Proceedings from the PRRES Conference - 2014
20th Annual Pacific Rim Real Estate Society Conference

 Lincoln, New Zealand
, January 19-22, 2014


Delegate Papers  - Including Keywords and Abstract

Papers shown as "refereed" have been refereed through a peer review process involving an expert international board of referees headed by Professor Sandy Bond. 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: David Parker
TITLE: Preliminary Proposition Of A General Theory Of Property Investment Decision Making |Refereed|
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AUTHOR: Ramón Sotelo
TITLE: The Economics Of Reits |Refereed|
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AUTHOR: Wejendra Reddy
TITLE: Dynamic Asset Allocation Strategy And The Role Of Property Assets: A Study Of Australian Industry Superannuation Funds |Refereed|
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AUTHOR: Jaime Yong And Abhay Singh
TITLE: Interest Rate Risk Of Australian Reits: A Panel Analysis |Refereed|
KEYWORDS: "REITs, financial leverage, interest rate risk, panel quantile regressions"
ABSTRACT: "Management structures of many Australian REITs have shifted towards internal property management since 2001. Sector returns have been rewarding until the Global Financial Crisis, but rising costs of debt and years of aggressive borrowing have eroded REIT values. Externally managed trusts had relatively higher levels of debt than internally managed counterparts thus increasing the sensitivities to interest rate risks. Yet internally managed REITs engage in a wider set of operating activities which compound market and financial risks. This study uses panel and panel quantile regressions to examine the joint impact of financial leverage and management structure on REIT returns in terms of their sensitivities towards the stock market and changes to interest rates from 1980 to 2013, and how these vary at different parts of an economic cycle. We find that the impact of market returns is greater for internally managed REITs and those with more debt. REITs are only negatively affected by changes to short-term interest rates at the lowest 5% quantile of returns. Changes to long-term interest rates have an adverse effect on REITs only at the upper 75% and 95% quantiles. We consider the possibilities that rental yields and inflationary expectations may offset the influences of financing costs. Internal management appears to compound the effects of the stock market and interest rates on REIT returns. These have implications for investors looking to select REITs as substitutes of direct property investments."
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AUTHOR: Chris Ratcliffe And Bill Dimovski
TITLE: Market Discounts And Shareholder Benefits: Evidence From A-Reit Private Placements |Refereed|
KEYWORDS: "Private placements, A-REITs, abnormal returns, information signalling"
ABSTRACT: "This study investigates the wealth effects of Australian Real Estate Investment Trusts (A-REITs) during the issuance of private placements from January 2000 to December 2012. Utilising event study methodology we examine the impact on existing shareholders wealth by measuring the abnormal returns around the placement announcement. Our results support the information signalling hypothesis, in that existing investors in A-REITs earn negative and significant cumulative abnormal returns of -1.3% over the three-day event window [-1,+1]. This result is in contrast to prior studies conducted on industrial firms, for example; Hertzel and Smith (1993), Krishnamurthy et al. (2005) and Wruck and Wu (2009). We also find evidence, consistent with Marciukaityte et al. (2007), that A-REIT managers are able to time their placements. Regression analysis shows A-REITs trading at a premium to net tangible assets and A-REITs that use placement funds for their core business have a positive impact on announcement abnormal returns. Finally, we find evidence of a negative relationship between discount offered on the placement and announcement abnormal returns."
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AUTHOR: Shu-Hsiu (Steven) Chen
TITLE: Interdependence Of Property Prices And Building Vacancy Rates In Residential And Commercial Real Estate Markets: Hong Kong And Singapore |Refereed|
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AUTHOR: Zulkifli Esha
TITLE: The Suitability Of Social Media Integration For Effective Real Estate Marketing In Malaysia |Refereed|
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AUTHOR: Johari Hussein, Lynne Armitage And Linda Too
TITLE: A Historical Perspective Of The Evolution Of Australian Built Heritage And Its Management |Refereed|
KEYWORDS: "built heritage, urban development, heritage legislation, sustainability, historical development, public engagement."
ABSTRACT: "This paper analyses the origin and parameters that contribute to the development of Australian built heritage, identifies the underlying challenges and issues that stakeholders face in their management, and thereby develops a basis for further research. A literature review was conducted on published resources related to heritage buildings in an historical context to categorise contributory parameters that have shaped Australian built environment over the past two centuries. It is perceived by researchers that modernisation, sustainability and technology are factors that help to retain built heritage values. However, this review suggests that the way in which these factors are applied often poses a threat to the continuation of the fabric of Australian built heritage. Reflecting on the abundant literature in this field, it appears that academic research on Australian built heritage dates back as early as the 19th century on the transitional stages of built heritage. Further research is needed to develop a management cycle model for the assessment of structural soundness and the reliability of practices involved in Australian built heritage. This paper contributes to the understanding of how Australian built heritage evolved in a historical context and its contribution to the current and future practice of heritage management."
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AUTHOR: Lucy Cradduck
TITLE: ‘Water Views’ From Cyberspace: Building Resilient Communities By Identifying Water Risks |Refereed|
KEYWORDS: "broadband, access, flood, storm surge, sea level rises, property development"
ABSTRACT: "The perceived desirability of water views continues to lead to increasing numbers relocating to coastal regions. Proximity to coastal water brings with it unique risks from rising sea levels; however, water can present a risk in any area, whether or not you have water views. Recent Australian and international disasters show that even inland populations not located in traditional flood areas are not immune from water risks. The author examines the nature of these risks and shows how the internet can be used as a tool in identifying risk areas. The author also highlights the need to ensure accuracy of the data for valuation and planning purposes and identifies flaws in the current data provision."
