‘we’ in the title therefore refers to property and real estate professionals such as property valuers, real estate agents, property developers, architects and other design consultants, quantity surveyors, builders and includes those amongst us who are involved in the training of these professionals. As mentioned earlier, the author cannot find any research on the relevance of emotional and social intelligence to property issues. However, in topics related to the teaching profession, there is now a ground swell of opinions advocating the need for teachers to be learners and to engage their students in a teaching-learning environment. This is essentially a call for teachers to be socially intelligent in their relationships with their students or learners. Whilst the hard skills of the property profession such as property valuation, to take an example, can in future be replaced by a computer application, it is the soft skills such as a person-to-person relationship that need to be understood by property professionals of the future. This paper thus advocates: (1) the need for research on the relevance of social intelligence to property related issues; and (2) if found relevant, the need to include the teaching of social intelligence in property studies at university level. "
View the Full Paper

AUTHOR: Valerie Kupke And Stanley Mcgreal
TITLE: Assessing The Current Dynamic Of Investment In The Australian Retail Property Sector
ABSTRACT: "The retail sector has traditionally been an important contributor to the Australian economy with over ten per cent of Australians employed in the industry. The retail property sector has also made a significant contribution to Australian investment portfolios and in the past produced some of the highest returns on shareholder funds. However as of 2012 rising vacancy rates, falling property values and decreasing rentals have compromised returns in the sector with average returns continuing to soften and income return premiums the lowest across all property sectors in Australia. However these returns seem not to have switched off all investment activity and a reasonable level of counter cyclical investment may be in evidence. Using the Real Capital Analytics database an analysis of investment flows into the Australian retail sector for a five year period from 2007 is carried out in this paper for five metropolitan areas for both CBD and non CBD locations. In an effort to capture the current dynamic of investment in the sector the paper assesses a range of issues including investor type, source of investment as well as type and location of retail space transacted"

AUTHOR: Chris Eves And Andrea Blake
TITLE: Assessing The Long Term Viability Of Leasehold Rural Land In Queensland |Refereed|
KEYWORDS: "Rural land, leasehold rural property, term leases, farm viability"
ABSTRACT: "Rural land holdings in a number of states in Australia can be freehold or leasehold. The actual type and tenure of the leasehold varies according to each state, but the underlying principles of ownership, transferability and farming and grazing rights are reasonably similar. There are rural areas that are all leasehold title such as the western lands in NSW, while rural land in some states and areas can be a mix of both freehold and lease hold rural property. Over the years many rural farming areas that were originally developed or granted as leasehold land have been converted to freehold title. In many instances the cost of purchasing perpetual leasehold property is similar to the equivalent freehold property despite the fact that an additional rental charge is applied to this form of ownership. Many of the current leasehold rural holdings are located in the more arid regions of the state and the prevailing agricultural farming system is either cattle or sheep grazing. "
View the Full Paper

AUTHOR: Graeme Newell
TITLE: Assessing The Quality Rankings Of The Property Research Journals
ABSTRACT: "Recent years have seen an increased focus on property research for university academics; particularly concerning the quality and ranking of property journals. This has been reflected in the ERA journal rankings and more recently in the Australian Business Deans Council journal rankings which has become the benchmark for business journal rankings. Using a major survey of property academics in the Asia-Pacific region, this paper presents the rankings of a large number of property research journals as perceived by property academics. This “property academic” journal ranking is compared with the current ABDC journal rankings to more fully embed the quality of the property research journals in the broader context of business research journals. The ongoing implications concerning publications in the various property research journals are assessed."

AUTHOR: Wejendra Reddy, David M. Higgins, Mark Wist And John Garimort
TITLE: Australian Industry Superannuation Funds: Investment Strategies And Property Allocation
ABSTRACT: "For Australians, the $251 billion not-for-profit industry superannuation funds are a popular retirement saving option with a good performance track record, quality management and low fees. To achieve their investment objectives, industry superannuation funds commonly apply the strategic asset allocation approach across seven diversified benchmarked asset classes. Covering a 17 year period, this research examines the performance of the seven asset classes and compares the strategic asset allocation approach to eight different investment strategies and the role of property in these asset allocation models. The research showed that the seven asset classes presented a range of performance profiles. Behind the alternative asset class, property provided the third best quarterly total returns and second highest risk adjusted return profile. The different asset allocation strategies perform as well as the conventional strategic approach and in many instances property allocation is found to be under-allocated on a return optimisation basis. On a risk adjusted return basis, property when included within the multi-asset portfolio improves the performance by 1.5% to 28.1% and reduces portfolio risk by 0.5% to 10.9%. On excluding unconstrained asset allocation models, the weighting to property ranged from 5% to 23%, which is above the current strategic asset allocation model of 10% property allocation. In considering this option, further research needs to examine both the property asset class, where unlisted (including direct property) are combined with listed property (REITs) and that attributes of infrastructure assets that form part of the alterative asset class may be better aligned with those of the unlisted property investment class "

AUTHOR: Lyndall Bryant
TITLE: Building A Predictive Model For House Price Drivers In Australia

AUTHOR: Geoff Page
TITLE: Carbon Farming
KEYWORDS: Australia’s Carbon Farming Initiative is designed to encourage farmers to store carbon or reduce greenhouse emissions. This is to be undertaken in ways that do not reduce the capacity of Australian farmers to produce food. Farming practices that increase carbon capture can also increase the productive capacity of the farms. This paper reviews the practices that can increase production and also the current impediments to farmers signing up for carbon credits. The measurement of carbon levels in an easy and economical way will continue to impede the take up of carbon farming for credits but not necessarily slow the practices that capture carbon and increase production

AUTHOR: Fang Fang And David M. Higgins
TITLE: Chinese Residential Property Markets: Applying Diversification Principles And Practices |Refereed|
KEYWORDS: "Chinese residential property markets, investment measurements, diversification analysis"
ABSTRACT: "This research examines the portfolio allocation benefits of five selected Chinese residential property markets; Beijing, Shanghai, Guangzhou, Tianjin and Chengdu. The six years of reliable quarterly rent and capital growth data from DTZ Property Consultants was converted to annualised total returns. The results illustrated that the selected Chinese residential property markets provided an average 19% annual return apart from Shanghai at just below 7%. Based on the Markowitz constrained mean-variance model, the optimum residential portfolio allocation is anchored by a Beijing residential property with the portfolio exposure to the Guangzhou and Tianjin residential property market. This achieved a 25% improvement in risk adjusted returns to that of a single location residential property portfolio. Similarly, the benefits of diversification by combining an investor’s primary location with an additional residential property in an alternative location, leads to either a higher return or a lower risk profile. In highlighting the benefits of diversification, defined long-term data series and more knowledge on the Chinese residential property markets will increase Chinese investor appetite for executing a successful long term residential property portfolio strategy."
View the Full Paper

AUTHOR: Michael Fibbens, Michael Y. Mak And Anthony P. Williams
TITLE: Coal Seam Gas Extraction: Does Landholder Compensation Match The Mischief |Refereed|
KEYWORDS: "Coal seam gas (CSG), landholder compensation, injurious affection, severance."
ABSTRACT: "Coal seam gas (CSG) extraction is set for expansion in New South Wales. However, controversy accompanies its introduction in that the present law grants miners access to private lands for the purposes of exploration and production. The NSW Petroleum (Onshore) Act 1991 regulates compensation for land access, and a number of questions have been raised about the adequacy of its compensation provisions. Additionally, compensation for coal seam gas poses a challenge for the valuation profession in that valuation theory has yet to be developed in this emerging sphere of practice. This paper compares the legal and physical impacts of coal seam gas infrastructure on private lands with the current provisions of the NSW Petroleum (Onshore) Act 1991 and questions if the present compensation provisions match the injury inflicted upon the holders of private land by coal seam gas occupation. The paper reviews the NSW legislation and case law relating to coal seam gas acquisition to identify the legal affects, whilst field observation and remote sensing techniques identify physical effects. The physical effects are then categorised according to the heads of compensation that apply to the compulsory taking of parts of property in Australia. A comparative analysis determines if all of the various “harms” that result from coal seam gas occupation are compensable under the current law. The research indicates that “severance” and “injurious affection” are key issues for landholder compensation where CSG plant occupies parts of land; however, the right to claim for “injurious affection” is unclear in the present legislation. "
View the Full Paper

AUTHOR: Jeremy Gabe And Michael Rehm
TITLE: Commercial Building Energy Effiency: Where Does It Fit In The Property Value Chain? |Refereed|
ABSTRACT: "There are clear reasons why office buildings have reduced energy consumption over the past five years, including efforts at corporate social responsibility and the introduction of mandatory energy rating disclosure in advertising for sale or lease. A look at the economics of energy efficiency from the tenant perspective in the central Sydney market suggests that private financial gain is not likely one of these reasons. Yet there are numerous econometric studies around the world that find evidence for rental and sales premiums in office buildings with high energy efficiency ratings. This paper expands these existing analyses by constructing a hedonic price model using individual lease transactions in the Sydney central business district. Previous models are predominantly at the building scale and use asking rents or net operating income; thus they have not been able to control for the energy rating at the time of lease nor the complexities involved in each rental transaction. A preliminary dataset of leasing transactions between 2005 and 2011 reveals that an energy efficiency premium is absent from annual face rents in Sydney. This finding helps to narrow the causal relationship between energy efficiency and rental premiums. Efficient buildings do not command higher annual face rents relative to inefficient buildings, so premiums observed in existing research may arise from reduced vacancy at the building scale or reduced incentives at lease commencement. Sale premiums may represent a perception of reduced obsolescence and revenue streams that extend beyond typical lease terms."

AUTHOR: Doug Baker, Chris Eves And Lyndall Bryant
TITLE: Commercial Developments In Airport Precincts: Lease And Valuation Issues
ABSTRACT: "Over the past 30 years the nature of airport precincts has changed significantly from purely aviation services to a full range of retail, commercial, industrial and other non aviation uses. Most major airports in Australia are owned and operated by the private sector but are subject to long term head leases to the Federal Government, with subsequent sub leases in place to users of the land. The lease term available for both aviation and non aviation tenants is subject to the head lease term and in a number of Australian airport locations, these head leases are now two-thirds through their initial 50 year lease term and this is raising a number of issues from a valuation and ongoing development perspective. . For our airport precincts to continue to offer levels of infrastructure and services that are comparable or better than many commercial centres in the same location, policy makers need to understand the impact the uncertainty that exists when the current lease term is nearing expiration, especially in relation to the renewed lease term and rental payments. This paper reviews the changes in airport precinct ownership, management and development in Australia and highlights the valuation and rental assessment issues that are currently facing this property sector."

AUTHOR: Charles Leung, Song Shi And Edward Tang
TITLE: Commodity House Prices
ABSTRACT: "This paper studies how commodity price movements have affected the local house prices in New Zealand, which is heavily dependent on commodity exports, by building a simple and geographically hierarchical empirical model. We find that both direct impacts as well as indirect impacts through macroeconomic variables are important. Regional heterogeneity and differential responses to energy versus non-energy commodity price movements are highlighted. Robustness checks and discussion for future research are also provided."

