Proceedings from the PRRES Conference - 2016
22nd Annual Conference, January 17 -20 2016
 Sunshine Coast, Queensland, Australia

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: Dr Gary Owen Garner
TITLE: The Bicultural Significance Of Forests And Associated Socioeconomic Impact Of Forestry Treaty Claims In Aotearoa-New Zealand |Refereed|
KEYWORDS: "M_ori forestry settlements, Indigenous forest, Matauranga, Native forest, Neotribal capitalism, Treaty of Waitangi"
ABSTRACT: "Problem/Purpose The economic importance of forestry as a significant industry in Aotearoa is easily demonstrated, contributing billions to New Zealand’s GDP and directly employing of tens of thousands of people. Their importance to M_ori is demonstrably even more fundamental whereby a broader set of principles other than those based on individual property rights and economic values are solidly embraced. To M_ori, forests are regarded as “taonga” – a “treasure” – and as such are culturally significant assets that are congruent with values emphasising guardianship over ownership, collective and co-operative rights over individualism, obligations towards future generations, and the need to manage resources sustainably. Design/Methodology/Approach This is an observational paper (narrative review) examining the proposition that M_ori in contemporary New Zealand are likely to balance economic objectives with social, cultural and spiritual values - even though the embedding of cultural M_ori values and principles - especially those relating to environmental protection - are still held to strongly. Findings Whilst the proportion of funds relating to forestry settlements under the Treaty of Waitangi underpins the enormity of importance attached to forests, their significance proceeds beyond traditional economic or social measures. Furthermore, the redress amount, or fixed capital sum provided under any Treaty Deed of Settlement agreed to by the Crown tells only part of the story in terms of property settlement and compensation. The more complete picture is that ownership of the land, or part thereof, in addition to accumulated rentals for Crown Licensed Forests has been recovered. In addition, various sites of cultural and spiritual significance located on public conservation land - some of which may contain forest lands – are also included as part of the final redress, thereby further distorting the full compensation amount actually being paid. Notwithstanding, the total compensation package typically represents only a fraction of the current market value of dispossessed land. Originality/value This paper provides a cross-disciplinary review of relevant literature on the topic with linkages developed for establishing a theoretical evaluative framework. Social implications Forestry claim settlements and the related Waitangi Tribunal and its legislated processes, though not perfect processes, have nonetheless facilitated a useful mechanism whereby the Crown’s acknowledgement of grievances, formal apology, cultural redress, along with financial and commercial compensation, have gone some way towards recompensing actions and omissions by the Crown since 1840. "
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AUTHOR: Andrew Pai And Prof Chris Eves
TITLE: Valuation And Equity Concerns In Customary Land Takings Compensation: The Case In Papua New Guinea |Refereed|
KEYWORDS: "customary land, customary land tenure, takings, compensation, equity"
ABSTRACT: "Purpose - This paper is predicated on the issue of equity in takings compensation and focuses on customary land in Papua New Guinea (PNG) as a case for study. In PNG, customary land tenure coexists with the established legal property system, however, the bulk of the land mass is held under customary land tenure. Due to the prevailing scarcity of State land, customary land becomes the focus of State to pursue its development aspirations and therefore the subject of expropriation and compensation. Design/methodology/approach - The relationship of the land tenure systems is not without tension and controversy. This is because the systems are identifiably distinct, incongruent and incompatible in their nature, characteristics and values and meanings with respect to land. In spite of this, for all formal land administration purposes customary land and tenure is subjugated to the established legal property hegemony and tensions arise when the tenure systems intersect as in land expropriation and compensation considerations. In this status quo, this paper identifies discrepancies that customary land bears in takings compensation and highlights concerns of equity in compensation. In doing so, this paper poses the question, ‘Is compensation for customary land takings in PNG just?’ Findings -The underlying argument advanced in this paper is that customary land takings compensation predicated on legal property rights takings framework is vulnerable to inadequate compensation outcomes. Literature is instructive of the need to look to alternative forms and meanings to comprehend compensation of customary land. In this respect, this paper advocates the inclusivity of customary land tenure in the established legal property regime in addressing questions of equity in takings compensation for customary land in PNG. This paper addresses a topic of current research undertaking which is in its preliminary stages and therefore draws primarily from contemporary literature on takings, compensation and customary land rights. Three thematic areas are identified in this paper to address the issue including the standard or measure of customary land compensation, definition of the compensation measure and models of compensation assessment to achieve that measure. Preliminary recommendations are presented for the case in PNG."
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AUTHOR: Kenneth Rayner
TITLE: Property Rights Catechised
KEYWORDS: "Property rights, Indigenous, Aboriginal, Land rights, Emerging, Temporal"
ABSTRACT: "Problem/Purpose Property rights form the basis of our conception of valuation and market value, however what are these “Property Rights”? The purpose of this paper is to research the rudiments of property rights in society their historical context. Design/Methodology/Approach This paper will compile and examine existing research regarding the historical development from ancient societies of property rights with an analysis of what constitutes them with particular emphasis upon the Australian continent. Findings The root connections in land by ancient societies have directly influenced the foundations of the existing property rights system of current western societies. Research limitations/Implications By understanding the fundamentals of property rights, adaption to emerging property rights fields can be further explored and enhanced. Takeaway for practice Modern Australian property rights, whose principles are firmly rooted in ancient European culture such as the 2,000 year old Roman and Egyptian civilisations, are referred to on a daily basis, however, the understanding of what “Property Rights” actually are, often remains unexplored, undefined and mis-understood. This paper explores the fundamentals of the property rights system, including in the context of some 40,000 years or more of extensive property rights and usage experienced by indigenous Aboriginals on the Australian continent, and sheds some light on what constitutes the term “Property Rights”. Originality/value This paper explores and highlights the importance of the attachment to land of ancient societies with today’s property rights system. Social implications Understanding the fundamentals of Property Rights in Australia will assist adaptability to emerging and temporal demands on these rights. "

AUTHOR: Adjunct Prof John Sheehan
TITLE: Coal Seam Gas Production: Compensation For Surface Impact
KEYWORDS: "Surface property rights, Subsurface mineral property rights, Coal seam gas, Compensation, Legislation"
ABSTRACT: "Problem/Purpose A clash exists between surface land property rights and subsurface mineral property rights and is evidenced by the sometimes acrimonious relations between the two classes of property rights holders, and also the broader community debate on the vexed subject of coal seam gas exploitation. Design/Methodology/Approach The approach in this paper is to explore the legislative barriers to resolution of this issue notably in the NSW milieu, and to propose specific legislative changes which could result in a better resolution of the vexed issue of compensation accruing to the impacted holders of the surface land property rights. Findings The current duopoly of NSW mining-related legislation provide for only limited compensation for the impact upon surface land property rights and their holders, which arguably do not satisfy the community expectation of restitution. Originality/value The use of legislative change to resolve (in part) the clash between surface and subsurface property rights are likely to be applicable to mining endeavours elsewhere and could provide an initial step in the process of legislative reconciliation between the two classes of property rights, whose formative origins are quite different. Social implications The social implications of the specific resolution proposed in this paper could be a more harmonious relationship between the holders of the surface and sub-surface rights, and within the broader rural communities who generally are most affected by the physical presence of coal seam gas production. "

AUTHOR: Yingyu Feng And Kelvyn Jones
TITLE: Postcode Or Census Geography? An Examination Of Neighbourhood Classification For House Price Predictions |Refereed|
KEYWORDS: "House prices, Neighbourhood classification, Housing submarket, Predictive accuracy"
ABSTRACT: "Problem/Purpose Various neighbourhood definitions, classification approaches and scales have been used, but there lack of consensus on which classification is best suited for modelling the housing market. In this study we empirically evaluate four alternative neighbourhood classifications: postcode, census and two spatial neighbourhood classifications by using all individual London house price sales, 2011-2014. We aim to identify which classification better represents the underlying processes d and provides the best predictive accuracy of house prices. Design/Methodology/Approach Multilevel modelling (MLM) approach is utilised in this study, as it can deal simultaneously with individual and neighbourhood data and capture latent effects of unmeasured neighbourhood attributes. Predictive accuracy, model fit and explanatory power are jointly considered when evaluating model performance for each neighbourhood classification. Findings Unlike many previous studies which objects to the usage of existing hard boundaries to define neighbourhood, this study support using postcode geography as housing neighbourhood as it produced the best model fit and predictive accuracy. Research limitations/Implications This study has the implication for housing market analysis at national scales and the methodology can be adopted in other areas research such as public health or well-being at national scales. Originality/value Majority past studies used either single level hedonic price model to predict house price or model neighbourhood by using binary variable representing each neighbourhood, which result in mis-esimated precision problem. MLM overcome this problem and allow us to explicitly model multiple scales of neighbourhood. Using large number of samples with actual sale price and accurate address is another contribution compared with past empirical work. Social implications Proper identification of neighbourhood is beneficial to many areas such as house price predictions, local housing market research, valuing public infrastructure, urban planning and banking industry risk assessment. "
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AUTHOR: Dr Vince Mangioni
TITLE: The Evolution Of Valuations For Mortgage Lending Purposes |Refereed|
KEYWORDS: "Value, valuation purpose, valuer"
ABSTRACT: "Problem/Purpose The valuation of property is undertaken for a variety of purposes of which mortgage lending is the overwhelming purpose. The value determined is dictated by a number of factors including legislative and principle based definitions. This paper examines the valuation of property for mortgage lending purposes, the practices used by valuers, information and evidence relied upon in the valuation process and defines the challenges confronting valuers. It articulates the transfer of risk to valuers as contractors to lenders since the 1990s when valuations ceased being conducted by valuers directly employed by lenders. Design/methodology/approach A survey and interviews are used to examine the practices of valuers in undertaking valuations and specifically looks at the cognitive factors which impact the judgement of valuers in selecting the evidence which underpins the value determined. Findings The paper demonstrates that elements of automation and improved information may assist in the valuation process, however it is the ultimate judgement of valuers which impact the value determined. It further finds that valuers use alternate methods of valuation in determining value where possible and that in the case of direct comparison method, a unit of comparison is further evolving in supporting the valuation process."
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AUTHOR: Dr Vince Mangioni
TITLE: The Role Of Valuations In Building Financial Literacy |Refereed|
KEYWORDS: "Valuation, residential property, financial literacy"
ABSTRACT: "Purpose - Residential property investment has become an asset of choice following the Global Financial Crisis as part of Australians superannuation. With investor participation increasing in determining how money is invested for retirement, the quality of advice and the role of that advice in determining the price paid for residential investment property through the use of valuation advice, is the focus of this paper. Design/methodology/approach- In undertaking this study the opinions of several professions involved in the property purchase and investment process have been gauged through the use of surveys and semi-structured interviews with the results of the surveys analysed using SPSS. Findings - The paper finds that direct residential property investment has increased as an asset in the investment portfolios of retirees and that a valuation undertaken by investors prior to purchase is an important step in building financial literacy. Further, it defines the importance of a regulatory framework which governs the investment advice process of which valuation advice forms part of the essential advice among investors taking residential property into retirement. Originality/value - The emerging trend following the Global Financial Crisis is that more Australians are including residential property within investment as a retirement asset in taking greater control of their financial destiny. It further highlights that valuations are increasingly being commissioned prior to purchase and provides key information in the property purchase process. "
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AUTHOR: Prof Richard G. Reed, Assoc Prof Chyi Lin Lee, Le Ma And Christine Prasad
TITLE: Housing Market Indexes
KEYWORDS: "Index, Housing market, Demand, Supply, Value"
ABSTRACT: "Problem/Purpose The availability of up-to-date reliable information about recent transfers in housing markets is not available. Despite other markets (e.g. equities) taking advantage of 21st century technology to provide timely information for stakeholders, it is not possible to access reliable information about the status of the housing market. Limitations include a large number of assumptions, lack of sales and a substantial time lag. The purpose is to evaluate the validity of existing approaches and their relevance today. Design/Methodology/Approach This paper conducts a review of current housing indexes and examines their advantages and limitations. Findings The conclusions show there is no single index that is up-date, reliable and includes few assumptions. The housing market is severely lacking in the availability of timely information to assist stakeholders. This is in contrast to other real estate markets (e.g. commercial) and alternative investment markets. Research limitations/Implications This paper is limited to a review of existing housing market indexes and includes a discussion about potential improvements to future indexes. It discusses the implications from improvements to housing indexes. Originality/value This paper provides important insights into the development of housing market indexes which will assist decision-makers in the housing market to understand benefits and limitations of housing market indexes. "

AUTHOR: Prof Richard G. Reed And Tony Kelly
TITLE: Valuing Multi-Owned Property – A 21St Century Approach
KEYWORDS: "Valuation, Multi-owned property, Risk, Strata, Unit, Owners corporation"
ABSTRACT: "Problem/Purpose The valuation of multi-owned properties (lots in a scheme incorporating a private governing entity) has predominantly been undertaken via the comparison or market approach. The underlying premise is the hypothetical sale scenario based on a willing buyer-willing seller scenario and the accepted definition of market value. This discussion focuses on the process undertaken in the valuation of MOP with the emphasis placed on risk associated with the governance quality of the owners corporations. If a lot is valued without any consideration given to, for example, the financial risk associated with the owners corporation, such as each lot owner being liable for a substantial individual payment being issued via a ‘special levy’, this may result in an incorrect assessment of value. The discussion examines the concept of value and the approaches to valuing MOP, including a review of guidance notes referring to multi-owned property. Design/Methodology/Approach This is a discussion paper and conducts a review of current valuation approaches for multi-owned property as well as examining their relevance in the 21st century. Findings The conclusions highlight the level of risk associated with valuing multi-owned properties which does not appear to be fully understood by all parties. For example the risk associated with the status of each owners corporation for each property is not fully encapsulated. Research limitations/Implications There are direct implications for stakeholders, including valuers, how are involved in assessing the level of risk (via providing a valuation) for a multi-owned property. Originality/value This is an original paper which has implications for the global approach to valuing multi-owned properties in the 21st century. There has been very limited attention placed in this area to-date. "

AUTHOR: Iona Mccarthy
TITLE: The Impact Of Nutrient Limits On Farmland Value
KEYWORDS: "Farmland prices, Rural valuation, Water quality, New Zealand"
ABSTRACT: "Problem/Purpose The purpose of this paper is to investigate the impact of the 2014 National Policy Statement for Freshwater Management on farmland values in priority catchments in the Manawatu region of New Zealand. Design/Methodology/Approach A case study farm is used to estimate the expected decrease in land value due to conditions imposed under the resource consent to use land for intensive dairy farming. These results are then compared to analysis of recent sales, with differing nutrient limits, to investigate the relationship between current market value and value derived from long-term earning potential. Findings Results suggest that the value of the case study farm was reduced significantly by a low nitrate leaching limit and the reduction in value can be explained by the loss in income earning potential. Takeaway for Practice Practitioners need to be fully informed about the nature of resource consents, the restrictions these place on land use and the impact this has on income earning potential and value. "

AUTHOR: Assoc Prof Peddy Pi-Ying Lai And Kenneth Rayner
TITLE: Comparative International Valuation Certification Standards In The Asia-Pacific/Oceania Region |Refereed|
KEYWORDS: "Valuation, Appraisal reports, International standards, Asia-Pacific/Oceania region"
ABSTRACT: "Problem/Purpose The flow of information and capital has accelerated and is impacting upon the global real estate markets and consequently upon the property valuation/appraisal profession. The modern real estate valuer/appraiser faces a new generation of investors and property owners, who operate in the global market. Design/Methodology/Approach We have approached the problem by literature review and published statistics from investigations in the Asia-Pacific and Oceania regions. We have examined, side-by-side the certification standards applicable to property valuer/appraisers at an international level. Findings The findings highlight the difficulties of appraising in the international context, as well as the challenges of individuals and organisations joining international associations. The findings are that development of international standards in a rapidly globalising world, the international certification process in the Asia-Pacific/Oceania region and the globalisation impacts upon the future of the appraiser are of concern and require harmonisation. Originality/value The paper examines the current certification processes adopted by different countries in the target regions and highlights the similarities and differences. Social implications The authors examine the certification of professionals in the property valuation/appraisal field, with an eye to standardisation of certification requirements. "
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AUTHOR: Dr Judith Callanan
TITLE: Impact Of Aerotropolis On Urban Growth And Related Commercial Activity |Refereed|
KEYWORDS: "Aerotropolis, urban growth, development, transport hubs"
ABSTRACT: "Purpose - Airports have historically been placed on the outskirts of cities on land that was considered to be unsuitable for substantial economic development. Less than a century ago, airports were primarily a simple conduit point where wealthy travellers and freight were able to go from point A to B. The importance of airports and other transport hubs, has changed significantly in the last decade with air travel becoming the predominant means of travel, with a large portion of the population either using the airport or being reliant upon it for their livelihood. Airports have in recent years become major employers, developers, and centres for urban growth with cities growing up around the airport infrastructure. This trend is now referred to as Aerotropolis (Wikipedia) and is seen as a major influence on future city development. Design/methodology/approach - This study investigates the impact of airports on urban growth, with cities now growing up around the airport. Case studies are used to determine whether this growth is a local occurrence, or are airports becoming a major determinant of future urban growth patterns? Findings – Airports are now major employers within the city and contribute a significant portion of the GDP. Air travel has increased over the last twenty to become a major contributor to the growth of modern cities. Originality/value - This is an emerging area of research with the rapidly changing revolution of city centres moving from proximity to railway, motorway and ports, towards airports. The research provides an insight into the impacts of airport growth on surrounding commercial activity. This research forms the foundation for a larger study, comparing strategies for management and development of airports in a 21st century global context. Social Implications – With increasing employment and commercial activity, centred around airports, this research identifies the challenges faced by commercial activities from changes in urban growth patterns. "
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AUTHOR: Sigrid Katzler Assoc Prof Bjorn Berggren And Christina Gustaffson
TITLE: Will Outsourcing Of Commecial Real Estate Management Functions Add To Performance?
KEYWORDS: "Real estate management, outsourcing, management, value creation, performance measurement"
ABSTRACT: "Problem/Purpose: Previous studies concerning outsourcing of real estate management services, specifically in the corporate sector, have shown that different managerial operations can positively affect profitability. The reasons for this can be cost control, access to specialized competence or specific technology. While an important operation that has become common business practice, only a few studies have focused outsourcing as a way to sharpen company’s results. The present study examines how outsourcing of managerial functions affects profitability in the commercial real estate sector. Design/Methodology/Approach: Based on commercial real estate data for Swedish offices between the years 1999 and 2014, attained through MSCI, statistical analyses have been conducted to test the effects of outsourcing of managerial functions at two different levels; the outsourcing of administration, financial and technical management (full outsourcing), and outsourcing of technical management only (partial outsourcing). Findings: The result from the analysis indicates that outsourcing seems to have limited potential to increase the profitability for large commercial real estate companies. Furthermore, our results show that the overall trend among Swedish real estate companies in that of insourcing of management services rather than outsourcing. Research limitations/Implications: While the study draws on earlier findings from different countries worldwide it focuses on Swedish data and therefore contributes to gaining a more general picture. However, more studies are recommendable. Takeaway for practice: For large domestic companies with rental services as their core business, there seems to be limited gains to be made in outsourcing real estate management functions in the office sector. Originality/value: To the best of our knowledge this is one of the first studies that analyses the cash flow of commercial real estate firms that have chosen to outsource part, or all of the real estate management functions. "
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AUTHOR: Treshani Perera And Dr David M. Higgins
TITLE: The Black Swan Effect And The Impact On Commercial Property Market: A Conceptual Framework
KEYWORDS: "Black Swan Events, Commercial property market, Man-made disasters, Natural disasters, Real estate"
ABSTRACT: "Problem/Purpose Black Swan Events are a serious concern for global organisations and have major financial and economic consequences for all stakeholders. The increased frequency and magnitude of these unforseen, rare and extreme natural and man-made disasters, are often overlooked when making major corporate property decisions. Design/Methodology/Approach The paper takes the form of a narrative synthesis applying a systematic literature review approach that ensures a rigorous review. This research defines Black Swan Events and places the extensive range of known unknown events into a conceptual framework as to the impact on property with reference to “Place” locational risk and “Space” operational risk categories. Findings Black swan events are extraordinary unforeseeable events that cause extensive damage across the built environment. They can be natural, man-made or hybrid disasters. This research aims to define Black Swan Events and the extensive range of known unknown events into a conceptual framework so as to measure the impact on commercial property market with reference to risks and uncertainties. Research limitations/Implications To improve resilience and reduce vulnerability towards these events, property strategies can embrace new Black Swan Management research and so lower the impact of “Place” (locational risk) although improved connectivity makes global organisations more vulnerable to “Space” (operational risk) failure after a major Black Swan Event. Originality/value A broad-fronted social and ecological evolution can throw up sudden, unexpected shocks that result in a possibility of regression from Known back to Unknown in property decision making. This untouched pitfall will look to embrace black swan management research to improve resilience and reduce vulnerability towards these downside events. Therefore, the _rst step in this ongoing research process in this area is to understand and frame the Black Swan effect on the performance of the commercial property market. "