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AUTHOR: Jessica Lamond, Sara Wilkinson And Carly Rose
TITLE: Conceptualising The Benefits Of Green Roof Technology For Commercial Real Estate Owners And Occupiers |Refereed|
KEYWORDS: "Green Roof, Water Sensitive Urban Design, Cost benefit, commercial real estate, central business district, Sustainable Urban Drainage."
ABSTRACT: "The benefits of Water Sensitive Urban Design (WSUD) are increasingly being recognised in terms of reduced flood risk, reduced cost of drainage, improved water quality, lower energy use and other, less tangible aspects, such as aesthetics and amenity. Multiple tools and evaluation techniques exist to estimate the costs and benefits of installations on a total level. These evaluations vary in accuracy and precision and many benefits are difficult to monetise. There are also distributional aspects of costs and benefits that will need to be considered in the ongoing dialogue to encourage appropriate installation of WSUD that have, thus far, rarely been explored in research. In particular, the perspective of the commercial real estate owner, investor or occupier has been neglected in favour of governmental and societal views. This can be understood within the wider context of urban design such as retention or infiltration installations in public spaces; in Central Business Districts (CBDs), however, the retrofitting of green roof technology is seen as one of the main contributors to WSUD and is largely in the hands of private companies. A conceptual model of the distribution of benefits from installing a green roof on an existing commercial building is presented that can inform the understanding of incentives and behaviours in the corporate real estate market. The results show that benefits accrue directly and indirectly to both owners and occupiers of commercial buildings with green roofs. However, many of the direct benefits are enjoyed by a much wider stakeholder group and these benefits will only be partly recognised as due to the investment in green roofs. Owners and occupiers of commercial buildings may also want to evaluate the indirect benefit accruing via their image of corporate social responsibility and, in addition the possibility of value uplift due to neighbourhood improvement."
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AUTHOR: Vince Mangioni
TITLE: Defining The Basis Of Value In Land Value Taxation |Refereed|
KEYWORDS: "Land Value, Capital Improved Value, Highest & Best Use"
ABSTRACT: "Recurrent land taxes are an important revenue source for sub-national government internationally and are assessed on a number of different bases of value. This paper examines the various bases of value on which this tax is assessed internationally then focuses on the valuation of land, being the dominant basis of value used to assess this tax in Australia. Valuation experiments are used to examine the valuation practices of valuers in highly urbanized locations where vacant land sales are rare. It demonstrates the challenges of using value as the base of this tax and in particular land or site value used in Australia. The paper concludes that while issues exist in the determination of any basis of value, the practices of valuers are most important in the determination of a consistent and neutral base on which to assess the tax."
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AUTHOR: Vince Mangioni
TITLE: Refining Principles Of Compensation In Land Acquisition For Urban Renewal |Refereed|
KEYWORDS: "Reinstatement, Solatium, Disturbance, Traditional / Non-Traditional Purposes"
ABSTRACT: "This paper examines the expanding purposes for which land is compulsorily acquired in Australia, and the evolving complexities in providing parity of value to the dispossessed party. Surveys are used and cases are examined in exploring the various purposes for land is acquired as well as the types of acquisitions which encompass partial versus total acquisitions. This provides a basis for establishing a framework which better supports the option for reinstatement and asks whether expanding items of disturbance and solatium paves the way for improving options for reinstatement. The paper makes it primary contribution through the development of a framework which expands options for reinstatement and articulates factors to be included under the heads of disturbance and solatium as distinct from market value. It further builds a case for a share in the uplift in value resulting from the acquisition of land in the case of economic development being the rationale for the acquisition."
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AUTHOR: Chris Heywood, Joseph Barrins And Sara Bell
TITLE: Owned Environments: Taking Property Into First Year Of A Broad Degree |Refereed|
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ABSTRACT: "The University of Melbourne’s New Generation Degrees, taught since 2008, locate undergraduate property education as a major in a multi-major broad-based ‘Environments’ degree. This degree is a multi-faculty in its teaching and governance. By 2010 property emerged as the second largest major without a specific presence in the first year foundation subjects. A 2011 review of the degree recommended two changes for property – adjust the major to further increase its coherence – and introduce a property-related subject into an enlarged suite of first year subjects – Owned Environments. Owned Environments has multiple objectives. First is to introduce the property major taken from second year, but in such a way that did not alienate the ‘non-property’ cohort. Counter-intuitively the subject is not a prerequisite for the major. Second make the content broad enough that students with any major in mind could get skills and approaches to take into their major. Third was to, potentially, contribute to the university’s ‘breadth’ subjects in other degrees. A multi-faculty, cross-disciplinary team developed and taught the subject for the first time in 2013. It was founded pedagogically on ownership as the interaction of legal, social and economic systems. This was developed in topics on, for example, the rights and responsibilities of legal ownership, planning systems’ modification of rights, basic economic models that explain the environment’s shape, introductory property valuation, ownership in other countries and of other environmental goods, like water. A Melbourne suburb was used as a ‘laboratory’ for assessment that ranged from understanding ownership at the suburb level down to valuing an individual property. Fun and challenging collaborative learning was encouraged through assessment using a student Wiki, a planning dispute role-play, and a group valuation project. Individual learning was tested in a traditional, end-of-semester exam. Student feedback indicates that they enjoyed the subject but scope for further improvement exists. How the subject bridges into the property and other majors will become evident next year when this year’s cohort progress into their majors."