AUTHOR: Xin Janet Ge And Jian Chen
TITLE: Rental Housing Subsidy Policy: Nras |Refereed|
KEYWORDS: "Housing policies, affordable rental housing, NRAS Australia"
ABSTRACT: "As house prices become increasingly unaffordable, many families turn to rental housing. However, the higher rent in some market places is placing a lot of families under stress, in particular the low-income families. Thus, many housing policies and strategies have been introduced by governments to support low-income families in improving their housing affordability. The national rental affordability scheme (NRAS) in Australia is such example. The scheme aims to increase supply of affordable rental housing for low-income families. The NRAS provides an annual tax-free incentive for investors to purchase new affordable dwellings and rent them at 20% below market rents to low-income families. This paper studies of the NRAS scheme and investigates the impacts of using the scheme for improving affordable rental housing. The paper will first study the NRAS structure and the performance since the policy introduced. Secondly, the impacts of the scheme will be investigated through case studies to establish whether the incentive provides a stronger influence on private investors in encouraging them to provide affordable rental housing for low-income families."
View the Full Paper

AUTHOR: Timothy Tunds Oladokun
TITLE: Corporate Real Estate Management Practice In Nigeria: A Survey Of The Attitude Of Business Executives
ABSTRACT: "With globalisation of business and trade activities propelled by Information technology, the need for efficient utilisation of organisational resources are in African emerging economies are apparent. As a major resource of the organisation which could be restructured in order to achieve shareholders value, the decision on the management of CRE, which is the fifth resource of the organisation is vital to organisational survival in specific, and national economic growth in general. The study sought to examine the current executive attitude to CREM management in selected organisations in Nigeria. Questionnaires were served on senior real estate officers of the 24 recently recapitalised banks and insurance companies as well as the GSM communication companies in Nigeria. With 70% success rate of return, data were analyzed with the aid of statistical tools of correlation and regression analysis. The study found that Nigerian companies adopt a reactive real estate management style and lack the added value of CRE owing to wrong perceptions of real estate by corporate executive. "

AUTHOR: Mia Andelin, Riikka Kyro And Anna-Liisa Sarasoja
TITLE: Current Sustainability Reporting Practices In Nordic Real Estate Companies |Refereed|
KEYWORDS: "sustainability, Triple Bottom Line (TBL), Corporate Social Responsibility (CSR), Global Reporting Initiative (GRI), sustainability reporting, real estate sector"
ABSTRACT: "Sustainability reporting has become both a necessity and a potential competitive advantage for many contemporary corporations. However, unlike many industrial operators, real estate owners and investors have not yet seen the need to follow or report their environmental performance on any large scale. This lack of pro-activeness is both peculiar and problematic considering that the built environment is responsible for a significant share of global resource use, such as energy and water consumption. With respect to climate change, the built environment is a huge contributor with over one third of global annual emissions. In the light of this knowledge, this study approaches the world of sustainability reporting from the perspective of real estate investors and owners. The aim of the study is examine what and in what extent investors and owners are reporting at the moment. It is also examined what reporting guidelines the reports are following and in what manner the reports are covering the triple bottom line of sustainability. Based on the commonly accepted definition of the triple bottom line, the reporting should cover not only environmental, but also social, and even economic performance with regard to building use. Additionally, potential reasons for the current unwillingness and problem situations of the investors and owners to measure and report their activities are explored via interviews and data reviews. This study will give an understanding of the current situation and the findings are expected to indicate the strengths and weaknesses of the reporting. It is expected that these results will indicate how the reporting should be developed to achieve competitive advantage for the investor or owner by acting pro-actively instead of only reporting what has happened. The topic is important as sustainable development and corporate responsibility are coming more essential due the climate change and recent global crises. It can be expected that the findings will also be applicable to other business areas"
View the Full Paper

AUTHOR: Mccord.M, Mciihatton. D, And Grissom., T
TITLE: Cyclical Co-Movements Of House Prices
ABSTRACT: "This paper analyses the cyclical co-movements, interactions and transmission between the different house price typologies within the NI housing market between 1999 and 2011 in an attempt to identify whether any transmittal and endogenous shocks are evident. House price trends in NI display strong interdependence across house types, which is counter intuitive given that the economic variables that support pricing are supposedly impounded in price measures. This paper sheds new light by decomposing the housing indices into their respective trend and cyclical compounds measured by both regime analysis and filter (Band-Pass) methods to allow the measurement of price trends and reflect difference assumptions and measures of rational and adaptive expectation. These alternative forms of measurement reflect both the temporal nature of the cycles (nonstationary) and point optimal information through the regimes which impound time to reflect rational economic effects of the period. Comparison of these methods allows for the extraction of impounded pricing factors and highlights the disturbance errors – cyclical measures. This paper offers a methodological advantage over traditional filter approaches in that by decomposing pricing behavior into a regime cyclic component this supports the view that distinct and segmented markets by housing sector are in operation. Indeed, the inconsistency especially based on regime segmentation and tracking era measures suggests that while the housing market in Northern Ireland may show a degree of interdependence during normal and stable markets, the recognition of a contagion effect across the distinct housing sectors maybe best explained the high association of price acceleration during boom periods and bust phases. The distinction between contagion and interdependence effects may be assisted by the recognition of the lagged effect between detached and semi-detached housing and all other housing types. Moreover, this contagion effect may be attributed to laxity in underwriting during boom periods, irrational expectations, and shared perceptions of decline and limited access to financing during the downturn. The implications of contagion effects during non-standard and stable market phases supports further research on the relationship of economic and financing variables and price changes across distinct market regimes. This approach therefore lays the foundation for quantifying booms, busts and both rational and irrational market ‘bubbles’, and importantly in the context of Ireland, the basis to measure the loss of collateral values associated with accumulated debt across property markets."

AUTHOR: Abdul Jalil Omar And Christopher Heywood
TITLE: Defining A Corportate Real Estatemanagements (Crem) Brand |Refereed|
KEYWORDS: "Corporate real estate management, brand, branding strategy, internal service provision"
ABSTRACT: "Corporate Real Estate Management (CREM) is increasingly attracting attention from corporations. It is an evolving internal service provision that can be shown to make significant contributions to organisations’ success. Despite its importance, CREM faces dilution in defining its brand to customers. There is gap between CREM’s core competencies and customers’ understanding that led to failure bettering its position within organisations. Meanwhile, branding knowledge provides a basis to define attributes of a CREM in building a strong brand. The study explores CREM branding using a case study approach from four industry sections that consist of telecommunications, logistics, retail, and education from an emerging real estate market (Malaysia) and a mature real estate market (Australia). CREM executives and CREM customers were interviewed to get feedback about CREM within organisations. The findings indicate that CREM supports the business by managing organisations’ strategic real estate resources as its branding strategy within organisations."
View the Full Paper

AUTHOR: Jung Hoon Han And Jun-Hyung Kim
TITLE: Developing A Tenancy Mix Model For Commercial Properties In Sydney
ABSTRACT: "The aims of this study are to investigate typical tenancy-mix patterns in Sydney CBD and develop an efficient tenancy mix model for a commercial leasing strategy. The mixed use development in CBD helps customer better access the variety of goods and services in one-stop shopping. Tenants in the commercial property are generally more heterogeneous than those in the residential property. A higher heterogeneity ratio in tenants could minimise shopping time, which can attract more customers to the building. This study investigates the characteristics of the anchor tenants (e.g. banking, lawyers and medical services etc.) which are an important pull factor of tenancy mix. The findings of this study show that the rent for those anchor tenants is lower than other tenants and the BIG five (Myer, David Jones, Woolworth, Coles and BigW) play an important anchor tenant role in Sydney CBD."

AUTHOR: Kwong Wing Chau And C. M. Lee
TITLE: Dog-Keeping Policy And Apartment Prices
ABSTRACT: "Previous studies on the impact of pet-keeping restriction on apartment / condominium prices are rare and inclusive. Allowing pet-keeping impose fewer restrictions on apartment owners’ right and thus should enhance the value of their housing units. However, this enhanced value is likely to be offset its negative externality imposed on other tenants in the same building. The most common types of domestic pets are cats and dogs. Since keeping cats usually impose less negative external effects on the tenants in the same building than, buildings that allows keeping cats only are likely to be more expensive than those that allow keeping both dogs and cats. However this does not predict whether allowing pet-keeping results in a premium or discount on housing prices. We suggest that it is impossible to deduce theoretically whether allowing dog-keeping will lower or raise housing prices. Based on the cost odd monitoring the behavior or dog-keeper, we focus, instead, on how changes in the number of dog-keepers and size of apartment units affect the dog-keeping discount /premium. Hypotheses are formulated and tested using transaction data from Hong Kong."

AUTHOR: Andrea Blake And Matthew Gray
TITLE: Embracing Social Networking To Create A Community Of Scholars In Large Multi-Disciplinary First Year Cohorts |Refereed|
ABSTRACT: "The first year of a property degree program is a time to establish threshold concept knowledge to acculturise students into their discipline or professional group. Due to the foundational nature of first year in many property degrees, students are enrolled in large, multi-disciplinary classes. There are several challenges in the delivery of large first year multi-disciplinary units to engage the student in a community of leaning to aid in student retention. "

AUTHOR: Christopher Heywood And Russell Kenley
TITLE: Five Axioms For Corporate Real Estate Management: A Polemical Position |Refereed|
KEYWORDS: "Axioms, corporate real estate management, knowledge production, theory,"
ABSTRACT: "Through action based research this study shows how social networking, particularly Facebook, can be used to create a sense of community across large, multi-disciplinary units to illicit ‘real time’ feedback from students and encourage peer to peer learning. This study assesses the benefits of using social media and considers the potential limitations of this medium"
View the Full Paper

AUTHOR: Junaidah Jailani, Richard Reed, Georgia Warren-Myers And Kimberley James
TITLE: Form Versus Function: A Study Into Interactive Learning Process Affecting The Implementation Of Sustainability In Commercial Buildings |Refereed|
KEYWORDS: "Sustainability, built environment, occupant satisfaction, office building design, interactive learning process."
ABSTRACT: "Owners and tenants of sustainable buildings are now realising the sustainable building that they own or occupy and also how they use the building have a significant impact on their work practices. These stakeholders are demanding sustainability outcomes such as improved occupant health and performance, lower energy and material consumption use as well as encouraging healthy ecosystem in their sustainable building. Clearly the level of user knowledge about a sustainable building and its technologies makes a difference about the actual behaviour towards sustainable buildings (Knott 2007; Stenberg 2007) There remains two major challenge faced by sustainable building occupants: (i) addressing the gap between an occupant_s expectations of sustainable building outcomes and what the building actually provides and (ii) overcoming the lack of user knowledge about sustainability design and operation for a particular with regards to performance (Jailani et. al, 2011). This is an innovative study designed to address these challenges. It uses a focus group approach to investigate the gap between (a) user expectations and (b) sustainable building performance, with reference to the relationship between interactive learning process and the level of implementation of sustainability in commercial buildings. The outcome from the study will provide a post-occupancy evaluation of the perception of occupants in sustainable buildings. Most importantly, this information can then assist architects and designers in private and government organisations to successfully develop future sustainable design and policy which can fully capitalise on the original intention when delivering sustainable buildings, as well as providing an innovative feedback mechanism between occupiers and architects."
View the Full Paper

AUTHOR: Dermot Mcgeown
TITLE: Fostering Real-World Learning? Embedding And Evaluating Teamwork In A Capstone Subject(In Real Estate |Refereed|
KEYWORDS: "Higher Education, Capstone, Studio Based Learning, Group Work, Peer Learning, Student Evaluation"
ABSTRACT: "This paper provides a case study of how the process of student teamwork has been embedded and evaluated for a capstone subject in Real Estate undertaken in a studio environment, in an undergraduate degree. It draws on the experiences of the final-year subject ‘Property Analysis Studio’ in 2010 and 2011. It describes the University’s underlying concept of a capstone, provides a literature review and an overview of the subject together with the methods that were introduced to embed teamwork into the delivery and assessment processes. It sets out the changes that were made in the second year to improve upon the first year’s outcomes. There is a considerable body of research on group learning in higher education which indicates that students are often resistant to group work. The evidence from our research indicates that the evolving development of the Capstone subject, over two years, has provided a positive and sound basis for embedding and evaluating teamwork. The case study represents an original contribution to research on subject development and evaluation, group work, cooperative learning and collaborative learning, in Real Estate education at undergraduate level."
View the Full Paper

AUTHOR: Deborah Levy And Catherine Frethey-Bentham
TITLE: Framing Effects On The Perception Of Property Market Volatility And Optimism
ABSTRACT: "Extant literature from a variety of disciplines notes that the perceptions of individuals are influenced by context or message framing. In general, a frame can be regarded as some combination of the beliefs, values, attitudes and mental models that people adopt to apprehend and comprehend a situation. The frame significantly affects how individuals infer meaning and hence understand a situation. Slovic (2002) studying affect heuristics found that these occur when a decision maker is influenced by the emotional context of information. With the exception of Jin and Gallimore (2010), little research has been undertaken into this phenomenon in the context of property markets. They found that framing can act to alter people’s market perceptions. In the current study data is collected from 181 participants drawn from first, second and third year students completing a Bachelor of Property degree from The University of Auckland, New Zealand. The findings demonstrate not only that negative framing of commercial property market information increases the perceptions of greater market volatility and decreases optimism within the market. It also finds the impact to be greater for unfamiliar markets. "

AUTHOR: Zhi Dong
TITLE: Fundamental Economic Performance Of Australian And New Zealand Commercial Property Markets
ABSTRACT: The different structures of economies are under-investigated in the previous risk premia analyses for direct commercial property investments. This study proposes that the distinct structures of economies would have impact on significant risk factors for commercial properties. Australian and New Zealand property markets are selected for the study. Panel data analyses are conducted in respect to a multiple of economic indicators including specific business sector performance. The empirical findings will identify diverse contributable risk factors to commercial properties of Australian and New Zealand markets. This paper will contribute to the literature through providing additional implications on the relationship between a property market and the growth of an economy.

