Proceedings from the PRRES Conference - 2017
23rdAnnual Conference, January 15 - 18 2017
 Sydney, 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: Kwabena Mintah, David Higgins, Judith Callanan, Ronald Wakefield
TITLE: "A Real Option Approach To Valuing The Option To Defer In A Residential Project In Melbourne, Australia" |Refereed|
KEYWORDS: "discounted cash flow, uncertainties, valuation, real estate development, binomial option pricing"
ABSTRACT: "Property development feasibility evaluation is a precursor to any real estate development activity. The evaluation is predominantly calculated via the use of discounted cash flow (DCF) technique to quantify the future benefits to determine viability of the development. The DCF has been criticised on grounds of inflexibility and that it fails to evaluate real estate projects properly, leading to bias in the results. Real options theory has been proposed as a solution to the deficiencies in the DCF and to complement it. However, the real options theory has lacked practical adoption by industry due to the unavailability of comprehensive evidence to support its application in practice. The purpose of this paper is to examine a practical application of real option to a residential real estate project and compare the results with DCF to determine which of the methods deliver superior results. Dynamic programming, specifically the certainty equivalence approach of the binomial real options pricing model is applied to an actual Australian residential development project. The binomial option pricing method is a discrete time model and uses the multiplicative stochastic process to project the price evolution of the underlying real estate development value and complements the existing valuation methods to deliver better results. The real options valuation gives the developer a reason to hold uncertain projects over a period of time before commencing development. This mitigates the risks associated with projects and leads to the retention of projects that would have otherwise been abandoned by the DCF technique of evaluation. It was found out that should the developer wait until it is optimal to start development, the flexibility would add $2.58 million to the value of the development which would account for about 3.3%. This is the initial application of the certainty equivalence approach of the binomial option pricing method to evaluate an Australian residential case study project. The method risk neutrally calculates the potential range of the value of the real estate asset over a period of time, determines the optimal timing for commencing development and provides an intuitive way for developers to make decisions regarding immediate development or delaying the timing of developments over a period of time to mitigate risks."
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AUTHOR: Erwin Heurkens
TITLE: Strategies For Sustainable Private Sector-Led Urban Development Projects In The Netherlands |Refereed|
KEYWORDS: "urban development, sustainability, strategies, partnerships, Netherlands"
ABSTRACT: "Strategies and partnerships for delivering sustainable private sector-led urban development projects are yet to be effectuated. Despite the fact that actors in real estate development increasingly incorporate sustainability features into decision-making, it seems that developing sustainable urban areas – taking into account more complex social, environmental, economic issues at a bigger scale with potential wider benefits – is far from common practice in Western countries. Nevertheless, some promising climate-adaptive and circular urban development projects are currently being initiated in Dutch practice. This paper explores two contrasting sustainable private sector-led urban development strategies by drawing lessons from case studies in Amsterdam and Rotterdam."
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AUTHOR: Karen Gibler, Paloma Taltavull, Velma Zahirovic-Herbert
TITLE: "Residents' Evaluation Of Advantages And Disadvantages Of Golf Community Living In Alicante, Spain "
KEYWORDS: Consumer satisfaction; Golf communities; Housing preferences
ABSTRACT: "The number of golf communities is growing with house buyers attracted by a variety of features and experiencing different levels of neighborhood satisfaction. A survey indicates that the course was not a decisive factor for many golf community homebuyers in Alicante, Spain. A multinomial logistic regression analysis with follow-up ANOVA reveals that homeowners who believe there are more advantages than disadvantages to living in a golf community are more likely older, Spanish, play golf, considered accessibility and the landscape environment created by the golf course important in choosing their house, think automobile dependence is not an issue, and evaluate the natural environment of their community as better. Meanwhile, those who perceive more disadvantages cite the limitations on using the golf course for non-golf activities, high housing costs, and the lack of services and shops. Thus, demographic characteristics and preferences contribute to the residents’ evaluation of their communities."