AUTHOR: Andrea Blake And Prof Karen Whelan
TITLE: Creating Work Ready Plus Graduates In Property
KEYWORDS: "Property education, Graduate outcomes, Work ready plus Graduates, Higher cognitive capabilities"
ABSTRACT: "Problem/Purpose Employability of graduates is a significant issue facing the higher education sector internationally. The continued viability of undergraduate property courses is dependent on the demand for property graduates by the property industry and this is inextricably linked to the employability skills that property graduates possess. It is a growing international trend to focus curriculum design on learning outcomes. Frequently, these learning outcomes focus on the core competencies and capabilities that students will require to be ‘work ready’ upon graduation. However, graduates may be lacking the capabilities that they will require to be ‘work ready plus’ or achieve a higher level of employability skills. To be ‘work ready plus’ graduates will need to possess the skills they need to be work ready tomorrow not just immediately following graduation. One of the essential capabilities that students will need to be work ready plus is higher level cognitive capabilities. Design/Methodology/Approach The paper uses a documentary analysis approach to identify the extent to which property courses in Australia are including higher cognitive capabilities in course learning outcomes to create ‘work ready plus’ graduates. Originality/value Learning and teaching research has moved to a position where we are considering the impact of learning and teaching frameworks on students and graduates as opposed to merely looking at student satisfaction or teaching inputs. Studies have been undertaken in other disciplines to consider what it means for graduates to be ‘work ready plus’. However, there has been limited academic attention to property students and graduates and the extent to which property course are providing ‘work ready plus’ capabilities. Feedback from industry supports the view that greater emphasis on ‘work ready plus’ capabilities in graduates is required with a focus on developing greater higher cognitive capabilities. This paper is the first part of a larger study that is aimed at increasing the higher cognitive capabilities in property graduates. "

AUTHOR: Prof Eddie Blass
TITLE: Bridging The Gap Between Theory And Practice: Inverting The Property Curriculum Design Process |Refereed|
KEYWORDS: "Curriculum design, Higher Education, theory – practice gap."
ABSTRACT: "Purpose - The strength of criticism against Higher Education providers for developing graduates who are not work ready has been growing for more than two decades. Not only are Universities being slow to respond, but their responses are not addressing the fundamental issues that have established the theory-practice gap. Design/methodology/approach - This paper firstly explores the issues that have impacted the Higher Education environment recently and will continue to impact the future of Higher Education providers. Secondly the paper undertakes a stakeholder analysis to demonstrate how the demands on the sector are increasing and increasingly competing for different outcomes, thereby establishing a range of theory – practice gaps. Thirdly the paper looks at some responses within the sector to addressing the gap and why these are not adequate solutions. Finally the paper presents an alternative model of curriculum design which fundamentally changes the teaching contribution that Higher Education offers society. Findings - The paper concludes that while ever Universities try to add practice to a theoretical base in the curriculum they will fail to bridge the gap; in order to bridge the gap, curriculum design needs to start with the practice and then underpin with theory. Research limitations/implications - The case study presented and methodology of curriculum design has only been in practice for 1 year in Australia so the extent to which the final graduates do bridge the gap is yet to be fully ascertained. Takeaway for practice - New model of approaching curriculum design which will underpin the API’s work in 2016. Originality/value - New methodology of engaging in curriculum design. Social implications - Graduates who have bridged the theory – practice gap."
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AUTHOR: Dr Steven Boyd And Dr Terence Boyd
TITLE: Engaging The Property Practitioner In Market Analysis
KEYWORDS: "Audience response, Behavioural economics, Engagement, Market analysis, Continuing professional development"
ABSTRACT: "Problem/Purpose Property market analysis may be enhanced through a better understanding of behavioural economics. To progress and retain professional currency property practitioners undertake a number of activities including self-directed market analysis, continuing professional development courses and less structured discussions with industry peers. Using structured audience response intervention professional development courses may become more engaging and encourage interactivity between presenters and the audience. This interaction encourages the audience to promote positions and test the relatively of their positions anonymously and in real time. Design/Methodology/Approach This paper describes market analysis techniques and their performance and discusses the linkage between property market analysis and behavioural economics. Thereafter it presents the findings from interactive professional development courses in Australia. The trends in audience response surveys from 3 successive annual Australian Property Institute’s “State of the Market” seminars on the Sunshine Coast are considered in relation to the presenters positions of the status of the markets. Findings The audience response surveys present similar positions to those of the presenters with respect to the market cycles for residential and industrial property on the Sunshine Coast. The presenters’ positions of the office and retail markets were generally more optimistic with the audience sharing the view that the markets had further to go before experiencing improvement in total returns. When considering the emerging market trends it was noted that the audiences generally adopted a modest, conservative bias. Research limitations/Implications While the potential of integration-enhanced professional development has been explored, there remains numerous opportunities for future research to empirically expand and review early findings. Originality/value This research has presented an opportunity to identify the input of the property professional in the market analysis process and the importance of audience participation as a component of continuing professional development in a challenging new environment. "

AUTHOR: Dr Lyndall Bryant And Brett Fyfield
TITLE: Real World Learning: A Case Study In Property Education
KEYWORDS: "Real world learning, Blended learning, Real estate education, Property software, Student satisfaction"
ABSTRACT: "Problem/Purpose Universities around the world are aiming to strengthen their reputation for producing graduates who can thrive in volatile environments over the long term, work productively in teams, and combine depth in professional knowledge with broad perspectives based on exposure to new ideas and different cultures. Design/Methodology/Approach This case study takes a grounded and reflexive approach to analysing a student survey at the end of the first offering of property software unit. The unit is designed to equip graduates with skills in a range of commercially available property software products. Findings This paper utilises the student voice to inform decisions related to the real world learning introduced in this unit. The analysis of student feedback provides insight into the way blended learning approaches influence the student experience and engagement. The reflexive approach enables modification of the unit to assist students in addressing the desired learning outcomes particularly in relation to employability. Research limitations/Implications Real world learning is more than a passing phase. Modern universities need to evolve with student and industry needs. Innovative learning delivery models can be embraced by students when they can see direct linkages between the unit design, assessment items and skills required in the workplace. Takeaway for practice The introduction of such real world learning units into property education gives practitioners confidence that graduates are employment-ready and have the skills required by the industry. Originality/value QUT is the first Australian University to introduce a specific property software unit at either undergraduate or post graduate level. This research is important as it provides evidence of enhanced student preparedness for the industry upon graduation. "

AUTHOR: Dr Douw Boshoff
TITLE: Assessment For Deep Learning In Built Environment Students
KEYWORDS: "Assessment techniques, Deep learning, Teaching methods, Curriculum design, Built-environment students"
ABSTRACT: "Problem/Purpose The research investigates the use of various assessment techniques in order to improve deep learning for undergraduate and postgraduate students in the built environment discipline. Design/Methodology/Approach The research compares the results of students’ understanding of theory vs. practical implementation type questions to the level of participation in deep learning exercises which is primarily structured around peer assessment. Findings The research shows that peer assessment can be implemented to provide a better deep learning experience and shows the examples of such methods. It is found that students do not necessarily find this as a superior technique as there is a higher level of effort required from the student which effectively forces them to work harder. It is found that diligent students that are willing to participate have a better understanding of more difficult application type assessments, while all students fare the same in theory questions, suggesting that some students still want to stick to basic theory and only put in minimum effort just to pass, not necessarily to perform at the best of their ability. It is also shown that the techniques provide a way to offer a higher level of learning with less effort required from the lecturer. Research limitations/Implications The study is a fairly small sample study and is thus limited in its originality in current form. It does, however, provide a good basis for future curriculum and assessment method design, which could be structured in such a way to do more in-depth analysis of the preliminary results provided under this study. "

AUTHOR: Dr Terrence Boyd
TITLE: Location And Value Attributes Of Charity Stores In Australia
KEYWORDS: "Not-for-profit organisations, Worth, Charity, Retailing, Community support, Networks, Marketing capabilities"
ABSTRACT: "Problem/Purpose The major social enterprise organisations in Australia use Charity Stores as a primary souce of funding for their activities and these retail operations are known landmarks in both large and small town high streets of Australia. These enterprises have recently experienced strong competition from discount retailing and they must commercialise their approach to ensure continuation of their funding from this source. In order for this retail sector to advance, indepth analysis of their the locational and networking drivers for the stores must be undertaken. Design/Methodology/Approach This paper examines the nature and characteristics of Australian Charity Stores. It reviews the current progress towards commercialisation and effective community support and focuses on the role of the stores within the mission and objectives of the particular social enterprise. Case study analysis is used to identify the key location and value characteristics of this discrete sector of the retail property markets in the current market. The diversity of this sector and their considerations of property worth are an integral part of this study. Findings The research identified several overseas studies of charity stores but found limited research into the property related issues. The findings of this study support the continuing demand for the charity store concept and their associated community support activities but emphasises the need to adapt and meet the changing retail needs. The location of stores was found to be highly dependent of workforce, other support services and network planning facilities. It noted a clear distinction between the concept of property worth and market value for the social enterprise sector. Benchmarking of specific property characteristics is recommended. Research limitations/Implications Commercially sensitive material has been generalised within the case studies. The wide ranging objectives of the social enterprise sector mean that this study has been restricted to a part of this sector only. Originality/value The study adds to the triple bottom line approach to the assessment of worth and may assist the decision making process for the important social enterprise sector internationally. "

AUTHOR: Dr Steven Boyd
TITLE: Experiencing University Through Playing Property |Refereed|
KEYWORDS: "Property education, Serious games, Audience response, Design science, University experience, High school engagement"
ABSTRACT: "Problem/Purpose Junior high school students are encouraged to explore their preferences as learners and engage in a range of activities to develop understanding of work, careers and post-school destinations. Higher education providers contribute to the school students’ exploration through proving campus experience programs structured to aspire young learners and increase enrolments. Experience USC day is an example of an annual junior high engagement program where 3 in 4 participants have indicated that the workshops help with decision-making about their career. For leaders of property programs these workshops are an opportunity to create an engaging experience to promote study programs and encourage participation in the property profession. Design/Methodology/Approach This paper communicates the design science research method activities of demonstration and evaluation as they are applied to a serious game, Playing Property. Playing Property is an audience response game forming the basis of a workshop to engage junior high students and enhance their knowledge of property investment. The evaluation discusses trends in audience response decisions along with survey responses from 12 workshops, conducted over 3 years. Findings The workshops were consistently rated positively by the vast majority of participating students, with a majority indicating they learned more about property [investment] through playing Playing Property. Comparatively the results were in-line with other hands-on workshop activities facilitated by academic leaders from other disciplines. The resource allocation to the Playing Property workshop is notably less than comparable workshops and the ability capture decision making data provides a sound basis for further analysis. Research limitations/Implications While the potential of game-enhanced learning has emerged, there remain numerous opportunities for future research to empirically confirm, or refute, the claim, and design new serious games and artefacts for analysis. "
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AUTHOR: Dr Hyemi Hwang
TITLE: Twitter And Improving Property Students’ Learning Experience |Refereed|
KEYWORDS: "Community of Inquiry, Twitter, Action Research, and Tertiary Education"
ABSTRACT: "Purpose - This paper is to develop and experiment a technological strategy using Twitter not only to deal with students’ questions by simple information changes but also to benefit as a deep pedagogical use. With the right kind of technologies is correctly implemented, students can develop a more informed, self-reflective and critical perspective on their own practices and to enable students to engage successfully in user led environments (Bruns and Humphreys 2007). In particular, use of Twitter in tertiary teaching and learning is tested having a positive impact on students’ learning experiences (Ramsden 2009; Sinnappan and Zutshi 2011). Design/methodology/approach - The developed Twitter strategy is implemented in a property undergraduate cohort in 2015 in Melbourne. The community of inquiry is used to evaluate the impact of the implemented Twitter strategy on the students. According to The Community of Inquiry components (CoI) (Garrison Anderson and Archer 2000), the three elements - cognitive, social and teaching - constitute the theory in supporting students’ educational experience. This paper demonstrates how the three types of the CoI presence can be facilitated by the use of Twitter in teaching. Findings - The finding shows that the presences of all three elements - cognitive, social and teaching – and how Twitter can be used to support and improve three elements of the CoI. It is also indicated that Twitter support to facilitate student led learning environments. This paper suggests a guide for an academic adopting Twitter as a part of learning and teaching and course development processes. Originality/value - The research demonstrates the use of Twitter for pedagogy in tertiary education. The research illustrates how Twitter can be used to help students to engage in user led environments not limited to information exchanges. "
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AUTHOR: Peter Rossini
TITLE: Is There A Link Between Online Learning Analytics And Student Grades?
KEYWORDS: "Property education, Online learning, Teaching analytics, Assessment, Student engagement, Blended learning"
ABSTRACT: "Problem/Purpose To examine if learning analytics that are typically available for student activity in online learning environments, are linked to student performance as measured by grades. Design/Methodology/Approach Simple models and descriptive statistics are used to estimate student grades (final and parts) from a variety of measures of “activity”. Online analytics are compared to more tradition measures such as student attendance in class. Findings The research shows that while some online analytic and traditional measures are useful to predict outcomes, significate numbers of students perform outside of expectations. Suggestions are made as to how this can be useful for course design. Research limitations/Implications This research is based on one group of students from one University and evidence shows that findings from one student cohorts may have little or no bearing on others. Originality/value The work is practice based and does not include any original ideas. "

AUTHOR: Prof Graeme Newell, Muhammad Jufri Bin Marzuki, Assoc Prof Chyi Lin Lee, Zahara Manaf And Nelson Chan
TITLE: The Significance And Performance Of Green Office Buildings In Australia
KEYWORDS: "Green office buildings, Australia, Risk-adjusted performance, Diversification benefits, Green Star, NABERS Energy"
ABSTRACT: "Problem/Purpose The property industry has a very strong sustainability agenda, with green office buildings being a key ingredient in this important agenda. The purpose of this paper is to assess the significance and performance of green office buildings in Australia, and the strategic role of green office buildings in a mixed-asset portfolio. Design/Methodology/Approach Using the IPD Australia green office building indices of over 337 green office buildings valued at $56 billion, this paper analyses the performance of green office buildings in Australia (via Green Star and NABERS Energy ratings) over 2009-2015. Risk-adjusted performance analysis is used to assess the added value of green office buildings in a mixed-asset portfolio, with the portfolio diversification benefits of green office buildings also assessed. The risk-adjusted performance of the different levels of Green Star and NABERS Energy ratings (up to 6*) are assessed, with the performance of green office buildings also benchmarked against a portfolio of non-green office buildings. Findings The paper finds that green office buildings have delivered substantial risk-adjusted returns and portfolio diversification benefits over 2009-2015. The different levels of Green Star and NABERS Energy ratings are seen to have different performance characteristics; particularly highlighting the substantial role of office buildings with a higher green rating as an effective strategy for green office property investors. Regional differences are also evident. Overall, the results present a very positive context for sustainability and the strategic investment importance of green office buildings in Australia. Originality/value This paper rigorously assesses the performance of green office buildings in Australia; particularly highlighting the investment performance of green office buildings with higher levels of Green Star and NABERS Energy ratings. This level of analysis of green office buildings enables more informed and practical investment decision-making regarding the role of green office buildings in a mixed-asset portfolio as part of an institutional property investment strategy. "