AUTHOR: Neville Hurst, Richard Reed And David Bednall
TITLE: House Energy Efficiency Performance: Attitudes Of Real Estate Agents
ABSTRACT: "The need for energy efficient housing has been the subject of public discourse for in excess of 20 years and is being largely driven by the broadening issue of climate change. New homes in Australia are already subject to energy efficiency rating and some effort to create market awareness of energy efficiency for existing housing stock has been made. However public reactions to market driven policy strategies appears to be lagging and many people, when choosing an established home to purchase, seem not to be cognisant or interested in energy efficiency as a criteria when making purchase decisions. This research aims to better understand the extent that real estate agents are promoting energy efficiency and other sustainable characteristics of homes. Seven Hundred and forty six (746) real estate agent house advertisements were monitored and categorised for inclusions of energy efficiency in the text over a 7-week period. It was found that the majority of advertisements had little or no mention of sustainable measures with the exception of Melbourne’s northern outer suburbs where the numbers of inclusions were three times that of other areas."

AUTHOR: Richard Reed
TITLE: Housing Affordability And Social Area Analysis: Is Sydney The Winner? |Refereed|
ABSTRACT: "An understanding of the underlying decision to live in a specific suburb in a global city, which in turn directly affects the demand/supply equation and respective housing values, has traditionally been difficult to fully encapsulate in housing studies. Economic indicators can not always observe the degree of purchaser and vendor willingness in the residential property market; additional consideration needs to be given to characteristics of individual buyers and sellers at the suburb level. Nevertheless an understanding of residential housing market drivers, particularly in relation to economic variations in house prices both within and between suburbs, continues to present challenges for researchers and stakeholders. Most urban cities contain precincts with high or low house values regardless of traditional price characteristics such as distance to the city centre, location of transport, topography or the value of recent sales. Exactly why these variations in suburb values occur is not always clear, although local residents are often able to easily identify differences between the status of each suburb in most cities. This paper identifies and examines the links between demography and housing data and models the relationship between social indicators and the level of house prices. Based on the Sydney housing market and part of a capital city series, a two-stage process was adopted based on an Australian housing market where social area analysis initially identifies the characteristics of suburbs within an urban area. This research examined variations in suburb values resulting in a clearer understanding of the relationship between demographic variables and house prices. While acknowledging the overall level of house values is also influenced by external economic and political factors, differences between housing values in Sydney suburbs can be partly explained and better understood using demographic variables. "

AUTHOR: Tony Lockwood
TITLE: Importance Of The Fiscal Cadastre
ABSTRACT: "Historically, the Fiscal cadastre has been used as a basis for the property taxation system in many jurisdictions around the world for hundreds of years. However, improvement in technology has provided society with the ability to efficiently store and retrieve large amounts of data not only for the improvement in the quality of the Fiscal Cadastre itself, but for many other applications contributing to the sustainable management of the community’s land resource. This paper examines the practical contribution that the Fiscal Cadastre can make, as part of an integrated Land Administration System, to social science research informing Government policy on a broad range of social issues. This illustrates the importance of the link recognised in the UN-FIG Bathurst Declaration of 1999 between good land administration and sustainable development by highlighting the contribution of the Fiscal Cadastre beyond its statutory role."

AUTHOR: Xiaolin Zhai, Richard Reed And Anthony Mills
TITLE: Increasing The Level Of Sustainability Via Off-Site Production: A Study Of The Residential Construction Sector In China |Refereed|
KEYWORDS: "off-site production, sustainability, housing construction, China, developing country"
ABSTRACT: "Even though the use of off-site production in the construction process for residential buildings is seen as a viable means of increasing the level of sustainability with respects to its significant economic, environmental and social contributions, there have been very few studies to-date into off-site construction within the context of developing countries where the places have crucial demands for accommodations. Accordingly this research involves the rapidly growing developing nation, China, as a representative developing country with the objective to investigate the current status of off-site practices in the urban residential construction sector. This paper also examines the factors affecting demand for and potential barriers against a wider uptake of off-site technologies in China. The findings provide a rare insight into off-site construction in China’s housing industry and this information will be transferable to other developing countries. This study also contributes to a broader understanding about the off-site construction in developing from an international perspective."
View the Full Paper

AUTHOR: Gary Owen Garner
TITLE: Industry Perceptions Of Property Holding Costs And The Associated Effectiveness Of Electronic Development Application Instruments |Refereed|
KEYWORDS: holding costs; greenfield property development; eDA tools.
ABSTRACT: "The impact of holding costs on greenfield residential housing developments is becoming increasingly recognised as a major factor affecting housing affordability. This has led a number of jurisdictions throughout Australia to examine methods of streamlining procedures and processes (“red tape”) in ways that curtail otherwise protracted regulatory appraisal procedures along the property development pipeline. Using a structured anonymous questionnaire, one major initiative in Queensland - the development of electronic development application processes – is tested by gauging industry participant’s perceptions of their effectiveness. This information is also used to examine linkages that exist between various planning instruments, the length of regulatory assessment periods, and perceptions concerning housing affordability more generally. In addition, these results are able to be triangulated against quantitative data modelling focussed on the consequences of extended assessment periods as a typically critical component of holding costs."
View the Full Paper

AUTHOR: Dabara Ibrahim Daniel And Ogunba Olusegun
TITLE: Inflation-Hedging Capability And Risk Return Strategies Of Commecial Real Estate Investment In Nigeria
ABSTRACT: "The aim of this study is to examine the inflation hedging capability and risk-return strategies for Commercial Real Estate (CRE) investments in Nigeria, with a view to providing a framework of advice for property investors. The theoretical research approach was adopted for this study. During periods of high inflation, it has been observed that certain financial instruments not only do not protect the investor against inflation, but actually perform as perverse hedges. Real estate has traditionally been seen as a hedge against inflation but fears have been expressed recently about whether it really is a hedge against the background of economic volatility and recession that has characterized the economy of Nigeria. The study revealed that there is no consensus on the ability of CRE to hedge against inflation in Nigeria. While some studies show that CRE performed excellently as a hedge, others show that it does not, in fact in some cases; it even showed that it serves as a perverse hedge. Despite the divergent findings of researchers on CRE’s performance as a hedge against inflation, there are compelling reasons to invest in CRE. One of such reasons is tied to CRE’s risk-return characteristics which provide a buffer through annuitized cash flow. It was recommended that investors in Nigeria should consider including CRE in their investment portfolios so as to shield their investments effectively from inflation risk and where possible, generate excess returns. However, the appropriate risk-return strategy most be adopted to realize the investors objective of protecting his investment against the eroding power of inflation."

AUTHOR: Joanna Poon, Richard Stevens And Paul Royston
TITLE: Integrating Commercial Awareness Into The Curriculum: Perspectives From Uk Real Estate Courses
ABSTRACT: "Commercial awareness is frequently cited as one of the most important criteria for employers when recruiting graduates (Archer and Davison, 2008; Bourn, 2008; CBI, 2010; DfES, 2005; Forbes and Kubler, 2002). It is also suggested that university curricula must include commercial awareness training in order to enhance graduates' competitiveness in the employment market (NESTA, NCGE and CIHE, 2008a and 2008b). Commercial awareness is therefore at the heart of what makes graduates employable and thus is also a major concern for universities’ curriculum development. There is little agreement on the definition of commercial awareness in the literature, although some descriptions are commonly-used (see HEA and CIHE, 2006 and Stoakes, 2010). Similarly, there is no consensus on which components of commercial awareness should be included in real estate education. Commercial awareness is multi-faceted and there is a wide variety of views about what it includes and what it excludes (Poon et. al., 2012). Furthermore, here has been no previous research investigating to what extent commercial awareness is embedded in the curriculum of real estate courses. All of this presents some problems for the effective development of new real estate professionals which this study sought to overcome. This presentation reports some initial research findings from a project funded by the Royal Institution of Chartered Surveyors (RICS) Education Trust. The project focuses on evaluating how commercial awareness is embedded in RICS-accredited programmes (Poon and Royston, 2012). UK academics’ views on the definition of commercial awareness are reported. The extent to which commercial awareness components are embedded in UK RICS- ccredited undergraduate and postgraduate courses is also discussed. Finally, the paper describes how UK academics identify and rank the skills and attributes which are required for the development of real estate graduates’ commercial awareness.The research method for this study was a questionnaire survey. An online questionnaire was sent to all the academic leaders of UK RICS-accredited undergraduate and postgraduate courses. A statistical analysis of survey responses is reported in this presentation."

AUTHOR: Michael Rehm
TITLE: "Interactive, Online Lectures: Future Or Fad?"
ABSTRACT: "Inspired in part by Coursea and Khan Academy’s free, online courses, the author converted the second half of his second-year construction paper into an online course. Purpose-made, interactive lectures were developed and produced using Camtasia Studio. These were streamed online for students to watch at their leisure. This research paper presents the software and techniques used, data collected and lessons learned. Lastly the paper engages the debate on the future of higher education"

AUTHOR: Anthony J De Francesco And Peter F Mcguinness
TITLE: Investing Across Real Asset Classes In The Mixed Asset Portfolio The Case For Unlisted Infrastructure And Real Estate In Australia
ABSTRACT: "The investment community has been constrained by a lack of adequate research surrounding the performance of unlisted infrastructure with other real assets in the mixed asset portfolio. In response, this study analyses the role of unlisted infrastructure and real estate in a traditional portfolio of equities, bonds and cash. Importantly, the study utilizes the newly created IPD Unlisted Infrastructure Return Index. An allocation to real assets within a mixed asset portfolio is supported by the construction of efficient portfolio frontiers. Enhanced risk-adjusted investment return is achieved when augmenting a traditional portfolio of equities, bonds and cash with unlisted infrastructure and real estate separately. More importantly, portfolio benefits are achieved when both unlisted infrastructure and real estate are jointly included in a mixed asset portfolio. Furthermore, enhanced performance was attained by undertaking tactical asset allocation strategies across real assets. Results suggest that portfolio managers should consider products which offer investors exposure to unlisted real assets. This is based on the finding that investment performance can be enhanced via diversification benefits of joint risk across real asset classes and via tactical asset allocation between real asset classes. To facilitate the management of a product offering, an investment framework is proposed which integrates the investment review process, investment strategy design and portfolio management. "