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AUTHOR: Mohd Lizam
TITLE: Comparison Of Empirical Models In Malaysia House Price Index Construction |Refereed|
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AUTHOR: Mohammed S. Al Surf
TITLE: The Role Of The Saudi Government And The Saudi Building Code In Implementing Sustainable Housing Construction In Saudi Arabia |Refereed|
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AUTHOR: Tuulia Puustinen
TITLE: The Time For Intensity? Governance And Decision-Making In Relation To Major Repairs In Multi-Owned Residential Buildings In Ffnland And New Zealand |Refereed|
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AUTHOR: Valerie Kupke
TITLE: The First Home Owner Decade – Distribution And Impact Of The First Home Owner Grant 2000 To 2013 |Refereed|
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AUTHOR: Valerie Kupke
TITLE: Comparing The Socio Spatial Substructure Of The Australian City |Refereed|
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AUTHOR: Geoff Page And Valerie Kupke
TITLE: Growing Farmers’ Markets; What Are The Factors That Impact On Participation By Local Producers? |Refereed|
KEYWORDS: "farmers’ market, survey, participation"
ABSTRACT: "This paper covers the early findings of a study which aims to investigate the barriers to participation in farmers’ markets by the wider farming community in South Australia (SA) with a particular focus on small to medium sized producers. While there exists a body of work internationally on farmers’ markets, research within Australia has so far been very limited. The study introduces the findings of a baseline survey in which behaviour is understood as a function of attitudes including perceptions held, social factors such as peer influence, internal factors including willingness to change and external factors such as cost, market conditions and policy settings."
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AUTHOR: Connie Susilawati And Leh Roo Wong,
TITLE: Barriers To Entering Affordable Home Ownership For Young People: A Preliminary Study From University Students’ Perspectives |Refereed|
KEYWORDS: "barriers to entry, affordable home ownership, youth housing, housing affordability, housing choice"
ABSTRACT: "Over the last two decades, housing affordability has been a problem for young people, and identified as factor leading to youth homelessness. The National Youth Commission Inquiry into Youth Homelessness developed a roadmap for preventing this problem (National Youth Commission, 2008). The roadmap recommends increasing the supply of affordable housing for young people as an important strategy to reduce the risk of homelessness problems. In addition, understanding the barriers and the needs of young people is a significant part of the development of a national affordable housing strategy. This paper explores issues encountered by young people when they enter the housing market as first home buyers. A short survey was conducted to review the barriers to entry, classified by income levels, housing cost and availability of affordable housing. In the current competitive job market, young people have minimal work experience, relatively low job security and low income. In addition to these barriers, participants also suggested other barriers towards the purchase of their first home, such as lack of knowledge of legal issues and lack of government funding. This study suggests the need for both government and educational support for young people around housing choices and the development of financial strategies to manage barriers towards owning their first home."
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AUTHOR: Michael Mak
TITLE: Compensation For Coal Seam Gas Occupation: Assessing The Harms |Refereed|
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AUTHOR: Lyndall Bryant, Chris Eves, Andrea Blake And Patrick Palmer
TITLE: Can Playing Monopoly™ Enhance Learning For Property Students |Refereed|
KEYWORDS: "Monopoly City™, student engagement, learning outcomes, real estate education"
ABSTRACT: "This paper outlines the initial results from a pilot study into the educational use of the board game Monopoly City™ in a first year property economics unit. This game play was introduced as a fun and interactive way of achieving a number of desired outcomes including: enhanced engagement of first year students; introduction of foundational threshold concepts in property education; introduction of problem solving and critical analysis skills; early acculturation of property students to enhance student retention; and early team building within the Property Economics cohort, all in an engaging and entertaining way. Preliminary results in this research project are encouraging. The students participating in this initial cycle have demonstrated explicit linkages between their Monopoly City™ experiences and foundation urban economic and valuation theories. Students are also recognising the role strategy and chance play in the property sector. However, linking Monopoly City™ activities to assessment has proved important in student attendance and hence engagement."
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AUTHOR: Chris Eves
TITLE: Residential Property Consumer Behavior Following A Natrual Disaster: The Christchurch Experience |Refereed|
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AUTHOR: Jeremy Gabe
TITLE: An Outcome Comparison Of Mandatory And Voluntary Building Energy Disclosure In Australia |Refereed|
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AUTHOR: Brent Nahkies
TITLE: Mandatory Seismic Retrofitting – A Case Study Of The Land Use Impacts On A Small Provincial Town |Refereed|
KEYWORDS: "Mandatory seismic retrofitting, earthquake-prone buildings, land use impacts, Case Study"
ABSTRACT: "As a result of the Christchurch Earthquake that occurred on 22nd February 2011 and the resultant loss of life and widespread damage, a Royal Commission of E'!quiry was conv~ned in April2011. The Royal Commission recommended a number of significant changes to the regulation of earthquake prone building in New Zealand. Earthquake prone buildings are buildings that are deemed to be of insufficient strength to perform adequately in a moderate earthquake. In response to the Royal Commission recommendations the New Zealand Government carried out a consultative process before announcing proposed changes to the building regulations in August 2013. One of the most significant changes is the imposition of mandatory strengthening requirements for earthquake prone buildings on a national basis. This will have a significant impact on the urban fabric of most New Zealand towns and cities. The type of traditional cost benefit study carried out to date fails to measure these impacts and this paper proposes an alternative methodology based on the analysis of land use data and rating valuations. This methodology was developed and applied to a small provincial town in the form of a case study. The results of this case study and the methodology used are discussed in this paper."
