Proceedings from the PRRES Conference - 2020
26th  Annual Conference, JANUARY 19 - 22 2020
 Canberra, 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: Neville Hurst, Dulani Halvitigala
TITLE: House Energy Efficient Characteristics: Do They Make A Difference To Transfer Prices? |Refereed|
KEYWORDS: "Energy efficient characteristics, property pricing, real estate agents, marketing, housing"
ABSTRACT: Traditional housing is a major negative contributor to climate change through carbon emissions. This paper
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AUTHOR: Wejendra Reddy, Wei Wei Chiang
TITLE: The Case Of Direct Property Sub-Sector Asset Allocations In Institutional Portfolio |Refereed|
KEYWORDS: "Property Investments, Asset Allocation, REITs, Superannuation, Funds Management"
ABSTRACT: "Australian fund managers mainly comprising A$3 trillion superannuation industry in recent decade has shown increased appetite for direct/ unlisted property assets compared to listed property (A-REITs). Recent research attributes this asset allocation shift to fund managers search for stable, risk-adjusted returns in the post-GFC era. At sub-sector level, Australian fund managers have a range of traditional direct property products to choose: retail, office and industrial (also classified as ‘core’), with ‘non-core’ or ‘specialised’ property sector (healthcare, data centres, retirement living, residential etc) also providing another option. This research uses 21 years quarterly data series (1995 – 2016) to examine the performance and asset allocation efficiency of these direct property sub-sectors within Australian industry superannuation portfolio. All direct property sub- sectors lead other assets with higher risk adjusted returns. Retail, followed by industrial property recorded best performance (+1 Sharpe ratios). The results when split in different time periods demonstrate that there is value of higher allocation to ‘non-core’ property sub-sector evident by highest Sharpe ratio (0.96) in the recent decade. Overall, the portfolio modelling recommended allocation to property is 17%, heavily weighted towards all direct property sub-sectors then A-REITs."
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AUTHOR: Kimberly Winson-Geideman, Giorgio Marfella
TITLE: Engineered Timber In Multi-Storey Construction: An Industry Perspective |Refereed|
KEYWORDS: "Mass timber, engineered wood, sustainable construction, sustainable development"
ABSTRACT: "This research investigates the perspectives of building and design professionals regarding the use of Engineered Wood Products (EWS) in multi-storey construction. The primary objective is to provide a baseline assessment, from an industry perspective, of the environmental, social and economic factors that affect the widescale adoption of EWS in Australia. Results are drawn from selected questions of a survey conducted in early 2019 that was designed to provide an understanding of the perceptions of a broad group of industry professionals, regardless of their level of knowledge of, or experience working with, EWS."
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AUTHOR: Olatunji, I.A.,Ojetunde, I.,Liman,H.S, Bolomope, M
TITLE: Real Estate Value As Co-Determinant Of Housing Choice Optimality: The Nigerian Experience |Refereed|
KEYWORDS: "buja,HousingChoiceOptimality,Minna,Nigeria,RealEstateValue,MultipleLinear Regression"
ABSTRACT: "Thispaperexaminedtheimpactofrealestatevalueaswelastheimpactsof4otherpertinent variables(householdincome,commutingcost,workplacedistanceandhouseholdactivitypatern) onhousingchoiceoptimality,HcO.Utilizingasampleof107purposivelyselectedmiddleincome householdsinAbujaandMinna,thestudyemployedregressionanalysistoexploretheintuition thatrealestatevalueisrelatedtoHcO.Theresultsshowedthatthehousingoptimalitymodelhas afairpredictiveexplanationofapproximately57% -77% fortheexplanatoryvariables.Findings from thestudyalsorevealedthatrealestatevaluewiththeothervariablesinfluencehousing choiceoptimality,althoughthemagnitudeofsuchinfluencevariesacrossthetwocities.Assuch, realestatevaluerepresentsaburdenwhichhouseholdsmustbearinordertosecuretherightto anapartmentofchoice.Itisconcludedthatgiventherealestatevalue,theconsequentialhousing choiceoptimality,couldbepredictedacrossdiferenthousingmarketsinNigeria"