AUTHOR: Pernille Christensen
TITLE: "Key Drivers Of Sustainable Commercial Real Estate Decision-Making In The United States: A Delphi Study Of Investors,Owners,Tenants And Developers "

AUTHOR: Hilary Davies And Heidi Lee
TITLE: Matching Academic Workspaces And Work Characteristics |Refereed|
KEYWORDS: "academic work, workspace satisfaction, distraction and interaction, post occupancy evaluation"
ABSTRACT: "The work role of university academics in Australia has undergone widespread changes since the 1980s, however academic workspaces remain relatively unchanged. This paper investigates academics’ satisfaction with workspace provision to discover if traditional enclosed offices best support the current nature of academic work. A survey of 210 academics provided data to determine where they undertook tasks and to calculate the satisfaction with distractions and interactions in academic workspaces. On the whole, these academics were satisfied neither with the level of distractions nor with the support for interactions within their own workspace. In comparison with the commercial sector, which offers fewer alternative work locations and a higher portion of non-private workspaces than in the academic sector, academics took advantage of the opportunity to undertake tasks off-campus that required concentration and few distractions."
View the Full Paper

AUTHOR: Jonathan Boymal, Ashton De Silva And Shen Lui
TITLE: Measuring The Preference For Dwelling Characteristics Of Melbourne: Railway Stations And House Prices |Refereed|
KEYWORDS: "Hedonic, Sale Price, Railway Stations"
ABSTRACT: "The relationship between public transportation and home values has proven to be complex, with studies providing divergent findings. Using Victorian Valuer General Data for 2009, this paper applies a hedonic pricing approach to the Melbourne metropolitan housing market in order to estimate the impacts of proximity to a train station on residential property prices. The findings reveal that, proximity to train stations has an overall positive effect on property values. In general, all other things being equal, being located 1 km further out from a train station is associated with a 2% discount in sale price. The magnitude of this relationship is most clearly stable up to 5 kms from a train station. No dis-amenity effect on sale price for properties in close proximity to a train station was found."
View the Full Paper

AUTHOR: Lucy Cradduck
TITLE: Mobile Valuations: The Internet’S Impact On Traditional Valuation Services |Refereed|
KEYWORDS: "valuation, internet, information technology, NBN, broadband"
ABSTRACT: "Preparing valuations is a time consuming process involving site inspections, research and report formulation. The ease of access to the internet has changed how and where valuations may be undertaken. No longer is it necessary to return to the office to finalise reports, or leave your desk in order to undertake research. This enables more streamlined service delivery and is viewed as a positive. However, it is not without negative impacts. This paper seeks to inform practitioners of the work environment changes flowing from increased access to the internet. It identifies how increased accessibility to, and use of, technology and the internet has, and will continue to, impact upon valuation service provision into the future."
View the Full Paper

AUTHOR: Sharon Yam And Peter Rossini
TITLE: Online And Traditional Formative Assessment: Experience From A First-Year Property Cours |Refereed|
KEYWORDS: "property education, formative assessment, summative assessment, online test, workshops"
ABSTRACT: "In order to improve student learning outcomes, formative assessment plays a vital role in providing students with opportunities to self-test their knowledge prior to summative assessment as well as providing opportunities for feedback before formal assessment. This paper illustrates the implementation of formative assessments, both online and traditional, across two groups (online versus blended learning) of undergraduate students in a first-year property course which is also available as a University wide elective. Quantitative analysis techniques will be used to analyse student perceptions and the statistical relationship between formative and summative assessment will be investigated. This paper provides insights into the usefulness and perception of formative assessment particularly in the online environment. Challenges and recommendations will also be highlighted."
View the Full Paper

AUTHOR: Garrick Small
TITLE: "Opinion Versus Reality: Flood-Affected Property Values In Rockhampton, Australia" |Refereed|
KEYWORDS: "Flood hazard, disaster economics, Rockhampton floods, Fitzroy River, property value, rational economic behaviour, efficient markets"
ABSTRACT: "The 2011 Rockhampton floods are taken as a case study to examine resident opinions compared to market realities of the impact of flooding on property values. A mail survey of flood-affected properties returned a sample of 111 respondents’ views on various aspects of the flood experience and impact. It was found that over 50% of respondents believed the flood event had a negative impact on property values of whom the majority believed the impact was a large decrease in values. Survey results were compared to the actual performance of the market which failed to show any defensible impact attributable to the flood event. The literature reveals equivocal findings impacted by various factors. In the subject case it appears that the level and type of media coverage may have been responsible for the creation of opinions at variance with reality. "
View the Full Paper

AUTHOR: Lucy Cradduck
TITLE: "Parking, Parties And Pets: Disputes – The Dark Side Of Community Living" |Refereed|
KEYWORDS: "body corporate, community title scheme, master planned communities, dispute, adjudication, QCAT"
ABSTRACT: "In the last decade community living, in master planned communities or strata titled complexes, has increased. As land becomes scarcer, the popularity of these schemes is predicted to grow. Offsetting this popularity is the peculiarities of community living, in particular the often unthought-of difficulties arising from living in very close proximity to your neighbour. Such difficulties affect both amenity of life and property value. This paper seeks to inform practitioners of the issues arising from community living. It does this by identifying the more common forms of disputes and considering recent tribunal and court decisions. The paper concludes by identifying the dispute warning signs to assist to practitioners with the valuation process."
View the Full Paper

AUTHOR: Clive M. J. Warren And James Hosking
TITLE: Perceptions Of Corporate Social Responsibility In The Asia Pacific: Implications For Sustainable Development |Refereed|
KEYWORDS: "Corporate Social Responsibility, Sustainable Development, Asia Pacific"
ABSTRACT: Corporate Social Responsibility (CSR) has been a growing trend in Sustainable Business practices for the past decade or more. This paper examines the growing trend and the changing attitudes of senior business executives to CSR. The paper reports on a survey of 600 top level managers and business owners in the Asia-Pacific region and their attitudes to CSR. The paper reveals the issues faced by business and the constraints to implementing sustainable property and business practices within the region. It also compares and contrasts the issues faced within different countries within the Asia –Pacific region and the greater emphasis placed on sustainable development in developing countries over that experienced in the more developed markets with a longer exposure to sustainable development and CSR.
View the Full Paper

AUTHOR: Helen Gilbert
TITLE: Planning Law And Sustainable Building Outcomes: Assessing The Effectiveness Of Nsw Planning Legislation In Promoting Ecologically Sustainable Development |Refereed|
KEYWORDS: "property development, planning legislation, sustainable buildings"
ABSTRACT: "The role of planning legislation in implementing ecologically sustainable development (ESD) outcomes in NSW has been questioned since the concept of ESD was first recognised across Australia in the early 1990s. Environmental planning legislation in NSW is now in a state of transition with a major review of the Environmental Planning and Assessment Act (1979) currently in progress and a significant overhaul is expected. Within this context, this paper examines the role of planning law in promoting sustainable buildings and development with an initial focus on the assessment of the performance of NSW legislation to date. A survey of the literature including relevant case law on this topic is provided. The analysis indicates that the current NSW planning framework has fallen short of ensuring sustainable outcomes in many cases. The impacts of recently announced policy changes are also explored and the merits and shortcomings of current and likely future planning regulation are examined. The paper concludes with a discussion of the legislative changes that would improve the planning system and promote more environmentally sound development outcomes in the NSW built environment."
View the Full Paper

AUTHOR: Ming-Te Lee, Shew-Huei Kuo, Ming-Long Lee And Chyi Lin Lee
TITLE: Price Discovery And Volatility Spillovers In Reit Cash And Futures Markets: Impacts Of The Global Financial Crisis
ABSTRACT: "The temporal relationship between cash and futures markets has been attracted interests of academicians, regulators, and practitioners. The focuses are the price discovery and volatility transmission in the two markets. Few studies have examined the impacts of crises on the price discovery function and volatility spillover of stock index futures. Moreover the issues have not yet been explored for REIT (real estate investment trust) markets because REIT index futures trading is a relatively recent phenomenon. The purpose of this current study is to explore the price discovery and volatility transmission in the Australian REIT cash and futures markets before and during the global financial crisis."

AUTHOR: Laurence Murphy
TITLE: Price Dynamics In Medium Density Housing
ABSTRACT: "Since 1999, as part of a policy shift toward sustainable development, planning policy in Auckland has promoted medium density housing. Increasingly new forms of multi-unit residential developments have been encouraged in existing urban centres and near transport nodes. Whilst these new urban communities have been subject to research that focuses on community formation issues, less attention has been given to the nature of price dynamics within theses developments. This paper analyses prices dynamics within three medium density developments located in Auckland. Using a set of hedonic models the paper examines the relative price performance of units within the three case study areas and reflects on the key local factors that have shaped price movements in these areas."

AUTHOR: Yung Yau, Wai Kin Lau And Daniel Chi Wing Ho
TITLE: Principle Of Selectivity In Housing Rehabilitation Subsidies: A Case Study In Hong Kong |Refereed|
KEYWORDS: Housing rehabilitation; subsidies; dilapidation index; selectivity; rationalization
ABSTRACT: "In view of tight public budget and public accountability, housing subsidies have to be selective. Different criteria are used to screen off ineligible applicants but inappropriately chosen criteria can result in inefficient resource allocation. This study investigates the subsidies offered by the public sector for rehabilitating private housing in Hong Kong. In light of the age-old problem of urban decay in the city, grants and loans have been offered to homeowners as an incentive to stimulate voluntary housing rehabilitation. Yet, whether the eligibility criteria of the subsidy schemes entail efficient resource allocation is in question. Upon the regression of the dilapidation assessment results of multi-owned housing in Hong Kong on the eligibility criteria, older and unmanaged housing is found to be more derelict. Development scale and rateable value are also correlated to the dilapidation level. Policy and practical implications then follow."
View the Full Paper

AUTHOR: Connie Susilawati And Sharon Yam
TITLE: Property Case Competition: Multi-Stakeholder Reflection |Refereed|
KEYWORDS: "case competition, problem based learning, multi-stakeholder reflection, learning outcomes"
ABSTRACT: "Pacific Rim Real Estate Society has conducted four property case competitions from 2009 to 2012. The competition provides opportunities for undergraduate students to present their proposal on a given case study. All students were locked down with their four team members for five hours without external help to ensure a level playing field across participants. Students prepared their presentation and defended their arguments in front of experts in property industry and academia. The aim of this paper is reflecting on the feedback received from stakeholders involved in the case competition. Besides exploring what students have gained from the competitions, this paper provides an insight on the opportunities and challenges for the new format of competition to be introduced in 2013. Over the last four competitions, there were three universities participated in all the four consecutive events, four universities partook in two events and another four universities only competed once. Some universities had a great advantage by having previous experiences by participating in similar international business competitions. Findings show that the students have benefited greatly from the event including improving their ability in problem solving and other non-technical skills. Despite the aforementioned benefits, the PRRES closed-book case competition is proven not viable thus future competition needs to minimise the travel and logistic cost. "
View the Full Paper

AUTHOR: Georgia Warren-Myers And Pamm Phillips
TITLE: Rapid Urban Growth And Implications For Sport Development: Facility Planning And Provision
ABSTRACT: "The rapid expansion of Melbourne’s outer urban areas over the past decade has left the planning, development and provision of sport and recreation facilities in disarray. The provision of sport and recreation facilities is playing catch up to the booming population of the urban growth areas. The lack of sport and recreation facilities within these areas is consequently impacting the physical, mental and social wellbeing of the local community. The ability and opportunity for residents to engage in organized sport as well as play has diminished as a result of the planning and development oversights. The population explosion in these urban growth areas has lead to many issues surrounding the provision of relevant infrastructure for communities. Consequently, for the sport and recreation sector, the stakeholders involved, and the relationships between those involved in the planning for, and development of open space, recreational areas and organized sport facilities in the urban growth areas has changed. Under rapid urbanisation and the increasing need to build communities that are sustainable and provide suitable amenities and living conditions for their modern residents, decisions about what sport and recreation facilities are provided in a community were formally made in conjunction with a local government authority. The decisions and planning of the different sport and recreational facilities are now the under the auspices of a range of stakeholders. In recent years, property developers make decisions about providing open space, as well as sport and recreation facilities and this has been the catalyst to a change in the urban profile of sport and recreation facilities particularly in the urban growth areas. The decisions that property development companies make ultimately have a massive impact on what sport and recreation activities individuals have the opportunity to engage in, and conversely, what sport and recreation activities they do not have the opportunity to engage in. Specifically, this research uses a case study of one urban growth area (Point Cook, in the City of Wyndham, Victoria, Australia), to better understand the intersection between urban planning and sport development. "