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AUTHOR: Peggie Rothe, Matti Christersson, Christopher Heywood And Anna-Liisa Sarasoja
TITLE: Relocation Management – Challenges And Service Opportunities |Refereed|
KEYWORDS: "Corporate real estate, Finland, Office, Relocation"
ABSTRACT: "Choosing new office spaces and relocating thereto is a process that numerous organisations go through each year. The process is a significant event in the course of an organisation’s life as decisions concerning location and office solution determine the future operating environment. From the perspective of a single organization, however, relocation is an infrequent event and therefore very few organisations have the required knowledge to manage the process in-house. Yet organisations in Finland seem to prefer to cope on their own without acquiring assistance from advisors who are experts in relocation management. Therefore, the purpose of this paper is to increase the understanding of the management of office relocations in Finnish organisations and the use of external advisory services. The study uses a sequential mixed method approach. First, the use of relocation-related services, and organisations’ perception of the need for the alike, is assessed through a questionnaire which was sent to the people responsible for corporate real estate management in the Helsinki Metropolitan Area. The data includes 83 responses. Subsequently, service experiences, perceived service needs, and the challenges that organisations face in relocation are studied through thematic interviews with 15 organisations that have recently relocated. The findings showed that organisations face many challenges when relocating, especially when managing the process themselves. However, most organisations do not acknowledge the complexity of the process until afterwards and are therefore not prepared for all the hurdles that relocation might bring. For example, the vast amount of time that is required repeatedly catches organisational decision-makers off-guard, and the processes often lack change management efforts. Further, organisations in Finland lack knowledge of the availability of relocation-related services and therefore do not seek help when facing relocation. This shows that providers of relocation services need to first educate organisations of the challenges and opportunities of relocation, and successively increase the awareness of the availability of services in order to facilitate the better organisational relocation experiences."
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AUTHOR: Siqi Yan And Janet Ge
TITLE: Direct Government Control Over Residential Land Supply And Its Impact On Real Estate Market: Evidence From Major Chinese Markets |Refereed|
KEYWORDS: "government monopoly on land supply, new housing supply, housing supply elasticity, urban China"
ABSTRACT: "In the early and mid-2000s, the development of land reserve system promoted a structural change in residential land market in urban China, and the municipal government has become the sole supplier of urban residential land after the structural change. This paper examines the impact that direct government control over residential land supply has on real estate markets in major Chinese cities. It is found that there is a significant decrease in land supply after the establishment of direct government control over residential land supply, and the decrease in land supply has put downward pressure on new housing supply. It is also found that there is a decline in the price elasticity of new housing supply in the period characterized by more restrictive land supply."
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AUTHOR: Olga Filippova
TITLE: Higher Capital Values: Are They Worth The Price? |Refereed|
KEYWORDS: "Capital value, property tax, house price, New Zealand, hot spot analysis, hedonic price model"
ABSTRACT: "The bigger the capital value (CV) of your house the bigger the rates bill. In New Zealand CVs are set every three years and provide a basis for levying rates at the local government level. At the time of general revaluation, some property owners appeal their CV. Intuitively such ‘objections to value’ would aim to lower housing taxes. However, two-thirds of objectors in Auckland City proclaim their houses are under-valued. This behaviour can partly be explained by the fact that CVs are readily available and are widely used as a ‘market price indicator’. Property sellers sometimes use the current CV in marketing efforts for their properties and CV becomes a reference point in buyers’ decision making. Due to such abnormal market activity, a recent evaluation was commissioned by Land Information New Zealand to investigate whether or not CVs and objections are being used as intended. For instance, anecdotal evidence suggests that sometimes CVs are being manipulated to influence objectors’ house prices when real estate agents advise sellers to object if they feel their property's value has been set too low. The aim of this study is to understand if successful CV appeals affect prices of objectors who sell their properties. A detailed examination of the 2008 objections data uncovered that objectors’ houses tend to have a higher than average CV and a further spatial analysis identified “hot spots” - clusters with high proportion of objections. To test price impacts, I use residential sales transactions for Auckland City between Q3 2008 and Q3 2010 and identify properties whose owners objected in 2008. Contrary to the anecdotal evidence, the empirical results indicate that neither type of CV manipulation –reduction or increase – is found to have a statistically significant effect on sales prices."
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AUTHOR: Clive M. J. Warren
TITLE: The Green And Gold Of Journal Publication: Australian Property Researchers’ Perspective On Open Access Publication |Refereed|
KEYWORDS: "Open Access, auto-archiving, personal branding, Australia"
ABSTRACT: The pressure on property academics to published research papers is ever increasing with an emphasis on selected ‘high profile’ journals. The need to demonstrate the impact of property research through the level of citation and other output metrics is growing. At the same time many governments around the world are requiring funded research reports to be openly accessible resulting in a rapid growth of open access journals and a response by many established journals to offer open access publication. This paper reports on a survey of Australian property academics to assess their knowledge level of open access publication resources and the impact such resources may have on research output measures. The results point to a need for greater understanding of the open access environment and issues associated with copyright in published papers.