AUTHOR: Linda K. Chartres
TITLE: Business Modelling Strategies: Case For Australian Real Estate Franchise Industry |Refereed|
KEYWORDS: "Value Capture, Value Creation, Competitive Advantage, Resource Strategy, Innovation and Technology "
ABSTRACT: "Purpose – As a widely accepted business system with over 3400 real estate agency franchises in operation throughout Australia, franchised organisations are experiencing strong competition in the market place from non-franchised organisations. The focus of this research is on highlighting similarities and differences in operational strategy with a specific reference to organisational value creation. Design/methodology/approach – Based on survey methodology, this research gathers pertinent information across different real estate agency business models found in operation throughout Australia. Positioning in operational strategy is examined to show parallelism in business strategy. Findings – Initial findings suggest franchised and non-franchised business models adopt very similar strategies in operational structure and market positioning. On the other hand operational focus and structural adjustment are shown to vary across the franchised and non-franchised business models examined. Practical Implications – This paper addresses three significant factors for consideration of real estate agency franchising phenomenon. In the first instance it furnishes the scarce body of knowledge with investigation into the capacity of franchise business model to survive and continue to deliver excess financial returns. Secondly, it considers the concept of franchising as having a boundless future and, lastly, it considers the possibility of a franchising business model as being potentially bounded from a structurally operational perspective. Originality/value - Undertaking examination of a cross-section of different types of business models adopted by real estate organisations within the Australian real estate industry sector lends a practical value to the industry context. Specifically the focus is on the operational strategy adopted by each organisational form thus critically assessing the relationship between franchised and non-franchised business models. It is envisaged that adopting this direction will not only address the anomalies in the traditional franchise model but also provide an overview of what Australian real estate organisations regard as an accurate indication of sustainable operational strategy. "
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AUTHOR: Dr Lucy Cradduck
TITLE: Building An Understanding Of Law: Engaging Property Economics Students By Using Technology |Refereed|
KEYWORDS: "technology, law, access"
ABSTRACT: "Purpose - It is assumed university students engage with technology as easily for their university studies as they do socially. However, prior research reflects the difficulties that non-law students face in engaging with legal materials. The purpose of this research was to determine how technology use impacts upon non-law students’ engagement with legal materials. Design/methodology/approach - The project explored inter alia the extent to which first year non-law students engaged with technology for their studies and in particular with legal materials and databases. The project was undertaken during semester 2, 2014 in a legal service unit delivered to a mixed cohort, which included construction management, property economics, planning and quantity surveying students. Actual technology use and familiarity was tested by means of an in class survey delivered in the Week 2 lecture. Use and familiarity was then retested at the end of semester in the Week 13 lecture, with adjustments made in lecture delivery and materials in-between. Findings - Students initially identified a limited use of technology and an extremely limited knowledge of legal databases. On retesting, all students reported a better level of engagement with technology for their studies. All participants also reported they now knew how to use the required legal databases, and most reported the lecturer’s use of technology had assisted them. Research limitations - The findings reported are of the property economics cohort only. Participation was limited, in part due to the fact lectures were recorded and physical attendance not required. It is proposed to expand the research to capture future cohorts. Originality/valuse - The research challenges the assumption that all students engage with technology for their university studies. It reinforced the need to ensure that if students are to be required to engage with particular databases they are provided with either specific direction and or training to enable their use. "
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AUTHOR: Dr Lucy Cradduck
TITLE: Rolling Out The Future: The Current Status Of The Australian Nbn And Its Impact For Property |Refereed|
KEYWORDS: "Internet, NBN, Broadband policy, Access, Digital divide, Telecommunications, RTIRC"
ABSTRACT: "Problem/Purpose The future functioning of the digital economy is inextricably linked to the use of high-speed broadband networks. As evidenced by recent Australian federal election campaigns, a focus has been on the rollout of the physical networks. The research seeks to determine the effectiveness of the current NBN rollout as a measure of Australia’s progression towards a fully functioning digital economy. Design/Methodology/Approach The author examines submissions to the recent RTIRC Telecommunications Review 2015 in order to ascertain the NBN’s current impact upon Australia’s digital economy. Findings The research indicates that despite (governmental) assertions to the contrary, the transitioning of Australia to the digital economy is inhibited. Research limitations/Implications Data available for analysis was limited. The analysis was constrained to publically accessible documentation. Absent the RTIRC Report, the analysis of submissions was limited to those submissions identified as being non-confidential. Originality/value The research builds on prior research by the author in respect of the NBN’s impact for property use and/or users. Its originality and value lies in its examination and analysis of the current status of the NBN and related government policy/ies. Social implications As more government and private services are moved to the online environment, those with lower or no access to high-speed broadband will find themselves at a disadvantage. This lack of physical access also is likely to negatively affect property values. The progression of the NBN rollout therefore will have ongoing social consequences for Australia, as well as property related ones as rural and regional areas become less attractive places to live and or work. "
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AUTHOR: Ming-Te Lee, Prof Ming-Long Lee And Shew- Huei Kuo
TITLE: Price Dynamics Of Office Properties Across Quality Classes In Hong Kong
KEYWORDS: "Office, Commercial property, Ripple effect, Hong Kong"
ABSTRACT: "Problem/Purpose Because of its investment implications, property price dynamics has long been an important area in property finance. This study aims to explore the issues: Do office property prices diffuse and how they diffuse across quality classes in Hong Kong? Design/Methodology/Approach This study examines the office property price lead-lag relationships among quality classes in Hong Kong within a VECM framework. Findings The results demonstrate significant price lead-lag relationships among office property classes. Moreover, the lead-lag patterns are apparent both in the long run and short run. Research limitations/Implications The findings have implications for investors and financial institutions in terms of timing their office property investments and diversifying their office property related portfolios. Originality/value This is the first study to explore the ripple effects of office property prices across quality classes. "

AUTHOR: Prof Graeme Newell, Muhammad Jufri Bin Marzuki
TITLE: The Significance And Performance Of Office Property In Australia
KEYWORDS: "Office property, Australia, Risk-adjusted performance, Diversification benefits, Office sub-sectors, Sub-period analysis"
ABSTRACT: "Problem/Purpose Office property is an important property investment sector. The purpose of this paper is to assess the significance and performance of Australian office property type and location, and the strategic role of office property in a mixed-asset portfolio. Design/Methodology/Approach Using the IPD Australia property indices of over 420 office properties valued at $64 billion, this paper analyses the performance of office property in Australia over 1985-2015; comparing office property performance with retail and industrial property and the major asset classes. Risk-adjusted performance analysis is used to assess the added value of office property in a mixed-asset portfolio, with the portfolio diversification benefits of office property also assessed. Findings The paper finds that office property has delivered substantial risk-adjusted returns and portfolio diversification benefits over 1985-2015. Office property type and location are seen to have different performance characteristics; particularly highlighting the substantial role of geographic diversification as an effective portfolio diversification strategy for office property investors. A post-GFC analysis also highlights the recent improved risk-adjusted performance of office property in a portfolio context. Originality/value Previous office research has been at an “overall” Australia office property level. This paper rigorously assesses office property at an office sub-sector level regarding office property type and location, with a post-GFC analysis also conducted. This level of analysis enables more informed and practical investment decision-making regarding the role of office property in a mixed-asset portfolio as part of an institutional property investment strategy. "

AUTHOR: Dr Sacha Reid, Nicole Johnston And Heather Shearer
TITLE: The Historical Spread Of Community Title Schemes In Queensland
KEYWORDS: "Community title, Queensland, GIS mapping, Historical development"
ABSTRACT: "Problem/Purpose Urban population growth is fundamentally shaping the development of towns and cities throughout Australia. Compact cities approaches to urban planning and policy development have been utilised to facilitate urban growth, with a focus on infill development and higher densities. The purpose of this research is to assess the historical development of community title schemes in Queensland in order to inform future development. Design/Methodology/Approach This paper utilises Geographic Information Systems (GIS) mapping to visually represent the growth of community title schemes in Queensland. A database representing all registered community title schemes was developed, including; registration date, number of lots per scheme, applicable regulation module, building name, local authority, body corporate management address and postcode. This is overlayed with a number of other variables such as transport routes, planning authority boundaries and demographic characteristics. Findings Research limitations/Implications In total 46,295 community title schemes were included. The findings present a time series analysis of the growth of these schemes over a 40 year time period from 1965 to 2014. The visual mapping process enables a graphical representation of this growth and also the specific trends in community title development during this time period. Research limitations/Implications GIS mapping systems prove an innovative research tool to visually represent property development trends over large datasets. However, this is exploratory research and does not seek to understand some of the qualitative or quantitative factors driving this growth. Further research is required to build upon the findings, specifically, the role of planning, housing pricing and affordability, as well as why people chose to live in and developers create community title property. Originality/value This research presents an innovative approach to graphically representing the growth of community title developments in Queensland. Whilst research often cites the significant growth of development in towns and coastlines, no research has depicted the growth of community title schemes. "

AUTHOR: Assoc Prof Clive M. J. Warren And Hera Antoniades
TITLE: Gender In The Property Industry And Professional Bodies - An Australian Perspective |Refereed|
KEYWORDS: "Gender, Property, Professions, Board composition, Women"
ABSTRACT: "Problem/Purpose There has been much recent public debate regarding the lack of women on ASX listed company boards. The property industry is dominated by male representation at the top levels despite the gender gap within university graduates approaching equal proportions. This paper looks at the role that professional bodies are taking to address the inequality and how this is reflected in the makeup of the governing bodies of the leading professional associations and industry bodies in Australia. Design/Methodology/Approach Analysis of property profession bodies in Australia for women representation at senior levels. Comparison with research on ASX listed company data and published graduate surveys. Findings To follow Research limitations/Implications While there is limited research on women in property this paper demonstrates the need for further in-depth analysis to identify the constraints to progressing gender quality. Takeaway for practice The property professions while publicly promoting women in the property industry still maintain governing boards that are significantly underrepresented by women "
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AUTHOR: Ann Godfrey
TITLE: Work-Architecture: A New Space For Real Estate |Refereed|
KEYWORDS: "Corporate real estate, Value chain, Bundling, Product-services"
ABSTRACT: "Problem/Purpose The prevailing conception of Corporate Real Estate as infrastructure which supports a firm’s primary activities does not well describe the role of real estate in the bundled product-service offerings and recombinant supply-chain networks of the information age. We present a model: the recombinant “Work-architecture System” which augments Michael Porters (1985) Value Chain model and which positions real estate as part of a firm’s material, informational and human resources and capabilities in order to enable the work of the firm, or as part of a “Work-architecture Offering” for transaction in the market. Design/Methodology/Approach This is a theoretical paper. It first applies business and economic theories, notably Transaction Cost Theory of the Firm, to identify the short comings of the current conception of Corporate Real Estate. It then uses these theories to develop the Work-architecture model which augments Michael Porters (1985) Value Chain Model. Finally it describes traditional and innovative businesses, notably Airbnb and Plug N Play, in terms of the model. Findings Innovative real estate offerings can be described by the model. Research limitations/Implications The model has not been empirically tested. Originality/value This is an original application of current economic and business theory to real estate. Its theoretical value lies in the augmentation of a widely accepted business model and its practical value lies in its use by corporations and commercial real estate firms in the identification of new business strategies and offerings. "
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AUTHOR: Dr Andy Krause And Cliff Lipscomb
TITLE: Property-Level Real Estate Data: Processing Techniques And Documentation Review |Refereed|
KEYWORDS: "Property level data, Data cleaning, Data management, Workflow documentation"
ABSTRACT: "Problem/Purpose The real estate profession is becoming increasing dependent on statistical analyses. Many of these analyses rely heavily on property-level data; data which are notoriously dirty (i.e. hetero-geneous, error-filled and poorly documented). The purpose of this paper is to explore sources and types of property level data, issues in managing data, common data cleaning techniques and the importance of work flow documentation within the property context. Design/Methodology/Approach After reviewing best practices in data management and cleaning we then develop an index to measure how well published papers have documented their own data preparation process. Termed the Data Preparation and Workflow Index (DWPI), we calculate this index on a sample of publications from the Journal of Real Estate Research, the Journal of Real Estate Finance and Economics and the Pacific Rim Property Research Journal. Findings Overall, the DWPI has risen steadily over time suggesting that authors have continued to improve on the documentation of the data process in their publications. Additionally, certain processes such as the identification of data sources and explanation of independent variables are found in nearly all papers while others such as discussion of outliers and rationale for removing observations from the sample set remain under-reported. Research limitations/Implications Unified standards of data cleaning and management processes in the real estate discipline would greatly encourage data sharing and comparison activities. Takeaway for practice Practitioners may use this as a checklist to ensure that standard data cleaning and management activities are being undertaken. Originality/value Discussion of data cleaning processes and techniques are almost wholly absent from the real estate literature. Due to the unique characteristics of property-level data (spatial and temporal heterogeneity and non-standardization, for example) work in this direction is needed. "

AUTHOR: Dr Kimberly Winson-Geideman And Dr Andy Krause
TITLE: Transformations In Real Estate Research: The Big Data Revolution |Refereed|
KEYWORDS: "Big data, Technology, Real estate research"
ABSTRACT: "Problem/Purpose Recent developments in technology and improved data gathering techniques have brought many changes to the evaluation of real estate from applied and theoretical perspectives. Large volumes of data are being collected, transformed and analysed to predictively assess market trends and evaluate consumer sentiment by companies such as (Australia), Zillow (US) and Zoopla (UK) as well as researchers around the world. Social media and search engines such as Twitter, Google and Facebook have begun harnessing the data available on their respective sites and are using it to identify trends and patterns among users. The use of Big Data, as it is commonly known, is at the cutting edge and has the potential to transform decision-making in real estate. Big Data, however, varies greatly in both scale and type by industry and much of the broader discussion ignores issues critical to the analysis of property. This paper introduces the reader to the what, why, and how of Big Data in a property context—what it is, why is it important, and how it is transforming real estate research. We look at recently published articles in academic journals to provide specific instances of how Big Data is used, and we also identify potential issues with sharing, analysis, and interpretation. Design/Methodology/Approach The methodology is a case study of current literature on Big Data applications. Findings The findings show that Big Data is having an increasing impact on the evaluation and understanding of real estate markets. We create a typology of real estate data including Core, Static Spatial and Peripheral Research limitations/Implications While many of the initial applications of Big Data in the property sphere have focused on valuation and residential property sales, real estate investment and development are primed to benefit (as well as suffer disruption) from the explosion of data and the growth of advanced analytical techniques. Takeaway for practice This paper introduces the reader to Big Data applications that can and are being used by real estate practitioners. Originality/value To our knowledge this is the first research that comprehensively addresses Big Data applications and techniques in the context of real estate. "
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AUTHOR: Dr Braam Lowies
TITLE: Seasonal Effects On Pacific Region Reits: A Garch Approach
KEYWORDS: "Real estate finance, Behavioural finance, Seasonal anomalies, Market efficiency"
ABSTRACT: "Problem/Purpose Seasonal anomalies have been widely investigated in financial literature. Most studies focus on the effect of calendar anomalies on capital markets and not really on subsectors of the market. The purpose of this paper is to analyse price fluctuations of REITs for selected Pacific Region countries. More specifically the focus will be on the presence of seaonalities in daily, monthly and yearly price returns across countries in the Pacific region. Design/Methodology/Approach This paper test the effects of seasonality, the financial crisis and market sentiment on REITs for selected Pacific Region countries. Seasonality is tested through the day of the week, monthly, yearly and holiday effects on price returns of the selected country REITs. Market sentiment will be represented by the bullish market effect. In the end, standard residual diagnostics tests like normality, autocorrelation and auto regressive conditional heteroscedasticity (ARCH) are conducted on all the regression models. Problems like autocorrelations were corrected by including the appropriate autoregressive and moving average terms and a generalized auto regressive conditional heteroscedasticity, GARCH (1,1), was applied to correct for the ARCH effects. Findings The paper investigates the day-of-the-week effect, the January effect, turn-of the-month effect, and the holiday effect on property indices across the Pacific region. The tests performed on the data includes a number of parametric and non-parametric statistical tests to address the various distributional assumption violations. Statistically significant coefficients may imply that the financial crisis, seasonality and market sentiment affects REITs returns leading to market inefficiencies. (Further information to follow). Originality/value The use ARCH and GARCH in testing for seasonal anomalies has not been employed on the Pacific REITs. In applying this methodology conclusions regarding the efficiency of the Pacific Region REIT market can be drawn and used to identify investment opportunities through the presence of seasonal and sentimental effects. "