AUTHOR: Simon Huston, Sebastien Darchen And Kylie May
TITLE: Recent Ipswich Cbd Revitalisation - Backdrop And Reflections |Refereed|
KEYWORDS: "sustainable urban regeneration, smart strategy, sprawl, innovation, financial viability, place-making, community engagement."
ABSTRACT: "In this paper we investigate the first stages of one of the largest regional regeneration projects in Australia. Although small by Asian standards, the Icon Project is an office and retail project, leased to the state government which is slated to catalyse revitalisation of Ipswich’s CBD. Ipswich Queensland is rapidly-growing city about 40 kilometres from Brisbane on the Bremer River. Once, due to its navigable access and surface coal, it was a candidate for Queensland’s state capital. But, as traditional industries folded in the 1970s, Ipswich declined economically and socially. The burning of Reids Department Store in 1985, the ill-considered Kern development, suburban retail leakage and a recession accelerated CBD decline. Recently, despite the GFC and floods, the rapid expansion of hydrocarbon prospecting in its western hinterland has lifted confidence in Ipswich’s future. Here, we sketch the backdrop to Ipswich’s growth and reflect on conflicts in planning between short-term economic goals and broader sustainable development."
View the Full Paper

AUTHOR: Vincent Mangioni
TITLE: Recurrent Property Taxation: Revenue Re-Alignment For State And Local Government In Australia |Refereed|
KEYWORDS: "Property, taxation"
ABSTRACT: "Australia is one of the few jurisdictions internationally that imposes a recurrent tax on property at two levels of government. As one of the more visible taxes, the challenge facing government is managing taxpayer perceptions. This in turn impacts specifically on the level of government that is best perceived by the taxpayer to collect this tax. This paper examines the emerging trends in revenue collected from recurrent property tax by state and local government across Australia over the past decade. It further examines the diverging rationale for its imposition across these tiers of government and how taxpayer perceptions are to be managed by government as it increases in importance as a source of tax revenue over the next decade. "
View the Full Paper

AUTHOR: Alice Christudason
TITLE: Regulation Of Shoebox Apartments In Land Scarce Singapore
ABSTRACT: "One of the critical planks in Singapore’s urban planning approach and process is that of the logic and rationality of economic planning: development goals have taken precedence over other symbolic values whether historic, cultural, sacred, personal, social or aesthetic. Whether functionality should be the cornerstone in both the planning and evaluating of living environments is a moot point. However in the context of land scarce Singapore, it is evident that functionality has been an important guiding principle in urban planning. Since the 1960’s, public housing in the form of high-rise Housing Development Board (HDB) flats was Singapore’s solution to the problem of housing a bourgeoning post-war population. Hence, high rise and relatively high-density living environments are familiar to the people of Singapore. Yet, notions of acceptability – in terms of unit size in particular, have been challenged with the introduction of strata-titled “shoebox” apartments which comprise built-up areas of merely 500 sq. ft. (about 46.5 square meters) or less. This paper examines how living spaces are being continually redefined and reinvented in the face of housing an ever- increasing population within such a small land mass. Also considered is the impact of high density living, even as the threshold of space requirements continues to be challenged. These are considered against the backdrop of the role of the planning authority in shaping future housing alternatives. The issue of shoebox apartments in Singapore is considered from three angles: the current housing landscape, housing options and owners’ preferences, as well as the role of the planning authority, the Urban Redevelopment Authority (URA). The research methodology includes data gathered from surveys and interviews. A cross-comparison is also done with the situation in Hong Kong. "

AUTHOR: Valerie Kupke, Peter Rossini, Paul Kershaw And Stanley Mcgreal
TITLE: Renovating The System: Assessing Policy Outcomes Through An Examination Of Residential Sales Transactions |Refereed|
KEYWORDS: residential sales
ABSTRACT: "Significant policy and legislative changes arose out of an examination of real estate practices in South Australia in 2003. These changes sought to address a number of issues including the relationship between estimated selling price and advertised sale price. These changes arose from a review of state legislation and were seen as a means of delivering substantial improvements in the protection afforded to consumers when purchasing residential real estate. This paper quantifies the impact of policy changes relating to estimated selling price and advertised sales price within the residential sector in Adelaide, the state capital of South Australia, through a detailed analysis of first and last advertised prices and eventual selling price for some 120,000 residential sales transactions over a 10 year period. The results, both descriptive and statistical, support the effectiveness of the legislation."
View the Full Paper

AUTHOR: Kimberly Winson-Geideman And Nicholas Evangelopoulos
TITLE: "Research In Real Estate, 1973-2010: A Three-Journal Comparison" |Refereed|
ABSTRACT: "This research compares Real Estate Economics, the Journal of Real Estate Finance and Economics, and the Journal of Real Estate Research in terms of their intellectual contribution to the real estate discipline. The 25 topics of real estate research identified by Winson-Geideman & Evangelopoulos (2012) are used as a basis for a comparison of topic emphases within the three journals. Findings show a shared group of topics, comprising the intellectual core of real estate research, as well as the specific thematic focus of each journal. Analysis of the dynamics in topic emphasis indicates a slow convergence of the three journals, suggesting that the discipline’s maturation is accompanied by a process of scope clarification. "
View the Full Paper

AUTHOR: Lois Towart
TITLE: Retirement Village Resident Duration An Empirical Analysis |Refereed|
KEYWORDS: "Retirement Village, Resident Duration, Valuation Metrics"
ABSTRACT: "In Australia accommodation for seniors includes a retirement village product which while physically similar to retirement living estates in other countries is occupied under a number of tenures including licence, leasehold, strata and unit title. The common feature of all these tenure types is the fee structure whereby a resident initially purchases their right to occupy and at the end of their tenure pays an amount based on variable factors to the owner/operator of the village. As the owner/operator receives their return at the end of residents’ tenure the value of this return can only be estimated based on projections including the tenure of the resident, increase in sale price of units and future demand for units. This difficulty in projecting future returns results in an opaque market for investors and residents alike. This paper presents original research into valuation metrics including the length of resident tenure (Duration) over a 27 year period which is used in the Monte Carlo simulation method of valuation that is increasingly being used in the sector."
View the Full Paper

AUTHOR: Lawrence Chin And Clement Lee
TITLE: Singapore'S Regional Centres And Their Impact On Housing Prices And Employment
ABSTRACT: "In the Revised Concept Plan 1991, the Urban Redevelopment Authority of Singapore adopted decentralisation as one of the key development strategies. The concept of regional centres is a second-tier commercial zone after the CBD which is planned to be self sufficient. Each regional centre has its own extensive commercial, retail, entertainment and recreational facilities. They provide an alternative area for employment and other amenities such as a collection of shopping malls and hawker centres to the nearby residents. Regional centres are made to be easily accessible by an integrated transportation network served by the MRT, bus and expressway linkages. Residential location decision is a trade-off between residential property prices and the cost of commuting to the city centre, whereby most jobs are located (Alonso, 1964). This paper examines the effects of the proximity of regional centres on the impact of residential locational choice of the middle income group in Singapore. The findings show that regional centres have positive effects on executive condominium prices. The empirical evidence indicated that an executive condominium unit located in Tampines and Jurong East sold at a premium of 4.5% and 6.61% respectively. "

AUTHOR: Ju Hyun Lee, Michael Y. Mak And William D. Sher
TITLE: Strategic Planning Indicators For Urban Regeneration: A Case Study On Mixed-Use Development In Seoul |Refereed|
KEYWORDS: "Strategic planning indicator, Planning schemes, Urban regeneration, Mixed-use development, Case study"
ABSTRACT: "Following rapid economic growth, older sections of Seoul have experienced a decline. Mixed-used Developments (MXDs) offer viable approaches for urban regeneration in Seoul. The MXD projects that have been constructed were intended to improve built environments as well as revitalise social and local culture. Whilst visions and directions for urban regeneration in world cites are well documented, little is understood of the strategic planning of urban projects in Seoul. This paper investigates five MXD projects via 12 strategic planning factors. It outlines the opportunities and challenges of MXD projects within Seoul contexts. The factors consisted of 41 strategic planning schemes, extracted from relevant literature and a survey of experts. We used 30 strategic planning schemes as indicators for measuring strategic planning to support urban regeneration. The results of a case study indicate that strategic planning for ‘User convenience’, ‘Functional integration’ and ‘Visual perception’ is commonly applied to five projects. However, strategic approaches to ‘Divergence of connection’, ‘Regional identity’, ‘Art & design unification’ and ‘Amenity of low levels’ vary with different visions and urban functions. This implies that the underlying strategic planning of MXD projects can be characterised via our strategic planning indicators. The case study has allowed us to explore MXD projects and the strategic planning indicators for urban regeneration with an understanding of the urban context of the city. This paper contributes to evaluating MXD projects in terms of strategic planning as well as to the construction of strategic planning indicators for future developments."
View the Full Paper

AUTHOR: Ju Hyun Lee, Michael Y. Mak, William D. Sher And Michael J. Ostwald
TITLE: Strategic Planning Schemes Of Mixed-Use Developments To Support Urban Regeneraion In South Korea |Refereed|
KEYWORDS: "Strategic planning, Planning schemes, Urban regeneration, Mixed-use development, Urban contexts"
ABSTRACT: "Many studies of urban regeneration describe strategic planning schemes based on the experiences of practitioners gleaned from a variety of projects in several cities of the world. Whilst this literature provides a general understanding of strategic planning schemes, none explores what is happening and what is planned to happen in the context of South Korea. Our research framework was designed to present formal strategic planning schemes to support urban regeneration within regional contexts. This paper identifies urban regeneration planning schemes for Mixed-use development (MXD), based on a literature review of Korean refereed papers, and examines planning schemes via an expert survey. The literature survey includes 29 papers published by three major institutes in architecture and urban design in South Korea. In terms of strategic planning, the schemes have the potential to impact on MXD. Various urban development experts participated in the survey, and the data collected reflect consensus about strategic planning schemes in regional contexts. The results generated 41 strategic planning schemes and 12 strategic planning factors via Exploratory Factor Analysis (EFA). The results enable us to explore meaningful directions for the future. This paper provides an understanding of key planning schemes in urban contexts in South Korea as well as of strategic planning for the future MXD projects."
View the Full Paper

AUTHOR: Yasmin Mohd Adnan, Ainoriza Mohd Aini, Md Nasir Daud
TITLE: Sustainable Office Features For Office Occupation At Office Buildings In Kuala Lumpur – Preliminary Study
ABSTRACT: "With the recommendation that all new office buildings in Malaysia to be green certified under the Green Building Index (GBI) formed in 2009, a rating tool is also developed for existing buildings seeking refurbishment. Though the stakeholders have recognised the benefits of green and sustainable buildings, raising environmental performance levels can be a challenging task for building owners than for tenants. As building owners are encouraged to embrace the green building rating tool, the question of converting an existing building currently leased out to tenants raised the questions of cost and benefits to the tenants as occupants. This paper provides the preliminary discussion on the adoption for green and sustainable features and the preference for green rated office buildings in Kuala Lumpur, Malaysia."