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AUTHOR: Brent Nahkies, David Dean
TITLE: "Medium Density Housing - Motivations, Attitudes And Preferences " |Refereed|
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AUTHOR: Lois Towart
TITLE: Australian Retirementliving And Aged Care Investment Performance |Refereed|
KEYWORDS: "Investment Performance, Retirement Housing, Residential Aged Care"
ABSTRACT: "Institutional investors use modern portfolio theory when making investment decisions. A requirement of this is established benchmarks incorporating historic performance on which to base future decisions. The difficulty arises with regard to new and emerging asset classes which lack these benchmarks. In Australia the Retirement Living and Aged Care (RLAC) sector still lacks a benchmark performance metric. This paper looks at historical investment performance in the sector and constructs a market capitalisation weighted return index. In doing so it identifies current problems with such an index for the sector. Not only is the sector heterogeneous but also showing considerable dynamism in business models."
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AUTHOR: Wejendra Reddy, Woon-Weng Wong
TITLE: "Impact Of Interest Rate Movements On A-Reits Performance Before, During And After The Global Financial Crises " |Refereed|
KEYWORDS: "interest rate, REITs, Australia, property investments, capital structure, bonds."
ABSTRACT: "The Global Financial Crisis (GFC) created a decline in financial market conditions which impacted A-REITs with a fall of 70% in 2009. Those A-REITs with higher debt levels were significantly affected and lead to the collapse and recapitalisation of several leading A-REIT’s. Since the GFC, with low interest rates the A-REITs have performed well compared to the broader stock and bond markets. The research investigates the impact of leverage and interest rate movements on A-REITs performance during difference market conditions using the capital asset pricing model. Three distinct segments of the economic cycle were observed over the sample period. This included: pre-GFC (prior to September 2007), GFC (September 2007 – August 2009) and post-GFC (after August 2009). The analysis was undertaken over a 20 year period (1995-2015) involving A-REIT returns, macro-economic data, with the 90-day bank bill yield and 10-year government bond yield rates used respectively for short-term and long-term interest rate proxies. Findings indicate that in terms of the asset pricing tests, funds prior to the GFC did not exhibit much sensitivity to changes in interest rates. Changes in long term interest rates had a significantly negative impact on fund returns in low debt and high debt A-REIT portfolios. The results also show that during the GFC, market risk increased sharply both in magnitude and significance. In the post GFC recovery phase, market risk diminished in magnitude but inflation featured more prominently. Interest rates became a less significant driver of fund returns possibly due to already low levels of interest creating an environment of cheap credit. Similar patterns were observed in size-sorted portfolios. Overall, in the years prior to the GFC, medium and large firms exhibited a negative relationship with long term interest rates. During the GFC, market risk became a much stronger driver of fund returns. Market risk became less prominent in the years after the GFC with long term interest rates being significant in large firms only."
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AUTHOR: Seung-Young Jeong, Jinu Kim
TITLE: The Effects Of Location Variables On The Franchised Coffee Shop Rents
KEYWORDS: "Franchised coffee shop, Retail rents, Location, Brand identity, Retail Sales, Multi-Regression"
ABSTRACT: "This study investigated the relationship between the characteristics of franchised coffee shops and the retail rents. Also, it investigated how their location affected the retail rent in Seoul. It used the Central place, retail agglomeration, bid rents and demand-externality theories as the basis for the empirical models. The data used in this study consisted of 200 retail units in Seoul. The results show that coffee shop’s sales per 3.3 m2, characteristic of the coffee shop‘s primary trade-areas, and characteristic of coffee shop affected the coffee shop’s rents per 3.3 m2, Coffee shop’s sales were the major determinant of coffee shop's rents. Also, coffee shop's goodwill per 3.3 m2 and land price per m2 were positively correlated with a coffee shop's rents. Additionally, number of wholesale companies and manufacturers in the coffee shop‘s retail trade-areas influenced coffee shop’s rent. In summary, the study shows that coffee shop’s brand identity, location and retail mix externalities affected a coffee shop's rent."