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AUTHOR: Pamela Wardner
TITLE: Explaining Mixed-Use Developments: A Critical Realist’S Perspective |Refereed|
KEYWORDS: "mixed-use developments, critical realism, sustainable communities"
ABSTRACT: "Mixed-use developments are often used as the immediate response to revitalise vibrancy in precincts, to relieve transportation problems and to address densification issues. The concept is labelled as a ‘sustainable community’ and responds to contemporary state and local sustainability measures. However, case studies show that creating these types of developments have proven to be one of the most demanding real estate projects to bring together. Mixed-use developments are characterised by their ‘live-work-play’ facilities and amenities in a single development. Individuals and families can choose housing options for short and long term accommodation; commercial establishments are available for shopping or working; and services and amenities are accessible for recreation and entertainment. On the face of it, there are numerous benefits for mixed-use: it minimises the need for transport and infrastructure is optimised; it increases walkability as daily activities are brought closer together; and it enhances social networks when opportunities for chance face-to-face meetings are increased. The challenge of delivering mixed-use projects is exacerbated by a combination of several factors: development finance for mixed-use projects is often limited as such projects are deemed to be higher risk profiles, property cycles of each subsector is difficult to align, and construction and management of mixed-use requires a level of experience and specialisation. To create a better understanding of the drivers of mixed-use developments, this paper puts forward the use of critical realism as an explanatory social science to assist in unravelling presuppositions particularly in concepts that are socioeconomic and political in nature. A critical realist’s perspective allows planners and policy makers to be sympathetic to the issues confronting mixed-use developments. Cognisant of the underlying mechanisms that drive and motivate the actors that participate (or stand in the way) of its creation, legislators and governments at all levels can support its successful realisation. This research paper provides the history of the concept, the movements and advocacies, the benefits and challenges and a way forward in accelerating the creation of mixed-use developments. The methods used for"
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AUTHOR: Dulani Halvitigala
TITLE: Addressing Changes In Tenant Office Space Requirements: A Landlord Perspective |Refereed|
KEYWORDS: "Office investment, Work place, Tenants’ space requirements, Space planning"
ABSTRACT: "Office tenants’ requirements for corporate real estate have changed in the recent years in response to their changing work practices. Challenged by the effects of flexible workplace strategies, tenants are increasingly seeking flexibility and functional efficiency in their physical office space and its layouts. For landlords, having the right type of space which can accommodate changing tenant layout requirements is paramount to the success of their office portfolio. Little attention has been given to understanding how landlords address tenants’ changing demand for office space and its layouts in their new and already established properties in New Zealand. Employing a series of interviews with all listed property trusts who have actively invested in office properties, this study examined how large scale landlords address and accommodate tenant demand for more flexible office spaces in their portfolios. The study identifies that landlords are clearly focused on providing flexible and efficient building space solutions in their current and proposed investments, with financial and non- financial benefits in mind. Their properties are built or refurbished to enhance operational functionality by incorporating flexible space design and specifications. These include large uninterrupted floor plates, adaptable building structures, flexible building services, well planned space grids and simplified building specifications. Building structures and layouts are designed to be able to flex quickly and cost effectively to address tenants’ changing space requirements. Tailor-made campus style offices, serviced offices, and multi-functional office spaces are becoming more commonplace. The research highlights the importance of meeting tenants’ changing demand for physical space, which in turn has the potential to deliver greater, stable market driven returns to the investors."
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AUTHOR: Michael Hefferan
TITLE: The Rise Of Peri-Urban Areas In Regional Development And Land Use: A South-East Queensland Case Study |Refereed|
KEYWORDS: "Peri-urban, regional economics, changing land use patterns, South-east Queensland, Sunshine Coast"
ABSTRACT: "Despite historic myths and folklore, cities have always dominated Australia’s settlement patterns and its economy. This is evidenced by the continued drift of capital and labour to the faster moving urban environments from outlining regional areas. The nature and physical manifestation of regions continues to change like in areas of South-East Queensland. In spite all that, peri-urban expansion theories may prove inadequate to explain such patterns. The state capital, Brisbane dominates; however other centres in the region are now gaining relative importance and adding new dimensions to the region as a whole. The development of a multi-node into greater regions may bring into question relevance of the ‘optimum city size’ concept, particularly as locational trade-offs and interactions between existing and emerging nodes evolve. A close definition of what constitutes ‘peri-urban’ areas in such a spatial layout is difficult to establish. To be of greater use, the concept needs to go beyond the traditional definition of simply being the edge of existing development stretching out from a single node and rather to describe it as the balance of any region outside the existing principal centre. As such, the dynamic mixture of dormitory and commuter zones can come together with the recently created ‘activity nodes’ which is quite different from the traditional centre. This paper summarises research undertaken in South-east Queensland, Australia, one of the fastest growing urban area in the country. It challenges both concepts of optimum size and traditional definitions of peri-urban and describes how the new linkages between existing, dominant cities and distinct, new regional nodes are evolving. It is based on a literature review and structured interviews with key informants together with the author’s recent high level involvement both in the state government’s 30-year vision called the Queensland Plan and the Sunshine Coast Regional Economic Development Strategy 2013_2033."
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AUTHOR: Chyi Lin Lee, And Girijasankar Mallik
TITLE: The Impact Of Student Characteristics On Academic Achievement: Findings From An Online Undergraduate Property Program |Refereed|
KEYWORDS: "online, property program, student characteristics and academic achievement"
ABSTRACT: "This study provides an empirical investigation into the impact of individual student characteristics on academic achievement in an online undergraduate property program. Using a multi-year data set over 2007-2012, the preliminary results from our OLS regressions show that there is a significant positive association between entry qualifications and academic achievement in an online undergraduate property program. In addition, student performance is significantly related to age and the grades the students receive in two core knowledge courses. The property education implications are also highlighted."