AUTHOR: Burhaida Burhan
TITLE: Temporal Aggregate Effects In Hedonic Price Analysis |Refereed|
KEYWORDS: "hedonic analysis, temporal aggregation, price index, multiple regression analysis, mass appraisal"
ABSTRACT: "Housing units are commodities made up from significant aspects. These aspects could be valuable in terms of predicting its value, or they may just be part of insignificant characteristics. Housing markets which are significantly related to both supply and demand are best reflected by hedonic method. A regularly reported house price index normally predicted by a set of suitable temporal aggregation. This paper attempts to discover the temporal aggregation effects on the price index. The results showed the percentage of variance explained by the factors involved towards the house price index. The differences of R squared value in different temporal aggregate shows the importance of choosing the right level in terms of analyzing the housing market. Our empirical analysis is based on Johor Bahru housing transaction data, sold between the years of 1998 to 2007. The results indicate clear importance of disaggregation in the estimation of housing prices and volatility."
View the Full Paper

AUTHOR: Chyi Lin Lee And Stephen Lee
TITLE: The 52-Week High And Momentum Investing In International Real Estate Markets
ABSTRACT: "Recently, a new investment strategy (e.g. the 52-week high) has been proposed in the finance literature. However, no evidence-based studies have been undertaken on the presence of the 52-week high effect in real estate stocks. This study examines the profitability of the 52-week high strategy for 12 international securitised real estate markets over 1985-2011. The George and Hwang (2004) 52-week high portfolio formulation is utilised. In general, the 52-week high effect is evident in international real estate markets. Importantly, the momentum returns continue to hold after correction for risk. The finding presents a challenge to current theory and has some important investment implications to investors."

AUTHOR: Brent Nahkies
TITLE: The Canterbury Royal Commission – Impacts On The Property Market
KEYWORDS: "Seismic retrofitting, earthquake-prone buildings, market impacts"
ABSTRACT: "The earthquake swarm that has struck Canterbury, New Zealand from September 2010 has led to widespread destruction and loss of life in the city of Christchurch. In response to this the New Zealand government convened a Royal Commission under the Commissions of Inquiry Act 1908. The terms of reference for this enquiry were wide ranging, and included inquiry into legal and best-practice requirements for earthquake-prone buildings and associated risk management strategies. The Commission produced a final report on earthquake-prone buildings and recommendations which was made public on the 7th December 2012. Also on the 7th of December 2012 the Ministry of Business, Innovation and Employment (MBIE) released a Consultation Document that includes many of the recommendations put forward by the Royal Commission. This paper examines the evidence presented to the Royal Commission and reviews their recommendations and those of MBIE in relation to the management of earthquake-prone buildings. An analysis of the likely impacts of the recommendations and proposals on both the property market and society in general is also undertaken."
View the Full Paper

AUTHOR: Simon A. De Garis
TITLE: The Cotton Industry In Australia: An Analysis
KEYWORDS: "Cotton, Irrigation, Australian Industry, Production, Economics, Valuation"
ABSTRACT: "This paper examines the cotton industry in Australia. A history of the industry is given and a brief overview of the industry. There is a section on cotton plant ecology, production cycle and use. There is discussion of regulatory impacts, environmental issues and research. The industry is examined in more detail with identity of production regions, farm characteristics, economies of scale, irrigation water and foreign ownership. Next there is information on Australian production, exports and world production. Finally there is a section on cotton farm economics and profit and some guidelines for valuation of a cotton farm."
View the Full Paper

AUTHOR: Kwong Wing Chau And T.C.C. Lai
TITLE: The Determinants Of The Tobin'S Q Of Listed Property Companies
ABSTRACT: "This study investigates the factors that determine firm performance, as measured by Tobin’s Q, of listed property companies. We draw on previous studies on the impact of diversification, cash holding and agency problems that determines Tobin’s Q in real estate and other listed companies to formulate testable hypotheses. The empirical analysis controls for the factors such as size, investment to development ratio, gearing dividend payout ratio etc that may affect the Tobin’s Q of a listed property company. We acknowledge that the decision to diversity may be endogenous and thus we used a number of estimation procedures to control for potential endogeneity. The empirical results show that diversification has a positive impact on Tobin’s Q while the impact of cash holding is negative. "

AUTHOR: Sanna Ala-Mantila, Jukka Heinonen And Seppo Junnila
TITLE: The Greenhouse Gas Implications Of Urban Sprawl In Helsinki Metropolitan Area |Refereed|
KEYWORDS: "cities and climate change; urban sprawl, Environmentally Extended Input-Output analysis"
ABSTRACT: "Cities and urban activities within have been a hot topic in the climate change debate. The general opinion is that sprawling urban development is bad for the environment. The negative effects of urban sprawl are often associated with more households living at the urban edge’s loosely populated areas where they have big detached houses and multiple cars. Consequently, in the literature the effects of sprawl have been studied mostly from the viewpoints of emissions from driving and home energy consumption. In this paper sprawling of cities is related to the proliferation of semi-detached and detached houses, described as a low-rise lifestyle, at the expense of apartment house living i.e. high-rise lifestyle. We analyse differences between the low-rise and the high-rise lifestyles and their environmental effects in Helsinki Metropolitan Area. Environmental effects are assessed by combining greenhouse gas intensities from a consumption-based environmentally-extended input-output (EE I-O) model with expenditure data. Then these carbon footprints are further elucidated with multivariate regression analysis. We found that low-rise lifestyle causes approximately 26 % more emissions than the high-rise one. Furthermore, there are significant differences in the structures of carbon footprints according to a type of dwelling. We believe that our consumption-based approach facilitates the understanding of urban lifestyles that are related to urban sprawl. We believe that our approach offers important insights for sustainable policy-design and urban planning."
View the Full Paper

AUTHOR: Lynne Armitage And Ann Rask
TITLE: The Human Green Office Experience: Happy And Healthy Or Sick And Frustrated?
ABSTRACT: "Adopting the proposition that the effect on people using, interacting or working in a ‘green’ workplace environment is not currently clear nor fully understood, the purpose of this research is to examine what the green workplace environment is like from the perspective of one of this sub group – the users’/employees’– especially when it comes to satisfaction levels and health outcomes. This study examines and compares responses between employees in green and in non-green workplace environments in order to determine if a gap exists between the satisfaction and health levels of these two groups. The survey covers 351 employee respondents occupying ten green office buildings (Green Star-rated in accordance to Green Building Council Australia) and 159 employee respondents occupying eleven non-green office buildings. The findings from this study are clear: the human benefits of a green workplace are massive. Employees in green workplace environments consider themselves to be happier and healthier than employees in non-green workplace environments. The large sample of office space users provides empirical evidence of what sets green workplaces apart from non-green, and provides a good reference point for similar studies in the future, leading to the establishment of clearer, more useful benchmarks of green building occupier satisfaction and health. The findings from this study are useful for green building industry practitioners, business managers, occupants and health professionals and will deepen their understanding of the green workplace environment and its impact on employees. "

AUTHOR: Chyi Lin Lee And Graeme Newell
TITLE: The Impact Of Corporate Social Responsibility Practices On The Performance Of A-Reits
ABSTRACT: "Corporate social responsibility (CSR) has taken on increased significance in the property sector in recent years, reflecting the global focus on sustainability. This has included all of the dimensions of CSR, including environment, social and governance (ESG) issues, with A-REITs taking a strong leadership role in the area of implementing CSR practices. The key ongoing issue is whether these CSR practices significantly influence A-REIT performance. Using the ESG factors in the ASSET4 database, A-REITs are assessed on whether these CSR practices are key factors influencing their performance in addition to the standard financial factors influencing performance (eg: market cap, BMV etc). This is assessed for A-REITs over 2007-2011. The strategic implications for the ongoing implementation of CSR practices by A-REITs are also assessed."

AUTHOR: Siqi Yan And Xin Janet Ge
TITLE: The Impact Of Government Land Supply On Housing Starts |Refereed|
KEYWORDS: "land supplies, building activity, house prices, elasticities, China"
ABSTRACT: "This paper investigates the impact of government land supply on new residential construction. By estimating a housing supply equation using a panel data set covering 35 major Chinese cities for the period of 1999 to 2010, it is found that the quantity of the land sold by the government is tightly associated with the number of housing starts. Two- or three-year lag of land sales has a larger impact on new construction than one-year lag, which is consistent with the fact that there is normally a two- to three-year interval between the date of land transaction and the date when construction is initiated. It is also found that the decrease in land sales accounts for a large proportion of the decrease in new construction in Beijing, Shanghai and Shenzhen. The estimates of city-specific supply elasticities are provided based on the housing supply model, it is found that housing price appreciation tends to be more considerable in cities with inelastic supply."
View the Full Paper

AUTHOR: Greg Costello, Patricia Fraser And Garry Macdonald
TITLE: The Impact Of Monetary Policy On Australian Capital City House Prices: Should The Authorities ‘Lean Against A Housing Bubble’?
ABSTRACT: "This paper applies a Structural Vector Auto Regression model (SVAR) to analyse the impact of common monetary policy shocks on national and state house prices. The methodology also evaluates the role of state/territory diversification characteristics for differences in response to monetary policy innovations for house prices at state/territory levels. The results provide some insight into the debate concerning the role of monetary policy in containing house price bubbles, particularly the important questions concerning uniformity of responses from states/territories to Reserve Bank of Australia (RBA) official interest rate policy. A secondary series of results provide some insights of the monetary policy impact on other key macro variables in comparison to house prices."

AUTHOR: David M. Higgins
TITLE: The Implication Of Black Swan Events On Property Market Research
ABSTRACT: "The term “Black Swan” has gained recent popularity to describe an extraordinary event that causes extensive damage. The combination of low predictability and major impact makes an upswing in the magnitude of Black Swan events an important factor when making property market forecasts. The difficulty is that the preferred property forecast models traditionally depend on input data constructed on a normal (bell curve) conditions. As outliers, Black Swan events appear not to form part of the property forecast process. This research examines Black Swan events and tests their impact on the accuracy of short term, six month bi-annual survey forecasts from leading economists and property analysts for key Australian property market determinants: economic activity (GDP), 10 year bonds and CBD office vacancy rates for the 2005-2011 period. A range of statistical tests showed inconsistencies with the expert forecasts to actual performance and importantly all the experts appeared to miss the start of the Global Financial Crisis in the December 2008 period. The variations in the margin of forecast error suggest that the experts examine the selected property determinants independently. Also, for economic activity and CBD office vacancy rates, there is an interesting trend that in several consecutive time periods, a simple naïve “no change” forecast was better than those of the experts. In an environment of increasing occurrence of Black Swan events, this inability to forecast short term property market determinants with confidence highlights serious issues with the current approach to forecasting property market performance. The first step for research in this area is to understand and frame the property risks associated with Black Swan events. "

AUTHOR: Zonghie Han
TITLE: The Practical Implications Of The Unifiation Of The Real Estate Register System In Korea |Refereed|
KEYWORDS: "Korea, Register"
ABSTRACT: "The Korean government has been pushing ahead with the unification of the dualized real estate register system in order to reduce the transaction costs of the conveyancing and to improve efficiency in real estate register administration. The Japanese experience of the unification of real estate register in 1960s has exemplified the policy, but this study shows that the legal and practical differences in Korea and Japan are not tiny to ignore, so that the transformation costs of the unification may surpass its benefit. Although some information improvements and benefits in transaction can be expected through the elimination of discordances between dualized registration books, the unification process should consider the distance factor for convenience sake of the citizen, because judicial register offices which were adapted for the unification in Japan are usually far more rarely distributed than local district offices in Korea."
View the Full Paper

AUTHOR: Jinu Kim, Michael Brand, Hyun-Soo Lee And Moon-Seo Park
TITLE: The Role Of Construction Companies In The Reconstruction Process Of Aparement Buildings In Korea |Refereed|
KEYWORDS: "apartment building, brand name, construction companies, project finance, reconstruction"
ABSTRACT: "The housing reconstruction project was put in place to remove deteriorated apartment buildings and develop new apartment buildings in Korea. The main actors in the reconstruction process include: the reconstruction association, the construction company, the buyers (association members and new buyers), and the local authority. This study investigates the roles of construction companies during the reconstruction process of apartment buildings in Korea. There are two types of project participation for construction companies in the reconstruction process; the traditional contractor arrangement and the turnkey base (design/build) contract. To select a construction company, the characteristics of the construction company, itself, are more important to the reconstruction association than the project tender price. The results of the study show that construction companies are critical to the success of reconstruction projects because of their performance guarantees for project financing and their brand names for sales of apartment units."
View the Full Paper

AUTHOR: David Parker
TITLE: The Role Of Software In Property Development
ABSTRACT: "Similar to the world of property investment, the world of property development has seen gradually increasing use of generic software packages. The paper investigates the range of generic software packages available for property development and examines user perceptions."