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AUTHOR: Lucy Cradduck
TITLE: Planning For The Digital Future: Growing And Governing The (Smart) City |Refereed |
KEYWORDS: Analysis
ABSTRACT: "Australia is on the verge of significant transformations in its urban environments. As urban populations grow this will lead to an increased demand for better service provision, which in turn will lead to an increased demand for (and use of) better technologies. Governments in particular are looking to technology-driven solutions to enable the cost-effective provision of essential services. In response to challenges arising from the expansion of the global digital economy, the Australian federal government is preparing to support its urban and regional cities by means of the implementation of the Smart Cities Plan. The plan seeks to maximise new and emerging technologies in order to improve sustainability and to drive innovation. Increased technology distribution and use within urban environments will provide a variety of benefits. It will enable the more effective and seamless delivery of essential services; as well as providing an increased level of connection and participation by persons with disabilities. However, the ability to use this technology will require the establishment of appropriate infrastructure; as well as policies and laws to address access to that infrastructure and to protect against risks to individuals. In particular, as the use of interoperable technological devices grows, so does the capacity for these devices to enable the capturing and sharing of personal data. How effective current planning and land laws, and existing governance arrangements, will be in enabling the creation of smart cities and in supporting their residents in the future require further review. It also will require coordination across three levels of government as, currently, access to the internet and the technologies required to enable smart cities primarily is regulated under the federal telecommunications power; while land (generally) is regulated by the States/territories under similar but not identical legislation; and communities by local government laws. In this context, this paper considers the federal government’s proposed Smart Cities Plan. In so doing it identifies matters required to be included in any future policy framework in order to support Australian cities as they transition to their smart future."
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AUTHOR: Kimberly Winson Geideman
TITLE: Sentiments And Semantics: Evaluating The Behavioural Aspects Of Real Estate Using Content Analysis |Refereed|
KEYWORDS: "content analysis, semantics, sentiment analysis, Latent Semantic Analysis, ocular tracking, big data"
ABSTRACT: "Drilling into data to understand real estate as a financial investment is one of the primary considerations of property research. This paper is designed to shed light on some of the newer and more innovative studies by highlighting the use qualitative data and content analysis to enhance our understanding of real estate. Particular attention is placed on Latent Semantic Analysis, sentiment analysis and ocular tracking as stand alone methods as well as supplements to conventional pricing models."
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AUTHOR: Sara Wilkinson, Dulani Halvitigala, Hera Antoniades
TITLE: The Future Of The Valuation Profession: Shaping The Strategic Direction Of The Profession For 2030 |Refereed|
KEYWORDS: "Valuation profession, Changing skills, Career development, Property education"
ABSTRACT: "Problem/purpose – The valuation profession faces significant challenges as more valuation processes become automated, and the role of the valuer becomes more one of data handling and information processing than a property analyst. With this, the role of the valuer must change in order to respond to the industry’s needs. Moreover with the ageing membership, it is vital to attract new talented individuals into the profession. The aim of this study is to explore the future of the property profession and the role of the valuer in particular, and how the profession could maintain and increase its relevance and currency. Design/methodology/approach – To outline the changing skills profile of valuation profession and business needs in the future, it required a thorough understanding of the issues and challenges currently faced by the valuation profession. The authors have analysed the published literature and identified key main issues and challenges namely changing role of the valuer, market competition, changing technology and technical knowledge and skills, changing membership demographics, and the fragmentation of the profession. Findings – The findings identify and map the changing skills profile of the valuation profession as well as the skills and qualities that will be needed, as well as emerging future and existing knowledge fields and specialisms. The research identifies practices in decline and those on the rise within property valuers and suggests the ways the profession can link with employers and educators to better understand variables affecting supply and demand for new entrants and the new skills firms are seeking. The research suggests future direction as to how to market the valuation profession to recruit and retain future generations of valuers and how to adapt to the evolving marketplace for valuation services globally. Originality/value – This study investigates and maps the changing roles, skills, knowledge fields, specialisms, challenges and capacity of Australian valuers in respect of future business needs. This paper presents the findings of the first step of the research which is the literature review. The research will provide a basis for developing a consistent strategic plan with regards to the future of the profession. It will also provide an understanding of how different regional policy regimes impacts on the role, knowledge fields, specialisms and skills needed of valuers in the future. The findings will help inform future professional competency requirements for professional bodies as well as the curriculum of degree programmes nationally. Research limitations/implications – The research will facilitate knowledge and understanding of the changing skills profile and knowledge fields of valuation professionals across main Australian regions. It will provide suggestions on the ways in which the profession can link with employers and educators to attract the best talent and future proof the profession. Ways of promoting careers within the sector are set out."