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AUTHOR: John S. Baen,
TITLE: "Catastrophic Interruptions Of Normal Property Cycles: The Path To Recovery Through Persistence, Collective Individual"
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ABSTRACT: "Historically there have been many types of catastrophic occurrences and events that have disrupted otherwise normal property markets. While real estate has been classified in the contemporary literature as “safe-long-term” investments, the fact is that improved property, cities and societies are temporal and depreciating assets that can lose utility suddenly as well as over long periods of time. This paper considers the historic and contemporary types of risks to property utility and equity losses due to typhoons, tsunami events, changes in global environments, government, and changes in currency, nuclear events, and other technological risks. The built environment of urban centers and economies take decades or hundreds of years to build. After catastrophic events, the need for recovery and rebuilding, and gaining the sources of capital to do so, can be daunting. Often the opportunity to replace and rebuild a more functional city can offset the tragic loss of the historic urban form. In other historical cases cities were abandoned."
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AUTHOR: Terry Boyd
TITLE: Property Market Analysis The Key To Looking Forward
KEYWORDS: "property forecasting, market modelling, property academics, economic indicators, authentic demand, digital technology"
ABSTRACT: "Property market analysis is the foundation for most property professional opinions. The property professional is employed primarily because they understand the current market and can make reasoned predictions on future market trends. The fact that property markets are complex and the determinants of change are not stable over time makes the role of the property professional challenging and, financially, worthwhile. It is crucial that property market analysis is undertaken as competently as possible. This paper examines the nature of property market analysis; starting with its evolution within the property economics field and the current market change factors. Noting the inaccuracies in property forecasts, the paper seeks ways to improve the existing analysis processes. Towards this end, a survey of property practitioners was undertaken and their responses provide useful pointers to collaborative research. A ”3Ps” approach is outlined as it is a useful technique for structuring research teams. The main recommendation of the paper is the formation of teams consisting of experienced practitioners and specialist academics undertaking longitudinal studies. Further recommendations and pointers for future studies are made using the principles/pragmatism/persistence approach. The paper concludes with the author’s opinion on how property market analysis can assist the planning and development of Christchurch."
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AUTHOR: Neil Crosby
TITLE: Commercial Property Valuations –What Have They Ever Done For Us?
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ABSTRACT: Keynote Presentation
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AUTHOR: Eelis Rytkönen
TITLE: Community-Focused Perspectives To Interdisciplinary University Campus Management –A Business Model Case Study
KEYWORDS: "University Campus Management, Business Model Canvas, Community facilitation, Space Operator, Community Operator, Network Operator"
ABSTRACT: "Internet era. Old university spaces are unable to fully support the myriad demands of the complex, networked, interdisciplinary university campus communities. Thus, tools are needed that help manage and develop university campuses and learning space concepts for a variety of user groups. Business model approach has succeeded in solving similar issues in business: increasing complexity, lack of resources, technological change, uncertainty and increasing tempo. This study conducts an empirical test on six space development projects of one university campus by employing a business modelling tool, named the Business Model Canvas. The aim of this study is to identify the pros and cons of a business model approach for university campus management by answering three main research questions: 1) How is the Business Model Canvas perceived in spatial development context?; 2) How are spaces described through the Business Model Canvas; 3) How should the Business Model Canvas be developed further for the purpose of university campus management? The main data were collected in seven workshops, where the Model was employed in seven space development projects. The data collection process was divided to three phases, each addressing one research questions. First, a room-size development case aimed to discover how the Model is perceived as a space planning tool. Second, five building-size developments strove to define how different spaces are described through the Model. Third, a campus level development set out to further develop the Model for university campus development purposes. Altogether 24 participants attended the workshops. In addition, the background case data was contributed to by diverse documents ranging from annual reports to seminar presentations. The results suggest a community-focused approach to developing university spaces. All the cases addressed community and space use as the main value propositions, same stakeholders in multiple roles, and thematic focus. The model simultaneously enabled both top-down and bottom-up approaches, which was considered convenient for conceptualization purposes. However, the space projects were described on the abstraction levels of community, network and space, which made within- and cross-case comparability challenging. The participants considered the model incomplete but saw potential in the approach. The results propose that the Model be modified to better meet the needs of university campus management through modifications, such as a more specific, layered structure and inclusion of concrete value measures."