AUTHOR: Nor Nazihah Chuweni And Prof Chris Eves
TITLE: "Technical, Allocative And Scale Efficiency Of Malaysian Reits: The Preliminary Finding" |Refereed|
KEYWORDS: "Allocative, Data Envelopment Analysis, Efficiency, REITs, Scale, Technical"
ABSTRACT: "Problem/Purpose – The paper examined the technical, allocative and scale efficiency in Malaysian Real Estate Investment Trust (M-REITs) to determine best practice for operations to enhance the performance of M-REITs. Design/methodology/approach – Sixteen Malaysian REITs from 2013 to 2014 are examined in terms of input and output variables in the efficiency measurement using the non-parametric approach to benchmark and determine which of the REITs are efficient. Input orientation Variable Return to Scale Data Envelopment Analysis (VRS-DEA model) is used for the year 2014 and 2013 using the DEAP version 2.1. Findings – There were low scores of cost efficiencies for the Malaysian REITs in 2014 and 2013 with 39.90% and 41.60% respectively. The negative inefficient value for the cost inefficiencies is identified in the allocative inefficiencies for both years, showing the mix of inputs to be not correctly utilised. REIT 10 and REIT 16 (of which, one is Islamic) are found to be technical, allocative and scale efficient for both years. For 2014, scale inefficient is identified as the source for technical inefficiency which means Malaysian REITs are not operating at the right scale with 50% operating at economies of scale. Managerial inefficiency however became the source for technical inefficiency in 2013 showing inputs to not be fully minimised to produce more outputs. Research limitations/implications – These preliminary findings highlight that extending the period of understudy particularly post the Global Financial Crisis (GFC) to date, will better establish the key efficiency for Malaysian REITs. Originality/value - The development of the empirical framework determine the source of inefficiency for Malaysian REITs. This will assist the REIT managers and the stakeholder in the formulation of best-practice strategy to enhance the efficiency performance and profitability for Malaysian REITs. "
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AUTHOR: Woei-Chyuan Wong, Kamarun Nisham Taufil Mohd And Prof Dr Nur Adiana Hiau Abdullah
TITLE: The Wealth Effects Of Dividend Tax Cuts: Evidence From The Malaysian Reit’S Market |Refereed|
KEYWORDS: Dividend tax cut. REIT. Wealth effects. Dividend policy. Trading Volume
ABSTRACT: "Dividend tax reforms for REIT sector in Malaysia provide a rare opportunity to examine the impact of dividend taxation on firm valuation. It is found that dividend tax cut announcements result in positive abnormal returns. There are evidences to suggest that REITs with a higher retail and institutional ownership representing the main beneficiaries of these tax cuts are associated with higher cumulative abnormal returns (CARs). It is also found that dividend payout increased significantly during the quarter immediately after the implementation of the first dividend tax cuts. These findings are consistent with the “old view” of dividend taxation which posits that dividend tax cut could affect firms’ investment and payout policies."
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AUTHOR: Saki Yanagihara And Dr Jinu Kim
TITLE: Incentive For Globalization Of J-Reits |Refereed|
KEYWORDS: "J-REIT, globalization, governance structure, sponsor"
ABSTRACT: "This paper investigates the J-REITs’ market performance and structure in order to suggest possible ways to overcome the J-REITs’ major structural problems hindering further development. The JREITs market has been successfully grown; however, the growth has been mainly supported by Japanese domestic property market, which is currently sufficient to sustain the supply but will eventually face the issue of depletion. Thus, globalization is one of the most critical challenges which current domestic-dependent J-REITs urgently need to deal with. One way to promote globalization of J-REITs can be active overseas asset acquisition. Even though the necessary regulatory environment for overseas property acquisition has already been consolidated due to some legislative preparation by Japanese government, J-REITs themselves are also required to improve their governance structure. Because related-party transaction for overseas properties could be increased, the establishment of more solid governance structure would be necessary to maintain an upward trend for global transaction. Additionally, attracting offshore investors could be another way to generate further global expansion of J-REITs. Currently J-REITs could not successfully attract foreign investors because their current governance structure could not satisfy the needs of foreign investors. Particularly, the external management structure that all J-REITs adopt can be a main obstruct to draw interests of foreign investors. Together with the advanced governance systems and J-REITs supported from the reliable sponsor can play a significant role to encourage growth of the next stage of J-REITs. The application of the advanced governance systems and the synergetic relationship with the creditable sponsor can be short-time incentives for globalization of J-REITs."
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AUTHOR: Assoc Prof Chyi Lin Lee, Prof Graeme Newell And Valerie Kukpe
TITLE: Australian Institutional Investors’ Attitudes Regarding Residential Property Investment And Investment Vehicles |Refereed|
KEYWORDS: "Private rental market, Residential investment vehicles, Institutional investment, Unlisted residential funds and Australia"
ABSTRACT: "Problem/Purpose This study not only assesses the attitudes of Australian institutional investors regarding housing investment, but also residential investment vehicles. Design/Methodology/Approach A survey of Australian institutional investors concerning residential property investment was conducted in August-September 2014. Findings The results showed that the lack of well-structured residential investment vehicles and low returns were seen as critical issues in the residential property market. In addition, the most desirable features for an effective residential investment vehicle were being managed by an experienced manager, a diversified portfolio by location and delivering stable income returns with low debt. Research limitations/Implications Policy makers should encourage and facilitate the development of residential property investment vehicles in light of establishing a well-structured residential property investment vehicle is an essential step to enhance institutional investment in residential properties. Originality/value This is the first study to examine the desirable features of an effective residential investment vehicle. "

AUTHOR: Dr Jian Liang And Dr Zhi Dong
TITLE: Reits Leverage Ratio And Earnings Management |Refereed|
KEYWORDS: "Real Estate Investment Trusts (REITs), Leverage ratio, Accrual Earnings Management (AEM), Real Earnings Management (REM), REITs regulatory regime"
ABSTRACT: "Problem/Purpose This research investigate two research questions: (1) Do REITs utilize Earnings Management (EM) approaches to manipulate the disclosed leverage ratio? (2) Do the incentive to comply with leverage ratio requirement motivates REITs to use more EM approaches? Design/Methodology/Approach This empirical research is testing on a database containing financial information for REITs in major countries that have a requirement for the leverage ratio of REITs. These countries include Belgium, Hong Kong, Malaysia, The Netherlands, Singapore and Turkey. Static panel data estimators are employed to construct the models. Findings Firstly, the magnitude of using accrual EM is found to be positively correlated with the abnormal volatility of the leverage ratio. Moreover, REITs with a high incentive to manipulate the leverage ratio to comply with leverage requirements are found to use the greater magnitude of accrual EM than REITs with a lesser incentive. However, REITs with a higher incentive to reach a leverage requirement do not significantly use the greater magnitude of real EM approaches than REITs with a lesser incentive. Research limitations/Implications REITs tend to utilize accrual EM approaches to circumvent the leverage ratio requirement. Thus, the effect of the requirement for a maximum leverage ratio is impaired by the accrual EM approaches used by REITs. However, the incentive provided by the leverage requirement does not significantly motivate REITs to engage in more real EM activities. Thus, it is not feasible for REITs to utilize real EM approaches to meet certain regulatory requirements such as the leverage ratio requirement. "

AUTHOR: Muhammad Jufri Bin Marzuki And Prof Graeme Newell
TITLE: The Significance And Performance Of Australian Unlisted Property Funds
KEYWORDS: "Unlisted property funds, Australia, Risk-adjusted performance, Diversification benefits, Institutional investors"
ABSTRACT: "Problem/Purpose Unlisted property funds are among the property investment opportunities that have been gaining ground over the past few years and they form a large portion of global institutional portfolios. In Asia-Pacific, the Australian unlisted property fund market is significant; it contributes approximately 47% of the total gross asset value of the ANREV unlisted property funds index. The purpose of this paper is to assess the significance and performance of Australian unlisted property funds, and their role in a mixed-asset investment framework. Design/Methodology/Approach Using the ANREV Australia funds index (19 funds with a total GAV of $64 billion), this paper analyses the performance of unlisted property funds in Australia over the period of Q1 2010 to Q2 2015; comparing the performance with the direct property sectors and major asset classes. This sees the utilization of various return and risk performance measures. In addition, risk-adjusted returns and diversification analyses are also utilized to better assess the return characteristics of the funds in a mixed-asset portfolios. Findings The results show that the Australian unlisted property funds recorded a respectable risk-adjusted performance against the major asset classes. In addition, the analysis also shows low correlation between the Australian unlisted property funds and the major asset classes, thus providing diversification benefits in a mixed-asset portfolio strategy. Originality/value This paper extends the quantitative analysis of the performance of the Australian unlisted property funds. Previous research on unlisted property investments in Australia has been limited only to the wholesale property fund market. Given the important role of unlisted property funds in the portfolios of superannuation funds, this paper contributes towards the fuller understanding on the performance and benefits in a mixed-asset framework of this vehicle; highlighting its role as part of an institutional property investment strategy. "

AUTHOR: Vikash Ramiah, Dr Braam Lowies, Xiaoming Xu And Imad Moosa
TITLE: Seasonal Effects On Pacific Region Reits: Is Today A Good Day To Buy In Pacific Region Real Estate Investment Trusts? |Refereed|
KEYWORDS: "Real estate finance, Behavioural finance, Seasonal anomalies, Market efficiency"
ABSTRACT: "Problem/Purpose A multivariate regression model is developed and proposed to determine when is a good time o enter and/or exit the Pacific Region REIT markets. The model controls for the Day-of-the-Week Effect, Month-of-the-Year Effect, Holiday Effect, the global financial crisis and several market conditions. The methodology is supplemented with various techniques such as GARCH, TARCH, EGARCH and PARCH models to iron out the undue influence of the stock market. Our results show that there are no major calendar effects implying that investors can enter and exit at any point in time as the profitability on the calendar anomaly is negligible. We document a negative reaction to the global financial crisis and show that the REIT market is resilient during bull market condition. Seasonal anomalies have been widely investigated in financial literature. Most studies focus on the effect of calendar anomalies on capital markets but fail to investigate the seasonal aspects of subsectors of the market and the purpose of this paper is to analyse price fluctuations of REIT for selected Pacific Region countries. More specifically the focus is on the presence of seaonalities in terms of daily and monthly price returns and the holiday effect across countries in the Pacific Region. Furthermore, we document the performance of REIT around the global financial crisis and under other market conditions such as a bull market. Design/Methodology/Approach This paper tests the effects of seasonality, the financial crisis and market sentiment on REIT for Australia, China, Japan, Malaysia, New Zealand, Singapore, South Korea and Thailand. Time series regression models are used in this research where dummy variables are utilized to capture the day of the week, monthly, holiday effects, a bull market and the global financial crisis period. Standard residual diagnostics tests like normality, autocorrelation and auto regressive conditional heteroscedasticity (ARCH) are conducted on all the regression models and problems like autocorrelations are corrected by including the appropriate autoregressive and moving average terms and various generalized auto regressive conditional heteroscedasticity (GARCH) models are applied to correct for the ARCH effects. Findings We find (1) a weak and unstable Day-of-the-Week Effect, (2) a weak and non-economical Month-of-the-Year Effect, (3) Holiday Effect is Persistent across the Pacific Region, (4) negative reaction to the global financial crisis and (4) a resilient REIT market during a bullish market. Originality/value The use of ARCH and GARCH (particularly Exponential GARCH (EGARCH), Power ARCH (PARCH) and Threshold ARCH (TARCH) models in testing for seasonal anomalies has not been employed on the Pacific Region REIT market. In applying these quantitative methodologies strong conclusions regarding the efficiency of the Pacific Region REIT market is drawn and used to identify investment opportunities through the presence of seasonal effects. Furthermore we provide empirical evidence on whether calendar effects are the same across eight countries in the Pacific Region and document the relationship between REIT Calendar effects and the global financial crisis. We open a debate around why the REIT market is resilient during a bull market. "

AUTHOR: Assoc Prof Bjorn Berggren, Svante Mandell, Mats Wilhelmsson And Andreas Fili
TITLE: Entrepreneurship And House Prices: A Regional Analysis |Refereed|
KEYWORDS: "Entrepreneurship, financing, house prices, industry analysis, regional development."
ABSTRACT: "Problem/Purpose: Entrepreneurship is of crucial importance for regional development in that entrepreneurs start new ventures or make already established firms grow. One of the key problems for the fledgling firm to solve is how to secure access to financial resources. From earlier research findings we know that insider finance, that is, financial resources from the entrepreneur or people close to him is of vital importance. Most entrepreneurs lack savings or other financial reserves which makes the use of their residential real estate a potential untapped resource for the entrepreneurial venture. In the Swedish post-industrial economy, the most common type of start-up is within the service sector. In this paper we take a closer look on the relationship between house prices and start-up frequency in different industrial sectors within the Swedish economy. Design/methodology/approach: In the analysis we have included data from all 290 municipalities in Sweden. We have gathered data regarding business start-ups, education, employment, house prices, income, etc. from a number of different sources, including the public organization Statistics Sweden. Findings: We find that rising house prices in a municipality do lead to a higher frequency of start-ups, but that there are different patterns and strength of the relationship that are dependent on which industry that the start-up belongs to. An increase in house price will lead to an increase in the number of start-ups within retailing, business services and construction. However, an increase in house price will not have any effect on start-up frequency within manufacturing and mining. Research limitations/implications: The analysis in this paper is based on Swedish conditions and Swedish data. Therefore a certain degree of caution is necessary before any comparisons to markets in other countries are made. Takeaway for practice: We conclude the paper with a number of implications for entrepreneurs, policy-makers and financiers. Originality/value: The findings presented in this paper are in line with the limited previous international research that has been conducted and could therefore be seen as an important vital addition to the existing body of knowledge within the intersection of entrepreneurship and real estate. "
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AUTHOR: Ming-Te Lee, Assoc Prof Chyi Lin Lee, Prof Ming-Long Lee And Chien-Ya Liao
TITLE: "Dynamic Interaction Between House Prices And Stock Prices In Australia: Wealth Effect, Credit Effect, Or Capital Switching? " |Refereed|
KEYWORDS: "Australia, House price, Stock price, Feedback effect, Capital switching, Investor structure"
ABSTRACT: "Problem/Purpose This study examines the dynamic linkages between house prices and stock prices in Australia. Design/Methodology/Approach In addition to usual Granger causality test, linear cointegration tests, and threshold cointegration tests, this is the first study to employ the Toda and Yamamoto’s (1995) lag augmented VAR model, to explore the relationship between housing and stock prices under the capital switching framework. Findings The causality tests show that the Australian stock market negatively leads the Australian housing market during 1993 to 2013. More importantly, the negative linkage is driven by the period after the global financial crisis. The results are consistent with the assertion of Oikarinen’s (2006) feedback effect and indicate the existence of capital switching activities (Lee et al., 2008) between the Australian housing and stock markets. Importantly, the impact of investor structure on the dynamics of lead-lag relation between both assets is also presented. Originality/value Previously no empirical work has been undertaken to examine the dynamic causality between housing and stock prices under the capital switching framework. "

AUTHOR: Peng Yew Wong
TITLE: The Drivers Of Overseas Investment In The Australian Residential Property Market |Refereed|
KEYWORDS: "Residential property, Overseas real estate investments, Housing, Foreign investments, Determinants, Key drivers"
ABSTRACT: "Problem/Purpose This research focuses on new determinants that drive overseas private investors into the Australian residential property market and the impact of the government policies. Reviews on empirical studies have shed limited information relating to investment choices, strategies and decision makings of overseas private wealth investors based upon education, life style and residential tourism social economic factors. These relatively distinct and unique investment patterns are set to create an entirely new perspective for the world residential investment markets. Design/Methodology/Approach This study examines various factors driving the overseas cross-border private wealth investments into the Australian residential property market, particularly in major Australian cities such as Melbourne and Sydney. The research looks at residential property performance in Melbourne Metropolitan and key suburbs and their relationship with various economic and financial factors from Space, Property and Capital markets and new residential tourism and education social factors. This research intends to build quantitate research on secondary data. Findings Majority of the literature had made a common presumption, that the immigrants had been purchasing residential properties in the context of owner occupying purpose without considering other aspect. Rare and new investment strategies based on other drivers outside the traditional determinants such as life style and education seems to play a much bigger role in these private individual real estate decision makings than anticipated. Takeaway for practice This research shall provide a better understanding of the relationship between the social economy factors and the residential housing market. It is believe that this understanding will help the policy makers to strike a balance between the overheated residential property market and a steady flow of Foreign Real Estate Investments into the country. Social implications Government’s economies and financial policies are all relevant in the assessment of cross border investment in the residential property market. The ultimate challenge is for the Australian government to strike a balance between the much need foreign money and the Australian social wellbeing. "
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AUTHOR: Hyunbum Chow And Prof Graeme Newell
TITLE: The Role Of Unlisted Property Funds In Mixed Asset Portfolios In China
KEYWORDS: "Unlisted property, China, REITs, Mixed asset portfolio, Asia Pacific, Real estate"
ABSTRACT: "Problem/Purpose The purpose of this paper is to assess the significance, risk-adjusted performance and portfolio diversification benefits of unlisted property funds in China and the strategic role of unlisted property funds in a mixed-asset portfolio in China over 2010-2014. Design/Methodology/Approach It tracks the performance of 13 unlisted property funds, estimated USD 4.7 billion GAV as of Dec 2014, and compares them with shares, bonds and listed property companies in China. It also includes REITs listed in Hong-Kong and Singapore but have underlying properties in mainland China. Findings The results show that unlisted property funds in China provide the best risk-adjusted return among the assets classes over 2010-2014 and have very low correlations with all asset classes including REITs, China property, shares and bonds, providing significant diversification benefits to investment portfolios. Takeaway for practice The findings of this study facilitate additional property investment strategies for many fund managers, institutional investors, and pension funds that have invested or plan to invest in indirect property market in China. Originality/value This study is the first empirical analysis of unlisted property funds in China and has validated the important strategic role of unlisted property funds in a mixed asset portfolio. This is a part of Asia-Pacific unlisted property funds analysis and will contribute to future research on similar topics. "

AUTHOR: Dr Bill Dimovski
TITLE: Differences In Underpricing Of A-Reit Ipos And Australian Property Company Ipos
KEYWORDS: "IPOs, Underpricing, Property companies, A-REITs"
ABSTRACT: "Problem/Purpose A variety of papers have analyzed the underpricing of REIT IPOs or Property Company IPOs. This study compares the two sectors and examines differences in the underpricing of the two types of IPOs. Design/Methodology/Approach An OLS regression is used to identify factors influencing the underpricing of A-REIT and Property Company IPOs from 1994 until 2014. Findings This study finds that A-REIT IPOs have a significantly lower underpricing on average than Australian Property Company IPOs. The time taken to list appears to influence the underpricing of both A-REIT IPOs and Property Company IPOs, in that issues that are filled more quickly have higher underpricing but with the magnitude of the impact being less for A-REITs. The sentiment towards the stock market also appears to impact on the underpricing of A-REIT and Property Company IPOs again with the magnitude of the impact being less for A-REITs. Takeaway for practice The paper provides information to new A-REIT and Property Company issuers, underwriters and investors. Originality/value The study is the first to compare and examine the differences in the underpricing of both REITs and Property Companies in the one country over the same time period. "