AUTHOR: Graeme Newell
TITLE: The Significance And Performance Of Private Equity Real Estate
ABSTRACT: "Private equity real estate is an important source of unlisted real estate investment for the major institutional investors such as pension funds and sovereign wealth funds. This sees private equity real estate as a key private equity investment component, along with buyout, venture, fund of funds and distressed private equity funds. This paper assesses the performance of private equity real estate over 2000-2012 using the Preqin private equity database of over 3,900 private equity partnerships globally valued at over $2.7 trillion. The investment features of private equity real estate such as portfolio diversification benefits and risk-adjusted returns are assessed, compared to the other private equity sectors and the overall stock market. The ongoing private equity real estate investment implications for institutional investors are also assessed."

AUTHOR: Jonathan Drane
TITLE: The State Of Contemporary Property Development Theory |Refereed|
KEYWORDS: "Property development theory, property development process, property developer, property development models."
ABSTRACT: "This paper discusses the limitations of contemporary property development theory in both the academic and commercial arenas, where it is proposed in theoretical terms that there has been little integrated development since the early 1990’s. Building on the author’s prior study (Drane 2012) which surveyed and mapped the literature related to ‘models of the development process’ from 1954 to 2012, a limitation in not only collective attention to this subject since 1992 is discovered, but also deficiencies in theoretical frames used, which were in turn limited by disciplines of the day. On the academic side, the topic has been viewed through visors of economy, political economy, institutional, and social theory which show a propensity to high level theoretical analysis, a significant lack of empirical engagement with property developer actors and a lack of research into this topic since 1992. Then on the commercial side the topic appears highly ‘non integrated’ and relies on the separate visors of economics, marketing, financial, real estate, operational and structural analysis, with concepts which are separatist and arguably tend to come from standard business model theory, and not a distinctive and contemporary model of property development. The property development industry, it would seem is left with a paucity of contemporary foundations in both academic theory, as well as a model of modern day practice. This paper discusses this along with a review of contemporary protagonists, ( Adams, Ball, Beauregard, Schiller and Coiacetto and others) the implications for our contemporary property development theory and practice, and suggests ways forward for the development of a modern theory of property development. The author also introduces a model of the property development ‘mechanism’ which builds on prior models and offers a way forward. "
View the Full Paper

AUTHOR: Ranajit Kumar Bairagi And William Dimovski
TITLE: The Underwriting Syndicate Structure And The Indirect Costs Of U.S. Reit Seos |Refereed|
KEYWORDS: "underpricing, offer discounts, dominating underwriting syndicate, SEOs, GFC."
ABSTRACT: "This study investigates the underwriting syndicate structure in explaining the indirect costs of raising seasoned equity capital for U.S. Real Estate Investment Trusts (REITs) with a sample of 800 Seasoned Equity Offerings (SEOs) issued during the period 1996-2010. The study reports offer discount (an offer price lower than the prior day closing price with respective to the offer price) average 1.99% and underpricing (an offer price lower than the offer day closing price with respective to the offer price) average 1.18%. Consistent with industrial SEOs, this study documents a rising trend in indirect costs during the sample period. The rising indirect costs over time supports the notion that issuers are less worried of leaving money on the table when they could hire industry dominating underwriting syndicate. This study reports significantly higher underpricing for SEOs issued during the post global financial crisis (GFC). The results also document that the direct costs may well negatively explain the indirect costs and that the number of representative underwriters inversely affects the underpricing. Overall, the study suggests that the characteristics or structure of underwriting syndicate might explain the indirect costs of raising seasoned equity capital"
View the Full Paper

AUTHOR: Chris Eves
TITLE: The Valuation Of Long Life Mines:Current Issues And Methodologies |Refereed|
KEYWORDS: "Mining, extractive industries, mine valuation, valuation methodology"
ABSTRACT: "The past decade has seen an increasing focus on the mining and extractive industries in Australia. The significant increases in both new mines, commodity prices and employment opportunities has lead to considerable discussion on the value of this industry and the contribution that the industry makes to exports, GDP and the public in general. This debate has resulted in the introduction of the Mineral Resources Rent Tax being introduced in 2012. An issue that follows from the introduction of these taxes is the current exposure of property valuers to mine and extractive industry valuations and the most appropriate method that should be employed for valuing long life mines for rating and taxing purposes, finance and accounting purposes. This paper will provide a detailed review of past and current valuation methods for long life mines and will highlight the current issues and problem facing valuers who are currently working in or intend to carry out valuation work in this industry"
View the Full Paper

AUTHOR: Hasniyati Hamzah, Md Nasir Daud, Anuar Alias, Yasmin Mohd Adnan
TITLE: "The Vibrancy Factors For Putraaya, The Administrative City Of Malaysia"
ABSTRACT: "When Putrajaya was declared as the model for green city initiative for other cities in Malaysia, several initiatives have to be developed from the original role the city has had to play. From a well-planned modern city initiated in 1997 based on the concept of sustainable and intelligent development, , Putrajaya has several issues which need to be addressed. These include the uneven spread of infrastructure and facilities provisions, slow development of retail and commercial facilities provision, inadequate transportation and poor intermodal integration, and development that lacks integration. This paper discusses the issues and the challenges to improve Putrajaya’s economic and social vibrancy."

AUTHOR: Matthew Gray And Andrea Blake
TITLE: Threshold Concepts In Property Education: A Case Study |Refereed|
KEYWORDS: Property education
ABSTRACT: "First year Property Economics students enrolled in the Bachelor of Urban Development at QUT are required to undertake a number of compulsory subjects, alongside students undertaking studies in other disciplines. One such common unit is ‘Stewardship of Land’, an interdisciplinary unit that introduces students to the characteristics of land and land tenure with a focus on land use and property rights. It covers a range of issues including: native title, land contamination, heritage values, alternative uses, the property development process, impact of environmental and social factors, and the management of land, both urban and regional. Teaching such a diverse content to a diverse audience has in previous years proved difficult, from the perspectives of relevance, engagement and content overload. "
View the Full Paper

AUTHOR: Patrick Lecomte
TITLE: Tiptoe Past The Dragon: Replicating And Hedging Chinese Direct Real Estate |Refereed|
KEYWORDS: "Hedging, China"
ABSTRACT: "Over the last 30 years, Chinese commercial real estate markets have joined the global universe of investable assets, as exemplified by vibrant skylines and the construction of startling new buildings in megacities. Despite the large volume of foreign direct investments in Chinese commercial real estate markets, there has been little academic research done to analyse and characterize the risk structure of Chinese commercial properties. Using a database never applied before in academic literature, this paper fills in the gap by studying the risk characteristics of direct property investments in Chinese first-tier cities. It applies macrovariable models to analyse the risk structure of office properties in Beijing, Shanghai, and Guangzhou. It then tests a selection of instruments that could be used by international investors to hedge the risk of investing in these three sub-markets. It concludes by making a series of recommendations that could help international investors deal with the risk of direct investments in China’s property markets."
View the Full Paper

AUTHOR: Michael Ritchie, Bill Dimovski And Saikat Sovan Deb
TITLE: Underpricing Of Infrastructure Ipos: Evidence From India
ABSTRACT: "This paper explores the underpricing of initial public offerings (IPOs) made by infrastructure companies in India from 2004 to 2010 and follows Dimovski (2011) who reported that in the Australian market, infrastructure IPOs did not produce underpricing returns that were statistically significantly different to zero. The objective of this paper is to investigate the underpricing of infrastructure IPOs in the emerging market of India and to explore factors that may influence the underpricing of infrastructure IPOs in India. The results show that, on average, the underpricing returns were 25.4% and statistically significantly different to zero, while money left on the table, in aggregate is not. In contrast to Australian evidence, significant underpricing in Indian infrastructure IPOs indicates greater risk of these investments. We find, oversubscription, government ownership and issue size are significant variables in explaining underpricing in Indian infrastructure IPOs."

AUTHOR: John Sheehan
TITLE: Understanding The Historical And Legal Roots Of Property
ABSTRACT: "The legal notion of property rights in Australia has undergone fundamental change since 1992 with the decision Mabo v Queensland (Mabo No 2) (1992) 175 CLR 1. The holding of property results in the conferral of three qualities or capacities, namely a management power, an ability to receive income or benefits, and an ability to sell or alienate the interest. However the relatively recent transition from open access to property rights in a broad range of natural resources and in emerging forms of personal property has highlighted the need to understand how the ascribing of value to property rights developed. This paper looks at the legalo-historical roots of property, and examines to just how we test whether “particular rights” are in fact property rights. . The paper points out that as knowledge is gained as to the nature of less familiar and emerging property rights, accepted truths regarding the notion of property is being shown to be only a partial and incomplete vision. "

AUTHOR: Greg Costello
TITLE: Unit Land Price Volatility In Housing Markets
ABSTRACT: "This paper examines the time-series characteristics of unit prices ($ per SQM) of both vacant housing land and improved housing transactions for the city of Perth, Western Australia 1990-2012. Variations in price dynamics for the two series reveal greater levels of volatility in the vacant land time series, suggesting the validity of option pricing characteristics consistent with recent developments in option pricing theory for property markets. The expectation of different overall house price changes in response to variation in land and structure components is also tested over the same sample period. Results confirm a significant role for the analysis of unit land price characteristics in determining house price changes in both aggregate and local housing markets. These influences are shown to have an important role in connecting housing wealth to financial markets. "

AUTHOR: David Parker
TITLE: Unlisted Property Fund Decision Making: A Practitioner Survey |Refereed|
KEYWORDS: "property, unlisted fund, decision making, Australia, RICS Education Trust"
ABSTRACT: "While unlisted property funds are multi-billion dollar property investment vehicles, relatively little research has been undertaken into their adopted property investment decision making process. Following a literature review, the property investment decision making process is described as a multi-step, linear, sequential process capable of taxonomizing as 20 steps. The paper provides a brief summary of the preliminary findings of a survey of unlisted property fund decision makers in Australia, funded by the RICS Education Trust, which finds the hypothesized steps in the property investment decision making process to be substantially supported. An RICS Research Report, comprising the detailed findings of the research, will be published in 2013. "
View the Full Paper

AUTHOR: Eeva Saynajoki, Jukka Heinonen And Seppo Junnila
TITLE: Urban Density And Local Sustainability – A Case Study |Refereed|
KEYWORDS: "land economics, urban density, carbon footprint, sustainability aims, urban planning and land use policies"
ABSTRACT: "According to the United Nations, cities are responsible for 75% of all energy consumption and for 80% of all greenhouse gas emissions globally. Urban planning and land use policies therefore play a major role in the mitigation of climate change. High urban density is often promoted as a sustainable land use policy. However, the environmental and social sustainability of dense urban structures can be challenged. Even though higher urban density may correlate with the increased carbon-efficiency of transportation and housing services, recent research has demonstrated that, in several cases, urban density is not a valid indicator for overall carbon-efficiency, let alone sustainability. The purpose of this study is to examine the extent to which local objectives for environmental and social sustainability can be achieved through the promotion of urban density in a predominantly rural case area. The analysis is conducted as a case study, where qualitative case-specific data is collected mainly from public proceedings. Quantitative data from multiple past case studies, some of which is case-specific, is used for carbon footprint calculations. The main finding of the study is that even though higher urban density is promoted in the case area as an environmentally-, socially- and economically sustainable use of land, increases in construction and consumption are actually likely to water down the potential carbon-efficiency gains. It is also found that the area’s policies in pursuit of increased urban density have had negative social impacts."
View the Full Paper