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AUTHOR: Michael Fibbens, Michael Y Mak And Anthony Williams
TITLE: Compensation For Coal Seam Gas Occupation: Assessing The Harm
KEYWORDS: "Coal seam gas (CSG), compensation, disturbance, land occupied, injurious affection, severance, blot"
ABSTRACT: "Coal seam gas (CSG) extraction is expanding in eastern Australia. However, while the body of knowledge relating to compensation for partial taking is well established, the theory concerning the valuation of landholder compensation for occupation by CSG infrastructure is in an embryonic stage. In order to further the development of theory in this important area, this research investigates the harms that are inflicted upon landholders and their property by CSG occupation. As indicated in the Queensland mining case of Peabody West Burton Pty Ltd & Ors v Mason & Ors [2012] QLC 23, the assessment of compensation begins by enquiring as to the acts or events that occasion loss. In order to identify and assess the relevance of harms that may be inflicted upon landholders, this introductory research analyses key judgments relating to compensation for CSG and mining projects and takes advantage of the material created by the 2011, NSW and Australian Senate inquiries into matters related to CSG. Some aspects of CSG occupation are unusual. In land affected by CSG works, the property occupied is handed back to the landholder at the cessation of extraction: moreover, the actual term of occupation is difficult to determine at the outset of occupation. The research concludes that the harms inflicted by CSG occupation depend upon the interaction of the CSG project with the property occupied, its uses and its topography. Importantly, the “harms” caused by the occupation by part of land can extend outside the land occupied by the CSG work. The potential loss in value to “balance lands”, disturbance costs and potential for longer term blight are issues that need close consideration in assessing compensation. Background:"
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AUTHOR: Karen M. Gibler And Tanja Tyvimaa
TITLE: The Changing Life Course And Its Impact On Housing Preferences Of Finnish Middle-Aged And Elderly Households
KEYWORDS:
ABSTRACT: Presentation
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AUTHOR: Dulani Halvitigala And James Gordon
TITLE: The Use Of Property Management Software In Residential Property Management
KEYWORDS: "Property Management, Residential Property, Computer Software, New Zealand"
ABSTRACT: "Property management once a job heavily weighted with administration tasks and paperwork has evolved into more strategic market positions due to the advances in information and communications technology. A third of New Zealand residential properties are rental properties and a significant proportion of these properties are managed by property management companies. However little known about how and to what extent property management software is used by residential property management companies in New Zealand. Employing a questionnaire survey and in-depth interviews with small scale residential property management companies, this study examined the current use of computer software in the residential property management sector and property managers’ perceptions and experience of the software being used. The study identified that small scale residential property management companies were well equipped in specially-designed property management software packages and invested substantially in information technology for further upgrading of software. Software packages performed a wide range of functions relevant to property management such as tenant database management, rent roll and payments, vacancy management, maintenance record keeping, financial accounting and reporting, and communication with tenants. Reporting capabilities, ease of use, technical support and security procedures were the main criteria property managers considered when selecting software. The results suggest that property managers were mostly satisfied with mail merge facilities, scalability and storage and retrieval facilities offered by software. Most property management companies used software developed in other countries and as a result experienced issues with the flexibility of software and technical support. Though property management software was extensively used in residential property management in New Zealand, it was revealed that they did not explore the full capacity of software. The findings highlight the significance of property management software in modern property management practice."
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AUTHOR: Michael Y Mak, Janet X Ge And Wenli Dong
TITLE: "Sustainability Rating Tools And Measurement: A Pilot Study"
KEYWORDS: "sustainability rating system, LEED, BEAM Plus, Green Mark, hotel"
ABSTRACT: "Sustainability is the most sought after topic in the contemporary built environment, however, different countries established their own green building organizations and created different sustainability rating systems. The BRE Environmental Assessment Method (BREEAM) in UK and part of Europe, Leadership in Energy and Environmental Design (LEED) in the US and Canada, and the Green Star in Australia and South Africa, are the most commonly used rating system in the global coverage. When comparing BREEAM, LEED and Green Star, there are similarities that sustainability issues are breakdown into a number of categories and assigned weightings, such as management, energy, transport, health and wellbeing, water, materials, land use and ecology, pollution, and sustainable sites, etc. LEED is the leading green assessment rating organisation using score checklist to assess sustainable projects. Different levels of certification, from Sliver, Gold to Platinum are achieved based on the scored points from the checklist. However, the potential problem is the scoring point system creates negative incentives to design around the checklist rather than to build the greenest building. This paper present a case study is the first high rise hotel project in the world that achieved triple platinum awards from three different green assessment rating organisations, including LEED of USA, BEAM Plus of Hong Kong and Green Mark of Singapore. This paper aims to investigate the approach of this project to different sustainability rating systems and how it achieved the highest level of sustainability."
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AUTHOR: John Mcdonagh,
TITLE: Housing Affordability In Post-Earthquake Christchurch
KEYWORDS:
ABSTRACT: "Prior to the devastating 2010-2011 Canterbury earthquakes, the city of Christchurch was already exhibiting signs of a housing affordability crisis. The causes and symptoms were similar to those being experienced in Auckland, but the substantial damage to the housing stock caused by the earthquakes added new dimensions and impetus to the problem. Large swathes of the most affordable housing stock in the east of the city were effectively destroyed by the earthquakes. In itself this would have pushed the mean house price upwards, but compounding problems exacerbated the situation. These include the price effects of reduced supply of both rented and owned housing and increased demand from both displaced residents and an influx of rebuild workers. The need for additional temporary housing while repairs were undertaken and the associated insurance pay-outs bidding up rents with improved rental returns leading to increased interest in property investment. Land supply constraints and consenting issues inhibiting the build of new housing and political infighting and uncertainty regarding the future of parts of the city leading to a flight of development activity to peripheral locations and adjoining local authorities. Concerns that the erosion of the city council rating base combined with inadequacy of insurance cover for infrastructure will lead to large rates increases, increased development costs and reduced amenities and services in future years. These and other issuers will be elaborated on in this paper with a view to exploring the way forward for affordable housing Christchurch City."
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AUTHOR: John Mcdonagh, Jacky Bowring, And Harvey Perkins,
TITLE: "What Now? The Post Disaster Experiences Of Small, Inner City Retail Businesses."