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AUTHOR: Neville Hurst, Dulani Halvitigala
TITLE: The Influence Of Government Environmental Policies And Regulations On Energy Efficiency Advertising Of Residential Properties
KEYWORDS: "Energy efficiency, Advertising, Real estate agents, Housing, Government policies"
ABSTRACT: "Problem/purpose – Governments globally have been frustrated in developing strategies to imbue energy efficient housing into social acceptance. The Federal and State Governments of Australia have introduced a range of voluntary and mandatory energy efficiency policies to reduce the energy use of individual households. In a free market economy, real estate agents are expected to play an active role in motivating homebuyers in purchasing energy efficient housing through advertising. This research aims to examine whether real estate agents effectively responded to the introduction of new government environmental policies and regulations relating to energy efficiency when advertising detached houses in Melbourne."
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AUTHOR: Pernille Christensen, Jian Guo
TITLE: A Study Of Building Height And Plot Ratio Restrictions In Densifying Cities Using 3D Spatial Analysis Technology: A Case Study Of Parramatta |Refereed|
KEYWORDS: "3D model, Parramatta, 3D spatial analysis, Plot ratio and building height"
ABSTRACT: "Design/methodology/approach – The research examined all detached dwelling advertisements in regional Victoria during the period of 2008 – 2013 with over 40,000 advertisements reviewed. By using time series analyses, histograms, Spearman correlations and Kruskal-Wallis tests, the dataset was tested to produce evidence whether the appearance of words promoting energy efficient technologies in housing advertisements were influenced by the introduction of State and Federal government environmental policies relating to housing energy efficiency."
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AUTHOR: Vince Mangioni
TITLE: Transitioning From A Transaction To A Recurrent Tax On Property |Refereed |
KEYWORDS: "Transaction tax, recurrent land tax, housing mobility, revenue robustness"
ABSTRACT: "The review of Australia’s tax system of 2009/10 made a number of recommendations that contribute to improving housing mobility, particularly in the capital cities of Australia. Among the recommendations is the reduction or removal of upfront transaction taxes on the purchase price of property and replacing this impost with a recurrent tax spread across the holding period of property. While this recommendation inspires the Commonwealth, it impacts the revenue of state government over the medium transition period, the recommendation replaces a one-off tax stamp duty, with a highly visible annual land tax. This paper examines the relationship and emerging trends between State government taxes that impact property and revenues from these sources and examines options for the transition from transaction taxes to a recurrent tax on land. Through the analysis of the conveyance stamp duty currently paid on property against an annual impost on land, it is determined that options exist for the transition from a less to more efficient tax on property, while maintaining robustness of revenue during a transition. The paper defines the benefits of improving revenue robustness as the primary trade-offs for the expansion of a highly visible annual tax on land while reducing one of the barriers to improving housing mobility."
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AUTHOR: Sara Wilkinson, Fiona Orr
TITLE: The Impact Of Horticulture Therapy On Mental Health Care Consumers On A Retrofitted Roof |Refereed|
KEYWORDS: "health, horticulture therapy, well-being, retrofit, roof, Sydney."