AUTHOR: Peddy, Pi-Ying, Lai And Hsiang Chiu
TITLE: Using Assess Information System Of Urban Design Review In Kaohsiung City
ABSTRACT: "From 1996 they announced urban design areas and establish Urban Design Committee. Kaohsiung City Government has put Urban Design Review into practice for more than ten years. In high-developed internet world, it is now a trend to process government business with computers and so does Urban Design Review. We use Object-Oriented Analysis Method. The Object-Oriented modeling will be conducted in Unified Modeling Language (UML) scheme style. Our goals in the computer-aided mechanism of Urban Design Review include improving the quality, minimizing the cost, and establishing an innovative mechanism of Urban Design Review. Kaohsiung City has carried out substantive review of urban design since the establishment of the Urban Design Committee in 1996 and about 700 urban design projects reviews have been completed. After empirical study, urban design review of the document to consider the plan has been digitized, the extended planning need for the executive operations of the systems, future plans may be toward the urban design of information technology, the Conference considered electronic, permit the combination of documents and electronic signature, etc. "

AUTHOR: Tuuli Jylhä
TITLE: Utilizing Lean Management In Real Estate Sector |Refereed|
KEYWORDS: "lean management, value creation, waste"
ABSTRACT: "Lean management is in its take off in real estate sector. One of the greatest advantages in lean thinking is the utilization of waste thinking: the production processes where products and services are created should be improved by minimizing the activities that do not create value for the customer (i.e. waste). Organizations have increasingly shown interest towards the ideas of lean management. In this paper the aim is to discuss the perceptions of utilizing lean thinking in real estate sector. The discussion is based on four in-depth case studies in Finland. In each case study a deeper understanding on the current value creation and its improvement potentials was gained. The value creation thinking was adapted from lean management and was used as a lens in the assessment. The case studies indicate that lean thinking can be utilized in the real estate sector. The concepts of lean management are straightforward to implement into our thinking. However, the lean tools and methods cannot be applied as such but they should be adjusted with the new contexts. When the ideas of lean are utilized in organizations, it is most likely noticed that instead of fine adjustment the organizations need to commit to more wide-ranging improvements that might require for example redesigning and re-engineering of processes"
View the Full Paper

AUTHOR: Callum Logan
TITLE: Valuing The Risk Of Imperfect Information – Christchurch Earthquake
ABSTRACT: "This is a conceptual paper that forms part of a PhD proposal. Where theoretical pre earthquake risk land mapping varies from post actual event land mapping, a unique opportunity arises to assess the impact of imperfect information on property prices. Specifically, the land mapping referred to here relates to categorising Christchurch land on a scale of “no risk” to “high risk of liquefaction and lateral spreading” in the event of an earthquake. The proposed methodology may employ a Difference-in-Difference (DID) equation using control and treatment variables to measure the residential price effects of the land zone changes. The influence of other variables on house prices will be accounted for by including additional variables for the earthquake event itself, property attribute and neighbourhood attribute variables. It is anticipated that the land zone changes have had an impact on prices which could be either positive or negative and vary in scale depending on the step change and direction of risk category. In addition, residential prices are expected to have appreciated in suburbs where no land risk has been identified due to a substitution effect as people relocate from less favoured to better land zones"

AUTHOR: Eeva Määttänen And Seppo Junnila
TITLE: What Is The Value Of Green Fm For Office Tenants? An Application Of Kano'S Model Of Attractive Quality |Refereed|
KEYWORDS: "green facilities management, office tenants, customer satisfaction, attractive quality, Kano model"
ABSTRACT: "Sustainability and green issues have become strategic guidelines for many real estate operators such as constructors, developers, service operators and property and facilities managers. Organizations and building occupants have increasing demands for green or sustainable services in all areas of real estate. This study focusses on a green service concept for facilities management that was tested in a pilot multi-tenant building. The data for the study was collected by a questionnaire for the tenants based on the Kano model of attractive quality. Using the Kano model, the study aims to analyse more deeply the quality dimensions of value of green facilities management for the tenants. The results show that building occupants are starting to value the green attributes of services, but they not yet expect it in the standard operations. In particular, it seems that value of environmental effectiveness is increasing as long as no extra effort or expense is required on the tenants’ part."
View the Full Paper

AUTHOR: Steven Boyd
TITLE: What Property Students May Learn From Playing Games |Refereed|
KEYWORDS: "property education, learning games, gameplay, problem solving, functional knowledge"
ABSTRACT: "Learning in property programs may be enhanced through gameplay. Games are, by their nature, fun problem solving activities enabling students to gain skills and build knowledge through participation. With property education the problem with gameplay lies in the lack of alignment between what an individual student may learn from playing a game and the intended learning outcomes of a university program. This research will investigate the opportunities for enhancing learning through playing content situated property games. As an emergent research field games assessments are predominantly based on anecdotal work, only SimCity has been empirically tested, leaving Monopoly variants and other popular property games free from pedagogical assessment. This paper presents a review of literature into game enhanced learning as it may apply to property studies, followed by an analysis of existing property games, and observations from situated gameplay. The analysis utilises a rubric to assess the gameplay alignment with the skills and attributes sought after by stakeholders in property education. It identifies gameplay attributes inherent in existing property games which may enhance the learning experience for university students studying property. "
View the Full Paper

AUTHOR: Hera Antoniades
TITLE: White Collar Crime And Property Agents: A Selection Of Convictions Involving Trust Accounting Fraud |Refereed|
KEYWORDS: "Crime, Fraud, Trust Accounting, white collar crime"
ABSTRACT: "Property agents in New South Wales are entrusted with the responsibility of monitoring and accounting for all trust money held on behalf of their principle, for example the landlord and vendor. This procedure includes, but is not limited to the receipting and banking of trust funds, correct allocation of the money into the ledger accounts, and the appropriate accounting of trust funds to their principle. Literature suggests “most sociological theories are consistent with the view that criminality is general across different behaviours”. The purpose of this research paper is to examine a selection of court cases which relate to trust accounting fraud. The aim of this research is to identify any trends as to why the crime was committed and concludes with a discussion on the relationship between these trends and the increase in the misappropriation of trust funds. During the last decade, there has been a steady increase in fraud with agency’s trust accounts. These identified trust account deficiencies and actions of dishonesty have been disguised by licensees and their employees using various methods of application. "
View the Full Paper

AUTHOR: Hera Antoniades
TITLE: Why Include Gst On Commercial Residential Premises |Refereed|
KEYWORDS: " Commercial Residential Premises, GST, long term accommodation, short term accommodation"
ABSTRACT: "In the last decade, there have been a number of reviews across Australia’s taxation system which has had flow-on consequences for the real property sector. The Ralph Report (A Review of Business Taxation, A Tax System Redesigned, 1999 chaired by John Ralph AO) contained about 280 recommendations which were aimed at improving the competitiveness and efficiency of the Australian Business, reducing compliance costs and enhancing the stability of taxation arrangements. More recently the Henry Review (Australia’s Future Tax System, 2009 chaired by Ken Henry) prioritised the economic and environmental challenges with a view to enhancing community wellbeing. Caravan parks, camping grounds, and boarding houses have traditionally provided affordable accommodation for city and regional holidaymakers, retirees and also low income residents. However little attention has been afforded to either of these taxation reviews with regards to taxation issues and community needs impacting on long term and short term accommodation. This paper examines the GST application for long-term and short-term accommodation, and will focus on the consequential treatment of the accommodation as either an input tax supply or a taxable supply. The research explores the effectiveness of the present taxation system and the impact for low-cost long term and short term accommodation and concludes with a discussion and recommendation for changes to the present taxation regime "
View the Full Paper

AUTHOR: Pernille Christensen
TITLE: "Key Drivers Of Sustainable Commercial Real Estate Decision-Making In The United States: A Delphi Study Of Investors, Owners, Tenants And Developers"
ABSTRACT: "Sustainable real estate is a growing sector within the commercial real estate industry, yet there is still a lack of consistency among the multitude of sustainability performance measurements and reporting requirements around the world. As a result of this infusion, stakeholders have developed different strategies and requirements for sustainability, which in turn makes it difficult to communicate with other stakeholders about sustainability in real estate. Without the ability to communicate with other stakeholders about sustainability efforts, comparison of sustainable real estate becomes a challenge, thus impeding progress towards a competitive sustainable real estate market. This study presents the results of a Delphi study that was completed in the US in 2011-12. A modified Delphi Method was used to investigate the nature of performance measurements and reporting requirements used in the sustainable real estate market, as well as their impact on the related decision-making process used by each of the major stakeholders in the real estate process. For the purpose of this study, the real estate stakeholders include: public and private real estate investors, corporate users, tenants and developers in the United States. The first round of the Delphi was conducted as in-depth interviews with 16 expert panellists that represent each of the stakeholder groups to gain a deeper insight into the sustainability thought processes and decision-making strategies that have been used by these experts. Interviews were then transcribed and coded using MaxQDA software and then two rounds of e-surveys were used to clarify the results AND highlight the areas in which the U.S. real estate industry has begun to align on sustainability issues, as well as those areas of disconnect which still make comparison of sustainable real estate a challenge, in an effort to improve communication among stakeholders – and ultimately competition in the sustainable real estate market.” Building on the four generations of sustainability presented by Simons et al (2001), results from this research suggest that the U.S. real estate market has turned a corner with respect to sustainability in real estate and has entered a new, post-recession generation of sustainability. However, there are still areas of miscommunication among the stakeholders, and inconsistency with regard to specific performance measurements being used to track and report sustainability efforts. "

AUTHOR: Michele Kennedy
TITLE: Can Self-Managed Superannuation Funds Be A Positive Property Investment Vehicle For Wealth Accumulation For Retirement
ABSTRACT: "Self-Managed Superannuation Funds (SMSF) have increased in popularity in recent years, as individuals demand more control over where their money is being invested. SMSF represent the largest sector of the Australian superannuation industry with an investment of $418 billion. The purpose of this research is to investigate the effectiveness of investing in residential property via SMSF in preparation for retirement. As an emergent field there is limited statistical data available to present solid findings on the long-term success of these investments. This paper presents research findings from interviews with industry professionals and a review of literature that looks at the opportunities of direct property investment for long term wealth accumulation. It will further identify the significant tax advantages and the historic low volatility inherent to residential property investments to accumulate wealth for retirement. "

AUTHOR: Jiancong Liang, S.K. Wong And K.W. Chau
TITLE: Cap Rate Movements In Hong Kong
ABSTRACT: "The capitalization rate used in real estate literature is the ratio of net operating income to property value. This paper has investigated the capitalization rate movements in Hong Kong from 1987 to 2012. In Hong Kong, capitalization rates for residential and commercial properties were closely intertwined during 1984-1997. However, after 1997, diverging patterns were observed: commercial properties’ cap rates became higher than residential properties’; cap rates for lower-end properties increased relative to higher-end properties. What are the factors generating the gaps between the cap rates of different property types in Hong Kong? Based on the basic Gordon model, WACC and CAPM, the study seeks to explain the cap rate movements in Hong Kong. Our preliminary results show that the influx potential overseas investment money, which is measured by the LIBOR and HIBOR, and the expected future long term growth, which is measured by the historical price trend, are the two major factors that inducing the cap rate spread."