KEYWORDS: "revitalisation, gentrification, CBD, disaster, earthquake, retail, owner occupied, case study, Christchurch, rebuild"
ABSTRACT: "The Christchurch earthquakes brought to an abrupt halt a process of adaptive reuse and gentrification that was underway in the south eastern corner of the central business district. The retail uses that were a key to the success of this area pre-earthquake could be characterised as small, owner operated, quirky, bohemian, chaotic and relatively low rent. This research reports on the progress of a long term, comprehensive case study that follows the progress of these retailers both before and after the earthquakes. Findings include the immediate post-earthquake intentions to resume business in the same location as soon as possible were thwarted by government imposed cordons of the CBD that were only lifted nearly three years later. But, businesses were resilient and generally reinvented themselves quickly in alternative suburban locations where government “rebuild” restrictions were absent. It remains to be seen if this type of retail will ever return to the CBD as government imposed plans and the rents demanded for retail space in new buildings appear to preclude small owner-operated businesses."
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AUTHOR: Dermot Mcgeown And Ajith Kuruvilla
TITLE: Strip Shopping Precincts: Analysis Of Renewal Policies By Local Authorities: An Examination Of Recent Policy Implementation.
KEYWORDS: "Strip shopping precincts, corporate shopping centres, local government, fine grain zoning, local residents, business improvement district (BID)."
ABSTRACT: "Anecdotal and observational commentary suggests the Australian Retail Industry is experiencing a trend whereby consumers are changing the way they shop and that some traditional strip shopping precincts are beginning to lose their competitiveness in the marketplace. By examining the reasons for the decline of strip shopping precincts in United States and United Kingdom, and the actions taken to reverse the decline, this paper examines the situation in Australia and presents an example of how the changing impacts upon a strip shopping precinct has been managed by interested parties. The case study discusses a strip shopping street precinct that predominantly relies upon patronage by tourism and other inbound custom, despite the immediate proximity of a large local community that carry out their convenience shopping outside this catchment area. A resident survey, funded by the municipality, clearly indicates a strong theme amongst local people that they wish to use this local street precinct, not just as a place to obtain necessary goods and services, but also to build relationships with other local people and businesses. This paper discusses the municipality_s response to a consultant_s recommendations in regard to altering the retail mix for a more sustainable future for the precinct and to ensure that the needs of local residents are met as a first priority."
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AUTHOR: Peddy, Pi-Ying, Lai
TITLE: How To Prevent Urban Disaster By Using 3D Gis Technology In Taiwan
KEYWORDS: "Geographic Information System (GIS), Disaster Prevention, Risk Map, Urban planning"
ABSTRACT: "The urban growth is based on people living and industry need in Taiwan. Urban growth policy is provided more and more floor area for land development. Over-exploitation lead to excessive vulnerability for disaster especially flood in Taiwan. According to statistics, the flood disaster occurred in Taiwan caused by typhoon had damaged more than 49 thousand houses and killed almost 1000 people and direct damage more than NT$ 14 billion each year. The land use planning and application of space system tactic planning for the flood disaster treatments has become one of the major plan to against the disaster issues. The major issue is the lacks of the use of the dynamic data especially for the prevention of urban disaster that cause the tragedy always occur ahead of our estimation. The objective of this study is to develop a platform base on 3D Web-GIS integrated flood model and online data to simulate the damaged of flood disaster. This study wish to get the risk map include population_agriculture_business and industry . Then we use the four kind risk maps to overlap land use map. The result shows that some high risk area is also highly developed area, so we could be decided the policy that balance between economic development and urban disaster prevention"
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AUTHOR: Jane H. Simpson And Gary O. Garner
TITLE: Longitudinal Study Of The Significance Of Trusts And Companies Listed On The New Zealand Stock Exchange Under The Property Sector.
KEYWORDS: "Listed Property Vehicles, REITs, market capitalisation, significance, New Zealand."
ABSTRACT: "According to economic theory the ownership structure of an entity impacts on its governance, behaviour, and performance. Globally, governments and investors have been demanding that Listed Property Vehicles (LPVs) improve these attributes, and as such, such entities have adopted Real Estate Investment Trust (REIT) structures or other optimal structures, such as a Stapled Security structure. Following this global trend, New Zealand’s LPVs – generally considered by investors to be the equivalent of REITs - began focusing on their ownership structures, including unit trust and company structures. This focus has more recently resulted in a number of the listed property trusts converting to company structures. The purpose of the longitudinal study is to examine the composition (types of ownership structures: during the 30 years to November 2013) and the significance (market capitalisation: during the 20 years to November 2013) of the New Zealand Stock Exchange (NZX) Property Sector, which was established in April 1982. Constituents of this Sector were initially established as companies and it was not until December 1993 that unit trust structures emerged: trusts and companies have continued to contribute to the value of the NZX Property Sector since December 1993. Methodology for this study involved developing three new monthly market capitalisation series over the study period for the Listed Property Trusts (LPTs), the Listed Property Investment Companies (LPICs), and the overall LPV Sector. Data for these series and for the existing monthly NZX All market capitalisation series were sourced from the NZX. Comparative analysis undertaken between these series demonstrate that the LPV Sector is now a major NZ asset class - having grown in significance and now accounting for approximately 9% of the value of the NZX. Indeed, companies presently make a greater contribution than trusts to the value of the overall LPV Sector. Further, the results highlight that the Property Sector was dominated by companies from December 1993 to 1999, at which point the trusts, having matured and grown in number, became the dominant sub-sector for the next 13 years (until June 2013). These findings reveal the major contribution that trusts and companies have made to New Zealand’s listed property market. It provides government, investors, LPVs and researchers w"
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