ABSTRACT: "With increasing urbanisation and population growth, the potential for social isolation within urban settlements including central business districts (CBDs) grows. Mental health and related illnesses are determined by multiple, interacting social, psychological, and biological factors. Mental health may be impacted by individual or societal factors, including economic disadvantage, poor housing, lack of social support and the level of access to, and use of, health services. Living arrangements give some indication of the level of social support that a person is able to access. Interaction with people is vital to human development and social relationships and networks can act as protective factors against the onset or recurrence of mental illness and enhance recovery from mental disorders (WHO, 2005). It is possible that retrofitted rooftop gardens and green roofs could provide an environment whereby people can engage though a structured program of horticulture therapy. This research analyses a horticulture therapy program in Sydney in 2016 and this paper concentrates on the question; what is the impact of a rooftop horticulture therapy on mental health consumers? An illustrative case study approach was the framework around data collected via a semi structured focus group interview for this qualitative research. The findings reveal positive outcomes, including improved health and well-being, social interaction and skill development."
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AUTHOR: Rg Ariyawansa, Terans Gunawardhana
TITLE: "Property Standards On Property Management And Property Values: An Analysis Of Columbo Property Market, Sri Lanka" |Refereed|
KEYWORDS: "Property Management, Property Standards, Property Values, Real Estate Sector, Residential"
ABSTRACT: Research limitations/implications – The research highlights the importance of effective engagement of real estate agents in empowering homebuyer interest in residential energy efficiency and promoting energy and sustainability issues through advertising. It also emphasises the necessity of reviewing the current legislative mechanisms in order to align the intent of the legislation with the actual outcomes.
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AUTHOR: Sumita Ghosh
TITLE: Measuring Integrated Sustainability Performance And Self-Sufficiency Of Three Residential Precincts In Sydney |Refereed|
KEYWORDS: "urban form; sustainability; energy, rainwater; local food production; residential"
ABSTRACT: "Sustainability performance of a local-scale urban form is significantly important to developing self-sufficient communities. In this paper, three contemporary low, medium and high density residential developments from Sydney were selected and measured considering three sustainability factors: energy; water and local food production as a part of the green infrastructure. Data was collected from Australian Bureau of Statistics (ABS) 2011 Census, georeferenced aerial imagery and planning and property databases. The selected case studies for this paper were analysed to determine the total energy and water demands and the potential of developments to integrate renewable energy and water to develop localised self-sufficient systems. The potential of on-site green infrastructure to provide positive ecosystem benefits through urban food production were calculated in this analysis. The assessment is conducted using Geographic Information Systems (GIS) methods and mathematical calculations. Research outcomes suggest that calculating impacts of different sustainability factors in different density precincts or local scale urban forms could provide clues for developing relevant sustainability strategies for various urban development projects. The methodology developed could be applied to designing new and retrofitting existing developments. Different density urban forms would require varying strategies to become sustainable."
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AUTHOR: Georgia Warren-Myers, Erryn Mcrae, Christopher Heywood
TITLE: Volume House Building: Sustainability Inclusions For New Homes
KEYWORDS: "Residential Construction, Volume Builders, Consumers, Sustainability, Australia"
ABSTRACT: "Purpose: This paper investigates the provision of sustainability related inclusions in the standard inclusions lists for new homes offered by the HIA’s top 100 homebuilders and that are available for download from their websites. Homebuyers are identified as being a key reason for the limited uptake of sustainability initiatives in new housing. However, if homebuyers are unaware of options, features or information relating to sustainability, how can they make informed decisions in the new home building process? Consequently, homebuyers engagement in sustainability are guided and influenced by the information provided to them from professionals in the sectors, in particular the volume builders. The purpose of this research is to examine a key source of information and provides insight into the structural, lifestyle and sustainable features that a homeowner will have in their completed home, such as sustainability features."