AUTHOR: Dr Zhi Dong And Ningkun Li
TITLE: Tenants Characteristics In The Risk-Return Performance Of Investment Property Portfolios
KEYWORDS: "Property portfolio management, Investment properties, Risk-return performance, Sharpe ratio, Tenants characteristics"
ABSTRACT: "Problem/Purpose This paper investigates how managers can promote the risk-return performance of investment property portfolios by discretionarily selecting tenants under specific business sectors or operational regions in the New Zealand market context. Design/Methodology/Approach We build a unique database by manually collecting property appreciation value and rental value of individual investment properties held by publicly listed property companies or trusts in New Zealand. Then we construct hypothetical investment property portfolios under the selection of specific diversification dimensions: geography, property sector and tenants characteristics—business sectors, head office location and business operational regions. We compare the risk-return performance for the total return, capital return and income return of these portfolios, using Sharpe ratio. Findings We find that property portfolios under specific tenants business sectors or business operational regions can outperform or underperform the other property portfolios. Portfolios with a specific property sector can also outperform most other property portfolios. Research limitations/Implications Tenants characteristics are no less important than geography or property sectors when managers manage investment property portfolios. Takeaway for practice Property portfolio managers are advised to select tenants under different business sectors or operational regions carefully when the risk-return performance of property portfolios concern them. Originality/value This paper highlights the importance of tenants characteristics in relation to the risk-return performance of property portfolio. The literature has not yet addressed this new dimension for property portfolio construction. Social implications The findings of this study may help improve the efficiency of investment property markets. "

AUTHOR: Ming-Te Lee, Assoc Prof Chyi Lin Lee, Prof Ming-Long Lee And Yi-Chieh Hsu
TITLE: Metropolitan Rail Transit Accessibility And Housing Price In Taipei: A Quantile Regression Approach |Refereed|
KEYWORDS: "Housing, Rail, Quantile regression, Taipei, Taiwan"
ABSTRACT: "Problem/Purpose This study examines the effect of metropolitan rail transit accessibility on housing prices in Taipei City, Taiwan. Design/Methodology/Approach This study employs a quantile regression approach in order to demonstrate how the implicit prices of this housing characteristic may vary across the conditional distribution of housing price. Findings The key finding is that the effect of MRT stations on housing value is not uniform. In addition, the results have also clearly shown that homebuyers’ tastes and preferences for specific housing characteristics are diverse. This supports the notion that buyers of low-priced properties behave distinctively from high-priced home buyers. Research limitations/Implications These findings would have important practical implications to policy makers, planners, property developers, investors and valuers. Originality/value Unlike previous studies, this study fills a research gap by examining how the implicit prices of the effect of metropolitan rail transit stations vary across the conditional distribution of house prices in Taipei City. "

AUTHOR: Prof Chris Eves
TITLE: The Analysis Of Nsw Rural Property: 1990-2014 |Refereed|
KEYWORDS: "Rural property, Capital returns, Income and total returns, Farm investment"
ABSTRACT: "Problem/Purpose Over the past 10 years there has been a greater awareness of the role that rural property plays in both the food production and food security. This in turn has led to a greater interest in the property investment sector for the inclusion of rural property in investment portfolios. A major concern for a number of these institutional investors is the availability property investment data. Design/Methodology/Approach The paper provides a full analysis of the rural property sales transactions that have occurred over the period 1990 to 2014. These sales have bene analysed on the basis of Local Government Area, NSW Agricultural regions and the main rural land uses in NSW. Sales data has also been assessed in conjunction with ABARES rural income data to enable both capital and income returns to be assessed. Findings Over the past 25 years the capital return for rural land in NSW has varied significantly based on geographic location and land use. A number of locations in NSW have also benefitted from the increase in foreign investment, mining and general population increases in growing locations, especially along the NSW coastline and the Hunter Valley. The mixed farming areas of the State have shown the highest average annual total returns, with the pastoral areas recoding the highest capital growth over the past five years but at high levels of volatility. During the GFC all rural locations showed a positive growth in rural land prices, unlike other property investment sectors during the same period. Research limitations/Implications Income return data is based on ABARES farm income averages and does not fully reflect the income returns that are being achieved by institutional grade rural property. The relatively low numbers of rural sales that occur in any LGA per annum are relatively low compared to residential property sales and actual location within an LGA can distort annual capital growth. Originality/value This is the only comprehensive transaction based rural property investment performance index covering a full State of Australia. Based on total Australian farm numbers this analysis represents over 35% of agricultural production in Australia and is reflective of overall rural land use capital growth trends in other Australian States. "
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AUTHOR: Prof David Parker
TITLE: Idiosyncratic Risk In Direct Property – A Review Of The Literature
KEYWORDS: "Idiosyncratic, Risk, Direct, Property"
ABSTRACT: "Problem/Purpose This paper seeks to review the current state of the literature concerning idiosyncratic risk in direct property. Design/Methodology/Approach Literature review. Findings Identify opportunities for further research. Originality/value No recent reviews of the literature concerning idiosyncratic risk in direct property identified. "

AUTHOR: Dr Wejendra Reddy
TITLE: Real Asset Allocation: Evaluating The Diversification Benefits Of Property And Alternative Asset Classes In Australian Superannuation Portfolios |Refereed|
KEYWORDS: "Property, Infrastructure, Superannuation, Asset Allocation, Diversification options."
ABSTRACT: "Problem/Purpose The collapse of the credit markets in 2007 was more profound than previous recessions for all investment markets, including property. In the post-GFC era, institutional investors have reduced their exposure to mainstream asset classes such as equities and bonds; they are investing more in real assets such as property and infrastructure. In fact, recent market reports anticipate that in the next decade, institutional real assets allocation will increase from current average of 5%-10% to 25%. This research tests this notion by examining the diversification benefits of property and infrastructure (alternative) asset classes within A$431 billion industry superannuation fund default balanced mixed-asset portfolio. Design/methodology/approach The research investigates the diversification benefits of property assets and alternative assets by constructing two asset and multi-asset portfolio models. The asset allocation is determined using the mean-variance portfolio optimisation technique utilising Australian 10-year bonds as the risk free rate. The analysis is based on ex-post data covering 20 years (1995 to 2015). The Sharpe ratio is used as the key risk-adjusted return performance measure. Findings The results illustrate that including alternative assets in the property portfolio provides the best risk-adjusted return performance (0.56), although portfolio weighting is dominated by direct property. Despite the higher asset allocation range assigned to alternative assets (0-25%) than to property assets (0-20%), the average allocation to alternatives was 12%, lower than the property allocation (22%). The strong allocation to property in both the two asset and multi-asset portfolios in this research further highlights that property will command significant allocation in institutional portfolios, despite the availability of similar real assets such as infrastructure. Takeaway for practice For an Australian superannuation balanced fund, the empirical results show that there is scope to increase the combined property and alternative asset allocation level from current 27% to 33%. This high allocation is backed by improved risk-adjusted return performance. This knowledge will be beneficial for funds currently reprofiling investment portfolios to achieve stable risk-adjusted returns. Originality/value The research contributes to both practical and academic fields as it offers a methodological approach on how allocation to property assets can be improved using a series of asset allocation strategies."
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AUTHOR: Dr Christopher Heywood And Kusal Nanayakkara
TITLE: The Own-Lease Analysis Discounted Cash Flow Models: A Meta-Study |Refereed|
KEYWORDS: "Cash flow analysis, Corporate real estate, Leasing, Owning, Tenure decisions"
ABSTRACT: "Problem/Purpose: The own versus lease decision is a complicated financial and strategic decision and corporates consider many financial and non-financial factors before reaching a conclusion. Calculating and comparing net present values (NPVs) of own versus lease (tenure) options' costs and benefits is a recommended practice in making decisions about forms of tenure. However, inspecting the literature's available models shows that the calculations include different cost and benefit variables as well as assumptions. This paper reviews five different discounted cash flow (DCF) own-lease analysis models in order to understand what the various models offer in making own-lease decisions. Design/methodology/approach: These models used different cost and benefit variables within business and real estate cash flows, net real estate costs, net cash flows, net business and real estate cash flows, and cumulative cost savings. They variously used internal rate of return (IRR) and NPV as output parameters. Each model was tested using its 'native' dataset and a common dataset to identify which tenure options they arrived at. Findings: The results provided by models mostly directed to the same recommendation – ownership. Only one model recommended leasing as a better option. This is interesting given the movement away from ownership of corporate real estate (CRE) and suggests that factors other than DCFs are emphasised in decision-making. Research limitations/implications: One possibility is that the models do not fully capture the organisational economics inherent in the tenure decision. Not exclusively so, but the models tend to focus on real estate economics and do not fully capture the organisational consequences of real estate. These matters are examined with regard to the models' variables and those that might more fully capture CRE's organisational impacts. Social Implications: The research is significant for academics teaching CRE tenure decisions and practical application for those using DCFs in their professional practice. "
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AUTHOR: Kwabena Mintah
TITLE: Real Options And Application To Australian Property Development: A Conceptual Analysis |Refereed|
KEYWORDS: "Real options, property development, discounted cash flow, managerial flexibility, uncertainty"
ABSTRACT: "Problem/Purpose - The paper thoroughly reviews the major dissimilarities in the suppositions underlying the DCF and the real options approach, and develops a conceptual framework of real options for the entire real estate development process. Design/methodology/approach – Extensive literature review of journal publications on DCF valuation and real options valuation with critical analysis to result in the development of the conceptual framework for real options. Findings - The findings provide the evidence needed to support the practical appeal of the method to practitioners in the industry. This will enable property practitioners to capture the upside potentials and limit downside losses for investment projects. Research limitations/implications - In Australia according to KPMG (2013), property practitioners and stakeholders are applying discounted cash flow to evaluate the viability of development projects. Standard property development appraisal centred on DCF method discards the potential upside gains and fails to limit the possible downside losses of an investment from managerial flexibility. Achieving practical usability of the real options method would enhance risk assessments in property developments in Australia. Originality/value - The flexibility afforded to property developers to alter future decisions based upon the arrival of new information can be valuable due to the cyclical nature of property markets. Adoption of the real options method in practice has been very slow. This paper expands the theory of real options to enhance the practical usability of the method via a conceptual framework."
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AUTHOR: Jane H. Simpson
TITLE: Large Capacity Australian Multi-Purpose Stadiums: An Investment Opportunity? |Refereed|
KEYWORDS: "investment, real estate, stadium, operation, ownership, valuation"
ABSTRACT: "Problem/Purpose – Property investment opportunities have moved beyond the traditional core sector to include non-core real estate investment assets, such as childcare centres, entertainment facilities and retirement villages. There is little publically available information as to whether a stadium with a large crowd capacity (over 40,000 seats) is an investment opportunity. This study and research examines the fundamentals of these large capacity Multi-Purpose Stadiums (MPS), in an Australian context, and reveals how these significant entertainment facilities are currently owned, operated and valued. Design/methodology/approach – The literature is remarkably silent on this topic. This study reviews media releases, government documents, scholarly and other relevant sources, and reveals insights from initial enquiries with stakeholders. This provides an important basis for further research. Findings – In Australia, large capacity stadiums represent investment opportunities for institutional investors. State Governments, who own almost all the twelve large capacity MPS, are looking to sell-off infrastructure assets and institutional investors, who are seeking non-core property assets, reportedly have a preference for passive investments. Currently, institutional investors own the operating businesses for two Australian Stadiums (the Etihad and ANZ Stadiums), but not the underlying real estate assets. There would appear to be significant potential for further capital investment by institutional investors. Furthermore, the study found that large capacity MPS valuations are predominantly undertaken for reporting and insurance purposes and rarely for selling purposes. Originality/value - Substantial information as to the ownership, operations and valuation of large capacity Australian Stadiums is revealed in the paper. This information provides valuable insights for future development of this research area, which is of benefit to policy makers, investors and researchers. Social Implications - Government ownership of large capacity stadiums is costly and offers only limited socio-economic benefits. Stadium development and redevelopment activity requires significant funds to complete these projects, while the economic life of a stadium is reportedly reducing. Due to State Government’s in Australia currently experiencing financial pressures, they could move to sell off their real property interests in large capacity Australian stadiums. This would trigger a range of implications that include issues regarding the valuation of, and investment in, a stadium’s real estate assets. Further research in this area is therefore justified."
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AUTHOR: Dr Brano Glumac, C. Vasilache And Dr Braam Lowies
TITLE: Sustainable Building Reuse: Understanding User Preferences For The Housing Market |Refereed|
KEYWORDS: "sustainability, building reuse, vacancy, discrete choice experiment, housing market, user preferences."
ABSTRACT: "Problem/Purpose - Vacant buildings represent an insufficient exploited “gold mine” for future developments. By finding, the future users’ preferences, vacant buildings can be reused and could generate a significant contribution towards a more sustainable development within the construction industry. Design/methodology/approach - Throughout this paper, the environmental, social, and urban benefits of building reuse are presented and a discrete choice experiment is used to indicate the most important attributes and the preferences of the potential future occupants. Findings - Finally, a decision support tool is created to help real estate developers making better assessments upon choice of vacant building to fit best to future desired end user. Specifically, this study reports on the multiple groups of end users of students and young professionals. Research limitations/implications - Further research can establish if households with children families reject the proposed housing units due to the size of the household or due to the building reuse. By increasing the size of the housing unit other market segments can be reached and their interest in such redevelopments can be tested. Originality/value - This paper proposes an operational tool to assess the available alternatives regarding the choice of the vacant buildings to be reused and services to be provided to the end users. Social Implications - Due to the high contribution to sustainable urban development, building reuse should be encouraged by municipalities, by being cooperative and allowing exceptions from the zoning plan or facilitating legal procedures. "
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AUTHOR: Dr Song Shi, Iona Mccarthy And Uyen Ngo
TITLE: Leaky Building Stigma: Can It Be Eliminated By Remediation? Evidence From Professional Survey
KEYWORDS: "Leaky homes, Post remediation stigma, Weather tightness"
ABSTRACT: "Problem/Purpose The purpose of this paper is to investigate market attitude to leaky homes that have been remediated. Design/Methodology/Approach This paper presents results of a survey of New Zealand property professionals (valuers and real estate agents). Findings The initial survey results show that post remediation stigma does exist in remediated leaky buildings. Stigma exists for buildings reclad in either a new ""plaster"" or ""traditional"" appearance. The price discount due to stigma ranges from 5-10% depending on the severity of the leaking problems, and the stigma is likely to lead to a reduction in value for up to ten years. A number of reasons for stigma have been identified. Overall, the findings have reinforced our research hypothesis that remediation will not get rid of stigma, even though a new building COC has been obtained. Takeaway for practice The findings provide guidance for valuers involved in the assessment of remediated leaky homes. "

AUTHOR: Dr Georgia Warren-Myers And Dr Chris Heywood
TITLE: Investigating Residential Construction Procurement Roles And Relationships; Isolating Opportunities For Change
KEYWORDS: "Residential construction, Demand-led innovation, Volume builders, Sustainability"
ABSTRACT: "Problem/Purpose The research investigates whether a consumption based demand and supply framework is applicable in the residential building sector; whereby demand stakeholders include both the home purchaser as the ultimate consumer and volume home builders as the client. Rationalised by the oligopoly characteristics of the volume builders and power wielded in their interactions with consumers and the construction supply chain it is imperative to understand the roles, interactions and relationships between the stakeholders in order to develop an appropriate and effective framework to enable change in the new home process. Design/Methodology/Approach The research utilizes a qualitative approach to explore current residential volume builders’ roles and relationships with other actors in the production of new homes and whether a consumption based demand and supply framework applies to current practice in the residential sector. Findings The research finds that Project Home Builders / Volume Builders are a key demand-side stakeholder, taking the role of the client whilst consumers are considered the user. The traditionally perceived supply-led procurement approach does not presently and accurately represent current industry practice and consequently, key mechanisms and opportunities for change are mismatched. This research has redefined current construction theory and practice in the residential sector through the adaption of a new stakeholder framework redefining demand stakeholder roles, decisions making ability and empowerment. The research findings convey an opportunity for societal change and a cultural shift within the building industry through the realignment of demand stakeholder power to generate lasting change and increase residential sustainability in the new home construction process. Originality/value For the first time the research provides an innovative re-examination of demand stakeholders’ roles and exposes untapped market power to drive change and eliminate the ‘blame game’ currently restricting broad scale adoption of innovation and sustainability in new homes. "

AUTHOR: Shi Yee Wong, Dr Connie Susilawati, Wendy Miller And Dr Asti Mardiasmo
TITLE: Assessing The Impact Of Sustainability-Related Features On Residential Property Price |Refereed|
KEYWORDS: "residential property, house prices, repeated-sales, sustainability-related features"
ABSTRACT: "Problem/Purpose – The paper assesses the impact of sustainability-related features on the house sales price and listing periods. This paper also aims to investigate whether there is an increasing house price for the properties with recorded sustainability-related features in the repeated sales. Design/methodology/approach – This paper is based on the analysis of the repeated transaction sales for Kelso, a top-selling suburb with the highest number of sales transactions in Townsville, Australia from 2004-2014, and compares the level of sustainability-related features to property sales price and listing periods. Findings – The results show that among 215 houses with repeated sales, there are only 22 houses that have recorded sustainability-related features. These 22 houses have shorter listing periods from years 2011 to 2013 and a slightly higher percentage change in the repeated sales price from 2010 (with second sales happened in more than 6 years’ timeframe) compared to the other houses without recorded sustainability-related features. Research limitations – As this research only focused on one particular suburb within this region, analysis of longer sales periods and more suburbs will increase the validity of the results. Takeaway for practice – The findings are likely to be applicable to residential properties and will inform valuers to take sustainability-related features into consideration in the valuation of their client houses. This paper could provide empirical evidence to support real estate agents to communicate sustainability-related features to potential buyers/sellers to put forward sustainability-related features for getting the highest selling price. Originality/value – This paper focuses on the effect of sustainability-related features on the repeated sales data of Kelso (a suburb in Townsville, Australia). All houses are located in the same suburb which eliminates potential location premium or discount factors in housing price determinants."
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AUTHOR: Assoc Prof John Macfarlane
TITLE: Portfolio Condition Assessment
KEYWORDS: "Public housing, Condition assessment, Sampling"
ABSTRACT: "Problem/Purpose For large property portfolios – especially residential ones – it is important to have a good assessment of the overall condition of the portfolio and to have reasonable estimates of the cost to maintain the portfolio. It is also important to have reasonably precise information on the condition of individual properties (and groups of properties) for the purposes of long-term portfolio decisions (hold or dispose). While questions of assessment are important, it is also a priority to maximise spending on the maintenance of the portfolio; so there is an inevitable tension between assessing condition and spending funds to improve the condition of the portfolio. This paper will consider the NSW Land and Housing Corporation (LAHC) portfolio of over 140,000 residential dwellings and work undertaken by the author both to assess the condition of the portfolio and to identify high risk assets. Design/Methodology/Approach Sampling methods are an important ingredient to assess the portfolio’s condition in the most cost effective way. Different sampling approaches will be discussed as being appropriate for these two projects. Research limitations/Implications Data issues and limitations will be discussed. Social implications The LAHC portfolio is one of the biggest public sector housing portfolios in the Southern Hemisphere. It is important that the portfolio is efficiently and effectively managed but also critical that the Government upholds its duty of care to its tenants. "