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AUTHOR: Jan-Otto Jandl, Franz Fuerst
TITLE: Quantifying The Health And Well-Being Effects Of Green Lifestyle Choices In A Built Environment Context |Refereed|
KEYWORDS: "Green Lifestyles, Health, Well-Being, Built Environment"
ABSTRACT: This paper examines the effect of voluntary commitments to sustainable living on self-reported household
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AUTHOR: Michael Mak
TITLE: Beyond Sustainability: Shift From Buildings Towards Human
KEYWORDS: "sustainability, human, Living Building Challenge, WELL building standard"
ABSTRACT: "Sustainability is defined as the development that meets the needs of the present without compromising the ability of future generations to meet their own needs. Contemporary, sustainable development has been considered in many different aspects, such as waste and recycling, energy efficiency, water consumption, building design, emission, indoor environmental quality, alternative transport, landscaping, and management, which are commonly measured using sustainability rating systems. All these criteria are focused on the performance of the buildings. New movements in sustainability have been developed gradually through the last decade that look beyond building performance efficiency towards social and human elements. For instances, concepts of net positive approach shifts the focus to the support of social and economic sustainability, and regenerative design approach aims to re-create the evolution of human in future. In practice, the Living Building Challenge aims to advance measures of sustainability to include human health and happiness, equity and beauty elements. The WELL building standard focus on the human potential through the building. These concepts and practices all have a common vision is to emphasize the importance of human within the built environment. The aim of this paper is to explore these evolving sustainability concepts and practices that shifted from buildings towards human. Analysis of these human elements provides insights for a ‘true’ sustainable building in future."
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AUTHOR: Donald Gilbert
TITLE: Comparison Method Of Valuing A Retail Shop Lease Aka From A To B Via Z
KEYWORDS: "retail, rent, market rent, profits method, comparison method, valuing rent"
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AUTHOR: Donald Gilbert
TITLE: The Profits Method Exposed: The Benefits And Limitations
KEYWORDS: "retail, rent, market rent, profits method, comparison method, valuing rent"
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AUTHOR: Mustapha Bangura, Chyi Lin Lee
TITLE: Housing Affordability In Western Sydney |Refereed |
KEYWORDS: "Housing affordability, Western Sydney, disadvantage, location"
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AUTHOR: Reza Forghani, Willy Sher, Sittimont Kanjanabootra, Yuri Totoev
TITLE: "Consequence Of Waste Levy Revocation: Case Study Queensland, Australia " |Refereed|
KEYWORDS: "Waste levy, Construction and demolition waste, Queensland"
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AUTHOR: Isara Khanjanasthiti, Lynne Armitage, Hongyan Chen
TITLE: Maturity Of The Australian And Chinese Housing Markets: A Comparative Status Review |Refereed|
KEYWORDS: "housing, markets, maturity, regulations, Australia, China"
ABSTRACT: "Each property market is inherently unique due to institutional differences in various factors such as lease law, planning protocols and land titling procedures. To acquire a greater understanding of a property market’s nature and potential performance in the future, market maturity concepts have been developed principally for commercial property and applied to analyse different markets around the world. This paper aims to develop this approach and to compare the level of maturity of housing markets in Australia and China. It is underpinned by three research questions. What are the key components of housing market maturity? What is the current maturity level of the housing markets in Australia and China? What are the key lessons that can be drawn from the housing market maturity in Australia and China? To answer these questions, the paper firstly conducts a review of the literature on market maturity. Secondly, a framework of key components of housing market maturity is developed from the synthesis of literature review findings. Thirdly, the paper applies the framework to the case studies of Australia and China to comparatively analyse housing market maturity in both countries. Lastly, the paper draws key lessons from the two case studies for promoting housing market maturity."
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AUTHOR: Linda Chartres
TITLE: Innovation In Real Estate Business Modelling: An Australian Perspective |Refereed|
KEYWORDS: "Real Estate, Resource Strategy, Open Strategy, Open Innovation, Technology, Change Management"
ABSTRACT: This research paper focuses on unveiling the application of innovation within the Australian residential real estate sector by examining business modelling strategies adopted by the independent residential real estate organisations. Qualitative case study analysis is used as a vehicle to collect pertinent information from selected business models adopted by independent real estate organisations found in operation throughout Australia. Operational strategy with emphasis on resource acquisition and allocation is analysed to expose the extent to which these real estate organisations use innovative practices in business strategy. The findings bring to light two important points for consideration. In the first instance the independent real estate organisations seek out “unique” business structure to achieve competitive advantage. Secondly it is the application of operational freedom within the organisational context which lends them an ability to act fast on innovative practices without having to deal with operational constraints such as layers of management for example.
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AUTHOR: Yang Zhang, Michael Seiler
TITLE: Does Clearer Specification Of Housing Preference Optimize Buyer Search Process And Results?
KEYWORDS: "housing preference, buyer search, experimental real estate"
ABSTRACT: "The possibility that a clear specification of housing preference may optimize the buyer search process and results is a long-standing, but controversial, hypothesis in the field of real estate. To date, empirical evidence on this hypothesis has been scarce. We present controlled experimental evidence on the effect of clear specification of buyer’s housing preference on the search process and results in the resale housing market. We compare the data collected from different experimental environment and find that when the buyer specifies their housing preference more clearly, the time-till-purchase is significantly reduced and the number of inspections is significantly decreased, while both the buyer’s savings and the degree of satisfaction are increased slightly (non-significantly)."
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AUTHOR: Hao Wu, Piyush Tiwari, Sun Sheng Han, Toong-Khuan Chan
TITLE: Risk Scoring For Brownfields Development Decision
KEYWORDS: Brownfield; Analytic Hierarchy Process (AHP); Risk Communication; Valuation; Decision
ABSTRACT: "Land development demands strategic decisions to combine technology and effort to create valuable real estate ‘capital’. Brownfield decisions involve an elaborate cost-benefit analysis with multiple perspectives. The analysis requires a multi-criteria and multi-actor interactive reasoning process to be applied to the subject property. A ‘balanced approach’ for brownfield development decisions expects that the assessment, judgement, and communication takes into account both the risk factors and the actors involved in the development process. This paper analyses the risk associated with brownfield development from the perspective of key stakeholders, using analytical hierarchical process (AHP) to identify relative importance, scale, and score of brownfield risk criteria. Using a set of comprehensive brownfield risk factors that we have developed earlier, a survey of experts to conduct risk comparison is carried out which allows for scoring and weighing (ranking) of these risks in a multi-factor decision process. Brownfield development as a context for risk evaluation permits stated preference based risk scoring for multi-actor groups involved in such developments but with diverse interests. The result indicates a general consistency of risk preferences in brownfield context of multiple actors. The paper presents a hierarchy of risk preferences, which may be used for explicit risk evaluation and communication in brownfield financial decision and value reporting."
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AUTHOR: Hera Antoniades
TITLE: Trust Accounting For Business Agents: A Historical Perspective |Refereed|

AUTHOR: Michael Mcallum
TITLE: Property Valuation In The Postnormal |Refereed|
KEYWORDS: Postnormal; Hyperutilisation; Flow-space; Blockchain; Belonging; Uncertainty
ABSTRACT: "This paper explores seven present and likely future shapers of the property sector and the concept of valuation. It argues that there are revolutionary dynamics emerging in contemporary societies that have the potential to change the form and shape of urban settlements everywhere, together with the nature and relevance of the organisations that inhabit them. It further asserts that, as these structural and systemic ‘reconstitutions of reality’ manifest themselves, they enable different expressions of identity and underlying mythology that not only provide opportunities for those who first take advantage of them, but also pose considerable threat to those who would wish to sustain the status quo. In canvassing these dynamics and assertions, this paper seeks to illustrate, by way of comparative understanding, the interplay between contemporary perceptions and alternative realities that can only be described as ‘socially revolutionary’ in their nature, and thus worthy of both focus and conversation for those who have the interests of the sector at the forefront of their thinking."
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