AUTHOR: Alan Pope, Prof Paul Gallimore And Dr Song Shi
TITLE: Leasehold Property And Investor Risk Misestimation
KEYWORDS: "Leasehold, suboptimal, risk."
ABSTRACT: "Problem/Purpose Investors may not adequately take account of the scale of risks associated with leasehold property and the risks this poses to the value of the ground leasehold. While suboptimal behaviour is suspected of being the more significant cause of investor misestimation, ruling out asymmetric information as a more prominent problem is a necessary first step. Design/methodology/approach A series of semi-structured interviews will confirm (or not) that suboptimal behaviour is the central reason for investor misestimation. This method will draw out the more significant factors around investor behaviour types around this specialised asset class. This study is a precursor for a future study where a specific circumstance may be used to test investor perceptions. Therefore fully understanding such investor behaviour around ground leaseholds is critical. Findings Preliminary findings indicate asymmetric information is not the central issue; rather the way certain investors make decisions is of more relevance. There appears to be different groups; those who are fully informed and those who are perhaps less so well informed. Further work is required to understand the behaviour of investors and why some appear to make good decisions and others do not. Further interviews are therefore required to help better explain what occurs in the thought processes of investors when they purchase a property. Research limitations/implications Despite careful design, this qualitative research style may introduce some bias from the researcher. Takeaway for practice Investors and other who contemplate the purchase of a leasehold property (lessees interest) should inform themselves fully as to the risks. 22nd Annual PRRES Conference, Sunshine Coast, Queensland, Australia 17-20 January 2016 2 Originality/value Investor behaviours around this asset type are less commonly studied. Such research will therefore be of considerable benefit. Social Implications Auckland and many other cities within the Pacific Basin have experienced significant price growth in recent years. Leasehold property may provide a viable alternative for purchasers who cannot afford fee-simple property Understanding the behavioural tendencies is therefore important."
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AUTHOR: Peter Rossini And Paul Kershaw
TITLE: Exploring The Behaviour Of Residential Property Investors?
KEYWORDS: "Property investment, Residential investment, Investor behaviour"
ABSTRACT: "Problem/Purpose This is exploratory research using the valuation data base to explore the characteristics of property owners that will lead to a better understanding of the behaviour of residential property investors. Design/Methodology/Approach We use the South Australian Valuation list together to identify multiple home owners and using cross matching and tabulation we explore the diversity of their real asset holdings and explore the spatial and financial distribution of multiple asset owners. This methodology will complement other research that uses owner surveys to establish the characteristics and preferences of investors by considering the entire population of property owners. Findings This research aims to gain a better understanding of the characteristics of residential property investors and their ownership behaviour. This research is exploratory and ongoing and preliminary results will be presented at the conference. Research limitations/Implications The research aims to provide a better understanding of residential investors that will inform policy makers. Originality/value This research is unique in Australia by using the population of property owners rather than investor or owner surveys. "

AUTHOR: Yixin (Lucy) Xu
TITLE: Melbourne Housing Price Performance: A Case Study Of Kew And Hawthorn Using Quantitative Analysis |Refereed|
KEYWORDS: "Quantitative method, Local house price performance, Microeconomic factors"
ABSTRACT: "Problem/Purpose Melbourne is one of the major Australian capital cities and over the past decades has experienced significant increase house prices. While there are several studies (see: Bourassa and Hendershott 1955, Bodmand and Croseby 2004, Abelson et al. 2005, Tu 2000 and Otto 2007) examining price performance at either national or at metropolitan/regional level, there is nominal attention to local house price movements. This research will examine local house price movements of two Melbourne suburbs (Kew and Hawthorn) to demonstrate if house prices are local specific when looking at performance over time at a local, city and national level. Design/Methodology/Approach This paper analyses house price changes across two Melbourne suburbs over past twenty (20) years using quantitative method. Standard deviation, price correlation and factor analysis were adopted to examine the house prices performance for the Melbourne suburbs and compare such performance at national, regional and local level. Findings This research has examined local house price movements of Kew and Hawthorn to demonstrate individual suburbs perform at different growth rates than that at country or city level. In addition, price correlations between the selected individual suburbs could perform differently throughout the periods even though they are located close by. Most importantly, it suggests that house price performance of the two local suburbs cannot be explained by macroeconomic factors. This research results offer a better understanding of house price performance at a local level. A further examination on the reasons behind local house price differences is recommended. "

AUTHOR: Dr Janet X. Ge And Assoc Prof Peddy P. Y. Lai
TITLE: Rail Accessibility On Property Value: Zuoying Station |Refereed|
KEYWORDS: "Rail accessibility, Property value, Kaohsiung, Taiwan"
ABSTRACT: "Problem/Purpose Accessibility to transport infrastructure is one of the factors that affects property value. A number of researchers have found positive and negative effects on how improvement in public transportation has on property value (Chau and Ng, 1998). In Taiwan, little research has been carried out in this area. This research seeks to contribute to the understanding of the effect of rail accessibility on property value. Specifically, this study investigates the impact on property value located in close proximity to Zuoying station in Taiwan. Hedonic price theory is used and 5,478 data sets including property transaction prices, house or unit size; distances to the rail station, amenities, parklands and main roads were used for the testing. Before and after the commencement of the rail systems has also been considered in this study. Design/Methodology/Approach Hedonic analysis is a well-established technique that is applied in this study. Findings The estimation results suggest that accessibility to train station is one of the important factors affecting property values. It is found that the shorter distance and easier access the rail station, the higher the property values. Research limitations/Implications This research has considered the elements of before and after the opening of the Taiwan High Speed Rail (THSR) and Kaohsiung Mass Rapid Transit (KMRT). However, a comparison study on the effects of before and after the completed rail development is not included in this study. Originality/value No study has been conducted in the past on Zuoying station in the area of rail accessibility and property values. This is the only rail station in southern Taiwan where three railway systems converge. The investment of new transport infrastructure has positive impact on the land values in the locality and the economic and social aspects of the built environment. "
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AUTHOR: Dr Hasniyati Hamzah
TITLE: Regulators’ Attitude Toward Mass Customised Housing (Mch)
KEYWORDS: "Mass customised housing (MCH), Housing regulations, Regulators’ behaviour"
ABSTRACT: "Problem/Purpose Mass Customised Housing (MCH) is an innovation in housing which entails giving house buyers choices of specification options to be incorporated in their new home that fulfil part or most of their housing requirements. Most of the studies on the implementation of MCH have focused either on the technical side - for instance, determining the shape grammar - or demand side, for instance, determining the specification options to be offered. However, an aspect of housing production that is overlooked in the MCH literature is the regulators’ behaviour toward housing innovation. Design/Methodology/Approach A postal survey was conducted, with a total of 133 questionnaires distributed to the building department of 32 Local Authorities in Peninsular Malaysia. 38 completed surveys were returned giving a response rate of 28.6%. The questionnaire was divided into three parts; (i) Respondent’s details (ii) Attitude on housing innovation in general (iii) Attitude on MCH. Responses were captured in both close and open ended questions. Quantitative data was analysed using the SPSS software, using descriptive statistics to explain the data trends. Qualitative data was coded and analysed manually. Findings To follow Research limitations/Implications To follow Takeaway for practice Findings give an insight into the behaviour of building regulators in balancing their role in housing regulation with the government’s support for housing innovation that could sometimes lead to conflicts. Originality/value This paper adds to the sparse literature on property law in Malaysia that examined regulators’ interpretation of housing regulations and how they behave towards housing innovation. "

AUTHOR: J. Mccord, Dr M. Mccord, P. Davis And M. Haran
TITLE: Does Religion Cost? Segregation And House Prices
KEYWORDS: "Housing markets, Segregation, Hedonic pricing model, House prices"
ABSTRACT: "Problem/Purpose The longstanding issue of discrimination and segregation in housing markets has enveloped housing market analysis and particularly the understanding of house price determination. The relationship of segregation in residential space is diverse and encompasses numerous taxonomies. The racial-ethnic characteristics of a neighbourhood are deemed to carry negative connotations which adversely affect house prices. In Northern Ireland, the high level of market segregation is compounded by the addition of tactile barriers such as Peace walls which further serve to physically segregate communities and have the capacity to prevent the restoration of normal community interactions and market processes. This paper attempts to quantify and measure the disamenity implications and costs of these hard structures on segregated communities. Design/Methodology/Approach This paper measures the pricing effect of peace walls within segregated market areas within the Belfast housing market using hedonic pricing based frameworks. The sales data is obtained from 3,836 house sales transactions over a one year period in 2014. Findings The findings emerging from this research demonstrates that peace walls have clearly had a more detrimental and adverse effect on the consistency and application of policy and practice. Indeed, the existence of the peace walls appear to have occasioned or facilitated differential practices in housing strategies either ‘side of the wall’. The results show a clear differential distance decay effect limiting market and efficiency opportunities. Research limitations/Implications Limitations pertain to issues surrounding neighbourhood effects and the spatial granularity of the data. Takeaway for practice Urban design and market regeneration/gentrification can impact upon market pricing continuity. In NI, there is contentious policy debate regarding the removal of peace walls. This paper contributes to the quantification of the costs of Peace walls to inform market practices and strategic and evidence led policy decisions in housing and wider social policy. Originality/value Externalities can have pervasive and endogenous effects on house prices. A paucity of research exists which examines the impact of externalities which regulate societal conformity and maintain spatial and socio-ethnic differentiation and socio-spatial exclusion on property markets and property value. As knowledge comparing the effects and cost of segregation in housing markets remains embryonic, this research further builds upon and understands and influence of segregated communities on house prices and attempt to investigate whether there exists a price differential based on the existence of hard delineated barriers which blot the Belfast landscape and normal housing market activity. Social Implications An enhanced understanding of the prominent effects of externalities can help in the formulation of informed strategic and evidence led policy decisions relating to the societal costs and spatial impact of such influences on the indigenous population, local urban housing market policy and structure and wider public and social policy. "

AUTHOR: Yongyuth Suphotngamkul And Assoc Prof Supeecha Panichpathom
TITLE: Using Importance-Performance Analysis (Ipa) To Evaluate Factors Affecting The Living In Elderly Condominium
KEYWORDS: "Importance-performance analysis, Residence, Senior housing, Old age, Elderly people"
ABSTRACT: "Problem/Purpose Over the past years, the number of senior citizen in Thailand has continuously increased and Thai elders’ living style has changed. They tend to live independently of their children and also have income from works even they retired. Consequently, some real estate developers have recently established elderly condominiums, designed and prepared facilities for resident’s convenience and safety. This study aimed to investigate elderly opinions about the important factors that influence their living and the performance of condominium’s operation. The results can guide developers to provide satisfied services supporting and operate the condominium project successful. Design/Methodology/Approach This study collected data by interviewing and conducting a questionnaire survey with 73 elders living in a senior condominium operated by a medical state agency. The questionnaires were processed and analyzed by using factor analysis to extract influenced factors; and importance-performance analysis (IPA) to assess the elder’s satisfaction to the condominium. Findings The results showed 6 factors that affect elder’s living consist of quality of staff’s services, social stimulation, room attributes, location and accessibility to services around accommodation, proper of light and entrance and ambience of surrounding. They identified the staff’s service quality and surrounding ambience was very important, but their performance was low. Furthermore, the performance of room attributes and the proper of light and entrance are very good as well as high important. However, respondents determined that both social stimulation through activities, had good performance, and location and accessibility to services are low important. Research limitations/Implications Elderly condominium developers should concern about the management of service staffs, room design and material, the dwelling’s environmental arrangement, light and entrance in developing the project because Thai elders think these factors affect their living in condominium. Originality/value This research guide developers what should be concentrated in developing elderly condominium and providing related facilities to satisfy Thai resident. "

AUTHOR: Dr David Higgins And Trivess Moore
TITLE: Mixed Tenure Housing Developments: Salt And Pepper Versus Silo Design |Refereed|
KEYWORDS: "Residential property design, Social affordable housing, Mixed tenure housing, Structured interviews "
ABSTRACT: "Purpose – In the context of housing, mixed tenure attempts to bring together social groups in urban neighbourhoods to create a vibrant dynamic sustainable community. This paper focuses on residential development design in the context of housing tenure where owner-occupier (or owner-investor) and social housing have the same locality. Specifically it asks: should different housing tenures be combined in a residential developed (salt and pepper design) or in close vicinity in separated structures (silo design)? Design/methodology/approach – This paper examines various factors to be considered with regards to the different mixed tenure designs. The research presents interviews with fourteen leading Melbourne property professionals (developers, consultants and financiers) to identify the different development design and tenure challenges. The semi-structured interviews were audio recorded, transcribed and coded through NVivo software to provide a platform to evaluate, interpret and explain the qualitative analysis. Findings – The inclusion of mixed tenure accommodation in a property development provided different responses across the various stakeholders; where property managers embraced the Salt and Pepper concept, property developers and financiers were more reserved and focussed on the impact of disclosure and associated pricing issues. Many stakeholders highlighted that a Silo design provide a better solution for maintaining a building and controlling costs. Originality/value – In developing this research area, information from leading property professionals can provide valuable information for policy decision making purposes. There is limited discussion within the Australian context which explores the two mixed tenure housing approaches and what the challenges and benefits are from the perspective of current building industry stakeholders. Social Implications – With the evaluation of leading property professionals, this research identifies the challenges of different designs for mixed tenure. The research outcomes highlight property governance in many instances is a perception which when managed can impact on property values beyond the physical situation. "
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AUTHOR: Cate Macmillan And Dr Nicholas J. Stevens
TITLE: Where Will We Live? : Residential Preferences For Adults With Intellectual Disability |Refereed|
KEYWORDS: "Intellectual disability, housing, independent living, planning"
ABSTRACT: "The longevity of adults with intellectual disability is increasing and a number of these adults are outliving their parents. As a consequence new approaches are required to understand residential and locational preferences that may deliver independent living opportunities for these adults. The limited literature regarding housing for the disabled in Queensland and the Sunshine Coast highlights the need for empirical research in this area. The proposed research agenda seeks to consult adults with intellectually disabilities on the Sunshine Coast. This will assist in determining their locational and living needs and allow for comparison against local and state government policy documents and world-wide trends in housing. This paper discusses the review of the current literature to determine the gaps in research regarding residential preferences for adults with intellectual disability, with a focus on the Sunshine Coast. The review has assisted in exploring the requirements for adults with intellectual disability to achieve independent living. It has also captured a range of data across tenure type, flexible ownership, affordability, neighbourhood design, and opportunities relating to transport, social inclusion and employment. In conclusion this paper outlines an ongoing research agenda to explore the opportunities for independent living for adults with an intellectual disability on the Sunshine Coast."
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AUTHOR: Anna Mckinlay, Assoc Prof Claudia Baldwin And Nicholas J. Stevens
TITLE: Influences On Dwelling Size In Australia |Refereed|
KEYWORDS: "dwelling size, housing motivation"
ABSTRACT: "Problem/Purpose: “I'd much rather have a caravan in the hills, than a mansion in the slums” is the chorus line from the Crowded House song ‘Mansion in the Slums’ (Finn 1988): but is that the truth for most Australians? The reality is we buy, build and expand to have big houses as close as practical to the city. While a lot of research looks at the urban, suburban and rural debate, the size of our houses and apartments across Australian have been increasing. Originality/value: Often in literature on housing, size is a factor in the variables but it is rarely the focus. This research focuses on the factors that determine dwelling size and the influences behind those choices. Findings: A home does not just provide shelter for our family; it is storage for our possessions, it expresses our desired social status and offers a sense of financial security. These aspects of life are changing and our houses are increasing to accommodate them. Design/methodology/approach: An examination of the literature on role of the home to identify how changes to that role is impacting the size dimension. Social Implications: The social implications are that the continued increase of dwelling size is not sustainable. A balance needs to be found between a comfortable lifestyle and one that is affordable long term. Research limitations/implications: This research focuses on Australia’s dominant dwelling form – the owner-occupied detached house. By looking at the perceived preferred model it is anticipated that learnt lessons can then be applied to other forms."
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AUTHOR: Woraphot Treeyahwuthiwat And Assoc Prof Supeecha Panichpathom
TITLE: Factors Influencing Singaporean Elders To Move To Thai Retirement Homes |Refereed|
KEYWORDS: "Retirement housing, Elderly, Singaporeans, Pull factor, Push factors"
ABSTRACT: "Problem/Purpose Numerous earlier research papers pointed out that people migrated from their homeland for their retirements or for better work career opportunities, however, most of them concentrated on the western demographics and very little done on the eastern side. Asian countries, such as Thailand, become main drivers of world economy; therefore, studies pertaining to Asian behaviors enhance housing developers’ understandings their target customers’ needs and properly expand their housing markets. This study explores this new business opportunity and focuses on two main factors, i.e., push and pull factors, which influence Singaporean elders to have retired lives in Thailand. Design/Methodology/Approach Researchers of this study went to Singapore to gather data from Singaporeans who are at least 55 years old. Measurement items were tested for reliability with Cronbach alpha. Findings Using factor analysis with measurement structure and multiple regression analysis with all data, this study revealed that push factor or personal aspects (consisting of financial concerns and personal concerns) and pull factors (consisting of facilities, provision of public services and location) were significantly related to willingness to move to Thai retirement homes. It is surprised that certain measurement items found to be the main contributors of the move among westerners had little or no relationships among the easterners. This difference may be due to culture differences. Research limitations/Implications This study provides government authorities an insight into setting policies or infrastructures to promote Thailand to be the chosen “Retirement Destination”. Housing developers also gain focused attentions to pertinent factors to develop accommodations to satisfy Singaporean elders, for example, they want to live in locations with good transportation networks and close to hospitals and/or healthcare services. Originality/value This paper studies housing needs of people in ASEAN community in order to prepare real estate developers for enhanced opportunities of AEC (ASEAN Economic Community) in year 2015. "

AUTHOR: Dr Pernille H. Christensen
TITLE: "Investigating Solutions To The Affordable Housing Supply Challenges In Sydney, Australia: Considering Alternative Housing Typologies" |Refereed|
KEYWORDS: "Affordable housing, Social sustainability, Microunit, ADU, Accessory dwelling unit, Container housing"
ABSTRACT: "Problem/Purpose Affordable housing is a growing challenge for global cities as urbanisation of our global population continues to increase. The City of Sydney(CoS) has acknowledged this challenge in their Community Strategic Plan (2014), which in Target 4 states that “7.5% of all city housing … will be affordable housing, delivered by not-for-profit or other providers.” However, CoS planners also acknowledge that a key challenge of meeting this target is that they do not control the development of the product. This research offers a new way of thinking about the affordable housing typology as well as insights into how third party providers can be engaged to provide these alternative affordable housing solutions. Design/Methodology/Approach A desktop study was used to investigate alternative affordable housing typologies developed/implemented in other global cities as strategies to increase their affordable housing supply. Case examples are presented to demonstrate the effectiveness of the alternative typologies presented. Findings In contrast to programs currently utilised in Sydney - which predominately create housing of a single type, in a single location with only one ownership model - the strategies presented create a diversity of housing type, location and ownership. Micro-units and accessory dwelling units (ADUs) are explained, barriers are discussed, and a case example demonstrates their impact on the housing supply. Originality/value The case study cities investigated in this study have similar political challenges to the CoS, but have developed and implemented creative solutions with third party providers. Their solutions may assist the City of Sydney, as well as other Australian cities, in developing creative, alternative strategies to help achieve their affordable housing targets. "
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AUTHOR: Assoc Prof Greg Costello
TITLE: Housing Affordability-Land Supply And New Housing In Wa |Refereed|
KEYWORDS: "Housing, Housing affordability, Housing policy, Vacant land, New-build construction"
ABSTRACT: "Problem/Purpose This paper will examine housing market structure and affordability in WA. Design/Methodology/Approach The paper will evaluate micro data (individual transaction records). The methodology focuses upon allocation efficiency of affordable housing options across both income criteria and spatial classification. Findings To follow Research limitations/Implications The paper will have a specific focus upon the ""new-build"" housing components identifying and analysing vacant land and recent construction activity. Takeaway for practice The results constitute significant data in identification of relevant housing market segments. Originality/value The paper has evolved from funded research through the Bank West Curtin Economic Centre (BCEC) research grants scheme 2015. Social implications It is anticipated the paper will have significant influence on policy for housing affordability in Western Australia. "

AUTHOR: Dr Michael Mccord, Prof W. S. Mcgreal And P. T. Davis
TITLE: Analysing Housing Market Affordability In Northern Ireland: Towards A Better Understanding?
KEYWORDS: "Housing affordability, Housing policy, Principal component analysis, Johansen cointegration, Price indices."
ABSTRACT: "Problem/Purpose Although the problem of housing affordability has been widely discussed the theoretical underpinnings of the concept have received less attention. It has become increasingly evident that more holistic insights and integrated approaches are needed which provide a platform to define affordability in order to influence research and policy discourse. Design/Methodology/Approach Given the increasing importance of affordability within housing policy reform, this paper seeks to ‘unearth’ the most important prognosticators of affordability. The paper employs principal component analysis to determine how affordability, as a key policy tool, should be analysed. In addition, cointegration techniques, Granger causality and impulse response analysis are applied to test the movement and shocks of the key affordability indicators and the two most common affordability metrics. Findings The principal conclusions stemming from this paper demonstrate that affordability is a multifaceted policy concept influenced by financial access (purchase) costs and the repayment costs of housing services which are correlated and interchangeable, but significantly were found not to be cointegrated. Originality/value Understanding the nature of housing market affordability remains problem for policy makers. This paper adds to the debate and empirical understanding of the cyclic nature of affordability and how it is defined. It shows that there are intricate causal short-term relationships between the key affordability indicators. This is problematic for contemporary housing policy and the key directions in which policy must turn. "

AUTHOR: Andrea Sharam, Ian Mcshane, Dr Lyndall Bryant And Ashton De Silva
TITLE: Are Not-For-Profit Organisations A Source Of Land For Affordable Housing? – An Exploratory Study |Refereed|
KEYWORDS: "Not-for-profit organisations, Affordable housing, Land; Assets, Re-purposing"
ABSTRACT: "Problem/Purpose This article canvasses the repurposing of under-utilised assets owned by Not-for-Profit (NFP) organisations for affordable housing provision. Design/Methodology/Approach Exploratory interviews were undertaken with five diverse NFP (non-housing) organisations. Findings The research indicates that NFPs who are not principally engaged in housing provision, but hold surplus or under-utilised land and property assets, may be willing partners in affordable housing provision. However a range of institutional and structural barriers would need to be overcome for housing developments to occur on under-utilised NFP land holdings. Research limitations/Implications The small scale of the study limits generalisation from the research findings. However, the findings point to an opportunity for innovation in housing land supply that warrants larger scale research. Takeaway for practice That a source of well-located land is potentially available for future affordable housing provision, but that Not-for-Profit organisations would require resourcing in order to make their land available for this purpose. Originality/value There has been no research on how NFP organisations view suggestions to repurpose their land for affordable housing despite at least one Australian jurisdiction actively encouraging this outcome. This paper reports the first Australian study of dispositions and barriers to the re-use NFP land assets. Social implications Well-located land is a major cost input for the provision of affordable housing, and the repurposing of NFP land or assets for affordable housing could make a significant contribution to the stock of social housing. "

AUTHOR: Ajayi M. T. A, Sulyman A. O And Shaibu S.I
TITLE: Assessing The Impact Of Residents Attitude On The Administration Of Property Tax In Ibadan North East Local Government Of Oyo State Nigeria |Refereed|
KEYWORDS: "Property tax, Residents Preferences, Forms of property tax, Public Policy and Property tax administration"
ABSTRACT: "Purpose - Property taxation is a totality process that takes cognisance of tax payers and tax administrators. However the payment of the assessed value for tax purpose lies on the resident of the properties and the attitudinal posture like preferences for a form of property tax like land, building or land and building by the resident couple with ability and willingness to pay. The problem however lies in the ability of the tax levied to meet the purpose of meeting the residents’ needs through a workable public policy. Residents’ preference, ability to pay and willingness to also pay any form of property taxation is expected to drive the public policy for property tax administration. Design Methodology/Approach - Ibadan North local government was purposely selected as the study area because of its long standing administration of property taxation in its jurisdiction and ease of assessing data on property taxation. Bar chart was used to indicate preference for a form a property tax either to pay tax on land only, building only or land and building in different locations within the study area. General Linear Model (Multivariate analysis) was used to analyse issues that will convey the attitudinal behaviour of the residents to payment of property tax. Findings - Findings of the study reveals that 45% of the residents prefer to be taxed on land and Building as a single entity and from the multivariate analysis, at significance level of 0.022, resident indicate willingness to move out of the jurisdiction if the taxes are reviewed upward. Practical Implications - In essence based on the preferences for land and building the attitude to upward review of property tax by local authorities is for the residents who the payers to show displeasure by shifting location (residency) to another suitable local government with better option. Originality/Value - The study identified the need to formulate a policy and also provided a policy framework that will link property tax payment by resident to infrastructure to be used by resident to enhance transparency in property tax administration in the study area."
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AUTHOR: Yingyu Feng And Kelvyn Jones
TITLE: Comparing Two Neighbourhood Classifiicaitons: A Multilevel Analysis Of London Property Price In 2011- 2014 |Refereed|
KEYWORDS: "house prices, neighbourhood classification, housing submarket, predictive accuracy"
ABSTRACT: "While various neighbourhood definitions, classification approaches and scales have been used for analysing housing market, there remains a lack of consensus on which classification is best suited. In this study we empirically evaluate two widely used classifications: the postcode and census geography by using all individual London house sales during the period of 2011-2014 through a multilevel modelling approach. The aim is to identify which classification better represents the underlying processes and provides more accurate price predictions. This study has the implication for housing market analysis at national scales and the methodology could be used more widely. "
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AUTHOR: Neville Hurst And Dulani Halvitigala
TITLE: The Influence Of Climate Zones On Energy Efficiency Advertising Of Residential Properties |Refereed|
KEYWORDS: "Energy efficiency, Advertising, Real estate agents, Housing, Climate"
ABSTRACT: "Problem/purpose – Energy used in housing is a major contributor to Australia’s energy consumption and associated environmental impacts. The country’s vastness leads itself into a broad range of climate conditions and each climate zone demands different energy efficient characteristics in housing. Real estate agents play an active role in motivating home buyers in purchasing energy efficient housing through advertising. The objective of this research is to examine whether the nature of promoting energy efficient features in sales advertisements is influenced by the climate zone where the houses are located. Design/methodology/approach – The research examined all detached dwelling advertisements in three climate zones in Victoria, Australia – hot, mild and cool – during the period of 2008 – 2013 with over 40,000 advertisements reviewed. Logistic regression analyses were performed to examine the appearance of different energy efficient characteristics in housing advertisements and if they were influenced by the type of climate zone. Findings – The results highlight that energy efficiency and housing sustainability features were not considered to be a major factor by real estate agents when advertising residential properties. However, there were differences in advertising characteristics related to energy efficient features in different climate zones where the advertisements in colder zones tend to have more words related to energy saving characteristics. Yet distinctive design characteristics for different climate zones are not significantly differentiated in real estate advertisements and agents tend to follow standard wording when describing such features. Originality/value – Much research emphasis has been given to the performance and appropriateness of particular energy efficient technologies within differing climate zones but little regard has been given to how real estate agents engage with the narrative relating to the diffusion of such technologies into the marketing process. This study contributes to the body of knowledge by setting a platform for future research. Research limitations/implications – The specific location of the keywords within the text string was not examined and this will be the subject of future research as it may illuminate the importance given by real estate agents to energy efficient characteristics. "
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AUTHOR: Inga-Lill Soderberg
TITLE: A Typology Of Consumer Attitudes Affecting Mortgage Choices
KEYWORDS: "Mortgage choice, consumer attitudes, risk, home, personal finances, typology"
ABSTRACT: "Problem/Purpose The subprime related global financial crisis that started in 2007 and still affects world economy has brought with it an international interest in investigating factors influencing households’ mortgage decisions. Earlier studies focus primarily on contract factors, or are explorations of consumer financial literacy as one important aspect possibly leading to the crisis. Housing studies have also focused attention on a number of consumer characteristics, such as age, income, education and risk aversion, explaining consumers’ mortgage decisions. As earlier research have called for more research on why consumers make specific mortgage decisions, and especially pinpointed the urge to better understand consumers’ jeopardizing their personal finances by financially unwise mortgage decisions, this paper looks to consumer research and bring in new explaining constructs. Design/methodology/approach The present study reports a quantitative analysis of a survey with 4037 respondents, conducted in Sweden in 2015. Testing a hypothesized model on the importance of the meaning consumers attached to their home as well as to their risk attitudes for mortgage decisions, the study draws upon a qualitative pre-study based on interviews, observations on financial advisory sessions on mortgages and on three focus-groups reported on earlier (ERES 2012) and shortly mentioned as background. The study also control for factors found important by previous research on mortgage choice. Findings The results of the present study show the importance of consumers’ construction of meaning as a neglected but important factor influencing consumer mortgage choice. Drawing on the distinction between the sacred and the profane used in consumer research (e.g. Belk et al, 1989) consumer ways of relating to their homes are tested with regard to their implications for mortgage rate choices. The factor of consumer relation to home is contributing statistically significant to a model explaining mortgage choice. Together with measures of financial risk consumer ideas of home are also combined in a typology that serves to illustrate four different mortgage choice consumer types. Research limitations/implications (if applicable) As the study is conducted in a Swedish context further tests of the generalized relevance of the typology must be made on other consumer markets. Takeaway for practice (if applicable) Except for academic interest the findings of this study are of practical interest for the financial and real estate industries, as knowledge on factors affecting consumer attitudes to mortgages has implications for business as well as for policy makers. Originality/value The proposed and tested typology adds to possible explanations of consumer mortgage choices by – based on existing consumer theory - bringing in consumers’ attitudes to their homes as a factor of analysis. Social Implications Since the choice of mortgage interest rate often have great impact on a single household’s financial situation and sub-optimal choices have been reported earlier, the study have obvious social implications. A better understanding of the social meaning of a persons’ home and its’ impact for mortgage decisions will give awareness important for better consumer protection."
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AUTHOR: Assoc Prof Bjorn Berggren, Rickard Engstrom, Fredrik Kopsch And Hans Lind
TITLE: An Analysis Of The Development Of The Market For Swedish Real Estate Brokers: Towards Greater Competition And Complexity?
KEYWORDS: "Real estate brokerage, competition, digitalization, pricing, innovation."
ABSTRACT: "Problem/Purpose: The purpose of this article is to provide an analysis of the development of the Swedish real estate brokerage industry in the past decade. We are particularly interested in the changing competition owing to some important trends within the market. By utilizing the theoretical framework on competition presented by Porter (1979), complemented with recent research (Cliffe, 2011; Friedrich, 2011) and using empirical data from a number of sources, we aim to shed some light on specific parts of the market. Design/Methodology/Approach: The data in this paper come from a number of sources including Statistics Sweden and the Swedish Estate Agents Inspectorate. Findings: In our analysis we find that the most significant forces shaping the competitive environment within the industry are digitalization and an increased power position of the customers. One important trend is the increased use of different business models and elaborate incentive structures. Our results also high light the fact that the Swedish real estate brokerage market is one among the most competitive, and therefore one of the most efficient in the world. Research limitations/Implications: The Swedish real estate brokerage market differs from that in some other countries where both sellers and buyers often use real estate brokers as help to sell or find an object (cf. Benjamin et al., 2007; Delcoure & Miller, 2002). The Swedish case is such that only the seller contracts a real estate broker, who in turn has an obligation, by law, to be impartial towards both the seller and buyer (Jingryd, 2008; Schick, 2012). Takeaway for practice: We conclude the paper with a number of implications for consumers, policy-makers and real estate brokers. Originality/value: To the best of our knowledge this is one of the first studies that analyses the real estate brokerage market in Sweden using the model put forward by Porter (1979). "

AUTHOR: Assoc Prof John Mcdonagh, Jacky Bowring An Harvey Perkins
TITLE: "Inner City Retail Development – The Importance Of Psychological, Social And Community Dividends"
KEYWORDS: "Revitalisation, Social, Community, Gentrification, CBD, Earthquake"
ABSTRACT: "Problem/Purpose A process of revitalisation, adaptive reuse and gentrification of historic industrial buildings was underway in the south eastern corner of the central business district of Christchurch prior to the devastating earthquakes of 2010 and 2011. This was seen as an exemplar of a successful approach to rejuvenation of the central city by many residents of Christchurch and the City Council was keen to build on this success. Design/Methodology/Approach A comprehensive research case study has been undertaken which examines the establishment and progress of the commercial tenants within these buildings both before and after the earthquakes. Findings The retail and hospitality 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 is a stark contrast to the types of businesses that typically occupy suburban malls and the wider CBD. An interesting outcome of comprehensive interviews with these commercial tenants is that factors other than profits and economic success were pivotal in how they operated and what they perceived was attractive about this CBD location. Research limitations/Implications These findings are fixed in time and place to a specific and relatively small location, which may be unique. Further research in different locations will be necessary to determine if the phenomenon identified is of wider applicability. Takeaway for practice Important success factors for many tenants can be characterised as social returns or community dividends flowing from their investment in the business. These factors can translate into an attraction for shoppers of a type that reject the impersonal and homogenised experience of mall shopping. This may have important implications for inner city revitalisation as it contrasts with the traditional focus of property developers and local authorities on physical aspects and tenant profitability as a measure of success in how to compete successfully with suburban malls. Social implications A better understanding of what makes for successful inner city revitalisation and also a consideration of alternative definitions of success in business, may lead to a wider variety of CBD retail experiences and therefore social interaction and development. "

AUTHOR: Dr Yasmin Mohd Adnan And Yong Yeong Chin
TITLE: "Selection Factors For Retail Space At Regional And Neighbourhood Centres In Kuala Lumpur, Malaysia"
KEYWORDS: "Regional, Neighbourhood, Shopping centres, Retailers, Selection"
ABSTRACT: "Problem/Purpose As there are an increasing numbers of shopping centres being developed in Kuala Lumpur, Malaysia in recent years, there are concerns on the sustainability of these centres. Thus, it would be beneficial to uncover the main factors of consideration in retailers’ choice for the selection of retail space. This study attempts to identify the factors of consideration in selecting retail space for retailers of two types of shopping centres; namely the regional centre and neighbourhood centre. Design/Methodology/Approach A survey among the retailers of the shopping centres that were selected as case studies was conducted. Through the descriptive and important index analysis, the findings of the survey indicate that there is only a slight difference on the top ranked factors for the selection of these two types of retail space. Findings Both types of shopping centres (i.e. the regional centre and neighbourhood centre) retailers have selected rental and proximity to customers as the top ranked factors. However, there are some differences in the selection of the factors as the two shopping centres showed some distinct differences which can be drawn from the differences in the features of the shopping centres as described in the definition. Research limitations/Implications The findings provides some insights of the retailers’ preference factors for the consideration of future retail space providers in ensuring the sustainability of future shopping centres in Kuala Lumpur. "

AUTHOR: Johari H. N. Amar, Assoc Prof Lynne Armitage And Dr Daniel O'Hare
TITLE: Australian Cultural Built Heritage: Stakeholders’ Perceived Conservation Barriers And Motivations |Refereed|
KEYWORDS: "Australia, community heritage discourse, conservation barriers, conservation motivations, cultural built heritage, stakeholders’ perception"
ABSTRACT: "Problem/Purpose: Stakeholders are recognised as drivers of the effective conservation of cultural built heritage. Yet, as stakeholders have eclectic views in terms of their interest in, knowledge of and perceptions about the management of historic fabric, their practices are often diverse. The objective of this paper is to gain an understanding of stakeholders’ views on the issues that act as barriers to conservation and identify the factors that motivate built heritage management in Australia. Design/methodology/approach: Using a qualitative research design, two focus groups were conducted in Queensland and New South Wales with purposely-selected key informants (N=14) working in the Australian heritage sector including architects, planners, historians, conservators, advisers, policymakers and managers. Findings: The study presents stakeholders’ interest in managing built heritage and the perceptions concerning the application of conservation policy and practices in the Australian built heritage sector, as influenced by the interdisciplinary backgrounds of participants. Research limitations/implications: The paper contributes to an in-depth understanding of the conservation barriers and motivators and their implications on the policy and practices in the management of Australian built heritage. Originality/value: The study is based on perception from key informants with diverse interests and knowledge about conservation of cultural built heritage; this makes the research analysis and implications more inclusive and influential from both the theoretical and practical points of view."
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AUTHOR: Dr Jeremy Gabe
TITLE: Voluntary Private Investment Or Public Policy Nudges: What Is Most Effective For Ghg Reduction? |Refereed|
KEYWORDS: "Commercial property, Sustainability, Energy efficiency, Retrofit, Climate change, Public policy"
ABSTRACT: "Problem/Purpose Despite a number of research studies arguing there is private profit to be made in green commercial building investment, global governments, including Australia, are seeking to speed up this investment through market-based “nudge” policies such as mandatory disclosure and public subsidy. This study compares the effectiveness of these two policy options as implemented federally in Australia against the status quo of voluntary private investment. Design/Methodology/Approach A quantitative repeat-certification regression model is used to describe the association between greenhouse gas emission mitigation and three variables of interest: (a) repetitive disclosure, (b) receipt of public subsidies, and (c) private sustainability leadership. The sample of buildings includes over 800 commercial office assets across Australia that have been certified by NABERS Energy multiple times. Findings Repetitive disclosure has the strongest association with greenhouse gas mitigation while public subsidies have the weakest association. Private leadership activities lie in-between. Research limitations/Implications Government accommodation procurement policies are another potential government intervention that cannot be tested in this approach, though prior research has shown these procurement policies are not enforced in practice and better tested through causal research designs. An important implication of the model in this study is the relationship between auditing and performance; one-off payments made in response to expectations are not as effective at mitigation as frameworks that involve repetitive future performance audits. Takeaway for practice The study presents empirical evidence that mandatory disclosure policies are likely to be the most effective policy instrument for increasing the speed of green building development and retrofit. Originality/value The study is one of the first attempts at an empirical comparison between private and public green building policy effectiveness, strengthened by Australia’s leadership position in green building policy and assessment. "

AUTHOR: Dr Michael Y. Mak And Dr Janet X. Ge
TITLE: A Study Of Modern Sustainable Buildings In Sydney From The Feng Shui Perspective |Refereed|
KEYWORDS: "Feng Shui, sustainable design, sustainability, green star, office buildings, Sydney"
ABSTRACT: "Problem/Purpose: TThe interaction between humans and the environment is an everyday process. In western contemporary architecture, these interactions with the natural and man-made environment are called sustainable design. The fundamental concept of modern sustainable building emphasizes on a holistic approach to reduce negative environmental impact of man-made structure, and this is coincided with the ancient Chinese knowledge of Feng Shui that aims to creating harmony between heaven, earth and human. Previous studies have already indicated that there are many similarities between ecological sustainable design and principles and practice of Feng Shui. The purpose of this paper is to explore these similarities in a systematic manner. Design/methodology/approach: This is an empirical study of 31 Green Star rated modern sustainable buildings in Sydney. Their sustainability concepts and characteristics will be compared with the theories and applications of Feng Shui knowledge. Findings: This study finds that the higher Green Star rated of sustainable office buildings achieved higher similarities with Feng Shui concepts. Research limitations/implications: Although this study has only considered modern sustainable office buildings in Sydney, it will provide directions for future studies of national and international sustainable buildings. Takeaway for practice: The results of this study will provide a framework for Feng Shui concepts to be considered and applied into the modern sustainable buildings that will enhance the effectiveness of sustainable development. Originality/value: The re-interpretation of Feng Shui knowledge will embrace the effectiveness of sustainable development. Social Implications: This cross-cultural study expanded the boundary of the built environment research from east and west philosophies. "
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AUTHOR: P. Brent Nahkies
TITLE: The Harcourts Building - A 'Seismic' Shift? |Refereed|
KEYWORDS: "ANT, seismic retrofitting, heritage buildings."
ABSTRACT: "Purpose - The purpose of this paper is to identify through the application of Actor Network Theory (ANT) the issues and impediments to the implementation of mandatory seismic retrofitting policies proposed by the New Zealand Government. In particular the tension between the heritage protection objectives contained in the Resource Management Act 1991 and the earthquake mitigation measures contained in the Building Act 2004 are examined. Design/methodology/approach - The paper uses a case study approach based on the Harcourts Building in Wellington New Zealand and the case law relating to attempts to demolish this particular building. Use is made of ANT as a 'lens' to identify and study the controversies around mandatory seismic retrofitting of heritage buildings. The concept of translation is used to draw network diagrams. "
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AUTHOR: Dr Pernille H. Christensen And Dr Kimberly Winson-Geideman
TITLE: Promoting Sustainability: Innovations In Flood Management |Refereed|
KEYWORDS: "Flood mitigation strategies, Flood adaptation approaches, Urban resilience, Sustainability, Erosion planning, Disaster planning, Sea level rise mitigation"
ABSTRACT: "Problem/Purpose Developing flood preparation and mitigation plans is of increasing importance in Australian cities, particularly since the devastating Queensland floods of 2010 and Victorian floods of 2011. Local planning is generally more effective than national planning as the factors that impact areas including weather patterns, geography, and population density vary widely by region. This study comprehensively analyses aspects of flood preparation, mitigation, and relief plans in two coastal cities in the United States and offers those strategies as approaches that can be implemented in flood-prone areas of Australia. The case studies provided here include King County, Washington and Galveston, Texas. King County, Washington, home to the city of Seattle, is notable for its highly rated disaster mitigation plan while Galveston is regularly subject to seasonal hurricanes and flooding issues. Design/Methodology/Approach Using a case study approach, this research investigates innovative approaches to flood management used in the United States. Findings The research offers several best practice approaches to flood management that can be implemented in flood-prone areas in Australia. Research limitations/Implications The solutions investigated were overseas and some adjustment may be necessary considering the different political climates and land regulations of Australia. Takeaway for practice Flooding events in Australia have increased in the past decade, and each has had an increasing economic impact from damage to the built environment. This paper offers alternative approaches to flood management, which, if implemented, may reduce the social and economic impacts of future flooding events. Originality/value This paper offers alternative flood mitigation and disaster preparedness strategies for use by Australian policy-makers, planning and property professionals. We investigate and present responsible, pro-active approaches to flood management that have the potential to reduce the social and economic impacts of future flooding events. "
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AUTHOR: Dr Jeremy Gabe And Kantawat Suwanlekha
TITLE: Which Commercial Building Retrofits Are Most Associated With Ghg Mitigation?
KEYWORDS: "Commercial property, Sustainability, Energy efficiency, Retrofit, Climate change"
ABSTRACT: "Problem/Purpose Retrofit of existing buildings is the fastest means of reducing greenhouse gas emissions in the property sector, so between 2008 and 2011, the Australian Federal Government handed out A$90 million in matching public subsidies to private commercial building owners investing in energy efficiency retrofits. One result is a database of retrofit technologies funded by this scheme, and, five years later, this paper asks which retrofit technology (or combination of technologies) is most associated with measured energy efficiency outcomes. Design/Methodology/Approach A quantitative regression model is used to describe the association between major technologies funded by the public subsidies and a dependent variable of energy reduction over time before and after the retrofit. The sample of buildings includes 188 commercial office assets across Australia that received public funding and were certified by NABERS Energy before the funding was distributed. Originality/value The study is one of the first attempts at an empirical event study to provide practitioners and policymakers with an evidence-based answer to the most effective retrofit strategy for reducing greenhouse gas emissions in existing buildings. "

AUTHOR: Dr Brano Glumac, R. L. H. Coppens And Dr Braam Lowies
TITLE: Energy Performance Contracting
KEYWORDS: "Energy performance contracting, Stakeholders, Risk management, Decision support tool, Morris analysis, Monte Carlo simulation"
ABSTRACT: "Problem/Purpose The 21st century could be characterised as urbanisation age. In addition, global population is expected to grow to more than 9 billion people in 2050. Parallel urbanisation process and growing population will increase the global demand for energy, consequently leading to the increase in energy prices. In coming years, having an energy performance contracting business model could be lucrative for several stakeholders and eventually stimulate the promotion of energy efficiency. Design/Methodology/Approach In this paper, a risk management tool has been proposed to support the collaboration between customer and provider in the energy performance contracting. First, the Morris analysis is used to determine different scenarios that indicate external factors that influence the feasibility of certain contract type. For this purpose, publicly available data (KNMI, 2012; CBS, 2011) has been used. Secondly, Monte Carlo analysis is used for estimating the risks and benefits for each contract type, data used here is dependent on a case study. Findings Finally, this decision support tool should bring more awareness and information about the possibilities of the different types of energy contracts among different stakeholders. Research limitations/Implications In the process of energy performance contracting, many stakeholders are involved. A very important stakeholder, who is not discussed so far, is the energy consumer. Final consumption of the energy depends on the behaviour of the consumer and this model does not capture that. Originality/value This paper proposes an operational tool to assess the best available options regarding the choice of the energy contract type. "

AUTHOR: Hong-Trang Nguyen, Dr Matthew Gray And Prof Martin Skitmore
TITLE: Comparative Study On Green Building Supportive Policies Of Pacific-Rim Countries Most Vulnerable To Climate Change |Refereed|
KEYWORDS: "Policy, Green building, Sustainable development"
ABSTRACT: "Problem/Purpose Climate change is affecting the world in numerous ways such as increased temperatures, sea level rise, and increased droughts and floods. Governments worldwide, especially in the most vulnerable countries, are urged to seek better solutions for sustainable development. The construction industry and buildings have enormous impacts on humans and the environment, meaning green building must be one of the solutions. Government involvement is widely considered as one of the essential and most effective ways to promote green building and drive the construction market towards sustainability. This paper will review green building policy of the Pacific-Rim countries that are most vulnerable to climate change according to the recent Standard and Poor’s ranking, including: Cambodia, Vietnam, Fiji, Philippines, Papua New Guinea and Indonesia. Design/Methodology/Approach This paper will review policy related publications including journal and conference papers, portal websites of governments, legislation documents and reports of international organisations. It will focus on the policies and governmental instruments that support the adoption of green building practices. Findings All six governments have launched climate change adaptation policies, showing a great concern regarding the damages caused by the phenomenon. All countries except Papua New Guinea have promulgated energy efficiency policy and programs which indirectly promote the adoption of green building practices. The comparison study shows that Philippines and Indonesia motivate the adoption of renewable energy generation, energy efficiency and green building through either financial or advocacy instruments, while other four countries tend to implement regulatory tools to mandate energy conservation. Through comparison, Cambodia and Vietnam – the two countries providing vision to develop green building - can learn from Philippines and Indonesia’s policy and instruments. Research limitations/Implications Language differences between the countries and limit of formal sources may pose difficulties in searching for information. While much English language literature exists, sources from Cambodia, Philippines and Indonesia are less accessible. Takeaway for practice As the paper provides more understanding about the supportive policy of those countries, it will introduce more opportunities for green property developers to invest in construction markets of those Pacific-Rim countries. Originality/value There is little research reviewing green building supportive policies of developing and less-wealthy countries that are forecasted to be most vulnerable and most impacted by climate change. The originality of this paper lies in its investigation on how those countries intend to respond to this phenomenon and whether and to what extent they support the green building market by using policy tools. "

AUTHOR: Prof Chris Eves And Andrea Blake
TITLE: The Impact Of Aircraft Noise And Complaints On Brisbane Residential Property Performance |Refereed|
KEYWORDS: "Rural property, capital returns, income and total returns, farm investment Theme: Investment and Finance "
ABSTRACT: "Problem/Purpose – Any increase in airport operations or development, combined with increased flight movements, tends to be an issue in major cities and towns. Whenever such proposals are first advertised there is usually a very strong public backlash based on the premise that they believe that the value of their residential properties will decrease and it will become more difficult to sell their properties. Design/methodology/approach –The paper provides a full analysis of residential property sales transactions that have occurred over the period 1988 to 2013, across a range of Brisbane suburbs subject to varying levels of aircraft noise complaints. These sales have bene analysed on the basis of suburb location under existing flight paths, as well as suburbs that will be subject to flight paths when the new Brisbane Airport parallel runway commences operations and suburbs that have no exposure to aircraft noise. Findings – Over the past 27 years the capital return for Residential property across Brisbane has been determined by a range of factors, with socio-economic status of the suburb having the greatest impact on the investment performance. When suburbs with significant exposure to aircraft noise and aircraft noise complaints are isolated there is minimal if any decrease in property capital returns or median house prices compared to non-affected suburbs. Even those suburbs closest to the airport and directly under existing flight paths had similar growth in residential house prices compared to similar socio-economic locations indicating that factors such as location to the Brisbane CBD, schools, services and recreation facilities have a greater impact on house values than aircraft noise. Research limitations/implications – This study only looks at residential property markets on a suburb basis and this includes streets that are directly under flight paths and those streets that are adjoining and not impacted to the same extent. Further analysis has been undertaken to address this limitation and will be presented in future research. Originality/value –This is the first longitudinal study carried out on the impact of aircraft noise across an extensive study area in Australia. The analysis covers a range of Brisbane suburbs from low middle socioeconomic status through to High socio-economic residential locations. "
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AUTHOR: Prof Mike Hefferan
TITLE: Regional Aviation Clusters And Their Real Property Parameters – An Australian Survey And Its Wider Implications |Refereed|
KEYWORDS: "Regional Airports, General Aviation Clusters, Property considerations – Airports, Australian Airports, Property survey "
ABSTRACT: "Problem/Purpose This paper reports on a recently completed survey of businesses adjacent to airport facilities in an Australian region to ascertain locational determinants, key characteristic clusters and their tenure and lease issues. Design/Methodology/Approach The research is based on a literature review, the inputs of key informants, and structured face-to-face interviews with practically all business in the cluster. Findings The research would indicate that, while there is an obvious physical need for many of these businesses to be located with access to aircraft and tarmac facilities, the link between the resident firms may not be as strong as it might appear. Further, the almost inherent volatility of the general aviation sector results in special and sometimes difficult property and lease dealings with the airport owners. Research limitations/Implications Major regional airports, their airline operations and general aviation clusters in Australia share many common characteristics in function, operations and property dealings/clusters. It would therefore be reasonable to expect that the findings from this research would also have implications to provide support for such economic clusters or for the management of property resources at the numerous similar facilities in Australia, New Zealand and across the wider Asia Pacific."
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AUTHOR: Farida Rachmawati, Dr Connie Susilawati, Ria Soemitro And Tri Joko W. Adi
TITLE: Major Stakeholder Different Perspective Concerning Factors Contributing To Successful Partnerships In Low-Cost Apartment Development In Surabaya Metropolitan Area In Indonesia |Refereed|
KEYWORDS: "Critical Success Factor, Low-cost apartment, Public Private Partnership Surabaya Metropolitan Area "
ABSTRACT: "Purpose - The objective of this research is to identify critical success factor for public private partnership from major stakeholder perception in low-cost apartment development project in Surabaya Metropolitan Area-East Java province Design/methodology/approach - An empirical questionnaire survey was conducted in Surabaya Metropolitan Area. The survey respondents, both Government and private sector were asked to rate sixteen factors which contribute to delivering successful PPP projects. These variables were then identified and analyzed using factor analysis and discriminant analysis. Findings - The overall results shows that the critical success factors from government perception is good consortium. While the critical success factors from private sector perceptions are Economic condition and policy, Commitment and responsibility and Government support. Research limitations/implications (if applicable)- Further research might examine other schemes of public-private partnerships since the research reported here investigated only 3 schemes (BOT, lease and management contract) Originality/value - These success factors were therefore found to be important for contributing to successful PPP low-cost apartment development projects based on two major stakeholders perceptions in the different PPP schemes. "
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AUTHOR: Dr Pamela Wardner
TITLE: Lessons Learnt In Developing Major Hospital Precincts
KEYWORDS: "Health precincts, Sunshine Coast, University hospitals"
ABSTRACT: "Problem/Purpose The development and re-development of major hospital precincts today do not revolve around the services of a hospital nor its physical structures and amenities only. This research investigates the principles and lessons learned from leading North American and Australian case studies in the development of the $5.3bn Sunshine Coast Health Precinct in Queensland. Design/Methodology/Approach The design of the study included desktop research, interviews with key stakeholders and site visits to 17 Australian hospital precincts and four North American health precincts. Findings As with most major developments, there are no hard and fast rules in approach as the context would be different for every project. However, there are numerous aspects that can be generalised when developing such major hospital precincts. Often a key starting point is the understanding and alignment of the desired outcomes of the multiple stakeholders and their limitations. These issues can be categorised in three general areas: (1) higher order linkages, (2) physical considerations, and (3) basic fundamentals. Research limitations/Implications The limitations of this research paper is the available public data to gather the history and basic data of each development and hence, observations and information gather from key stakeholders had to be relied on. Takeaway for practice The building and sustaining of a health precinct is a complex and long term. However, decisions can be made upfront to create a framework that is adaptable and resilient to changing demands. This research highlights the need to understand the context and Originality/value Hospital precinct development is often heavily focused on the physical aspects and viewed from primarily from an architectural and planning perspective. This research widens this scope to include the drivers, challenges and context of the projects. "
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