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AUTHOR: Shazmin Shareena Ab. Azis, Irfah Zulaikha Ismail, Ibrahim Sipan, Hishamuddin Mohd Ali, Nur Amira Aina Zulkifli, Muhammad Najib Razali
TITLE: Energy Saving Ond Maintenance Expediture Of Green Roof: An Empirical Study In Johor Bahru |Refereed|
KEYWORDS: "green roof, cost benefit, energy saving, maintenance, expenditure, monetary"
ABSTRACT: "Introduction of new urban development strategy such as green roof offers promising solution to improve natural environment. Green roof has tremendous benefits primarily reducing energy consumption of a building through cooling effect. However, studies have highlighted green roof implementation associated with high maintenance expenditures. Therefore, this study aims to assess the worth of integrating green roof with building. This study undertook case study approach. Finding proved that green roof able to provide approximately 37% to 40% of energy saving for units positioned exactly below green roof area. However, maintenance cost is 31% to 40% higher than energy saving. The average ratio of cost benefits between maintenance expenditure and energy saving is 1.5: 1. This study has empirically proved that maintenance cost of green roof outweighs the benefits of energy saving. This study contributes significantly in Malaysia green building valuation facet and assist stakeholder to make decision on green roof investment."
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AUTHOR: Ka Shing, Cheung, Siu Kei, Wong, Kwong Wing, Chau
TITLE: The Misallocation Of Housing Under Subsidized Homeownership |Refereed|
KEYWORDS: "subsidized homeownership, misallocation losses, lock-in effects, panel estimation, natural experiment"
ABSTRACT: "Subsidized homeownership is a key area of interest for many policymakers. Most studies tend to focus on its social benefits, with little regard to its social costs. This study aims to examine how the shared equity approach of subsidized homeownership distorts residential mobility through imposing resale restrictions on assisted homeowners. We develop a framework based on Glaeser and Luttmer’s (2003) theory to examine the social costs arising from a shared equity approach in Hong Kong. Our empirical analysis reveals that misallocation losses, in the form of spatial mismatch, are created in addition to the welfare losses of supply. Compared to private homeowners, assisted ones are found to have a higher opportunity cost to move as if they were ‘locked-in’. Moreover, our findings trigger us to re-think a fundamental policy question. Is subsidized homeownership: 1) an end to the promotion of homeownership per se (i.e., for which low mobility is intended) or 2) a means to enable lower income groups to move into private housing in the future (i.e., for which high mobility is intended)?"
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AUTHOR: Fah Choy Chia, Jackie Kok Kian Ong, Felicia Yan Yan Yong
TITLE: Readiness And Acceptance Of Blockchain Technology In The Malaysian Construction Industry |Refereed|
KEYWORDS: "Blockchain, distributed ledger, trust-less system, immutable records, smart contract, time-stamped transaction, pseudo-anonymous database"
ABSTRACT: "Blockchain as one of the key technologies of Industry 4.0, requires the transformation of trusted behaviour from the human trust to coding trust. The objectives of this study are to uncover the theoretical principles underlying blockchain technology and to explore its potential applications to the construction industry. Literatures related to blockchain reviewed are synthesis to six imperatives in adoption of Blockchain technology, i.e. distributed ledger, trust-less system, immutable records, smart contract, time-stamped transaction and pseudo-anonymous database. Online questionnaires survey responded by 150 shown that construction practitioners agreed ‘information should be synchronized in digital platform in real time’, ‘proper traceable system improves workflow of project’, ‘delay in transferring information causes disputes or misunderstandings’ and ‘insufficient of information causes poor decision making’. More than 90% of the respondents’ companies ‘trusted documents that have been certified by central authority’, ‘provided correct information to stakeholders’ and ‘had a smooth workflow because of traceable information’. However, there are more than a third of the respondents’ organisation ‘delayed payment to other parties’, ‘always experienced privacy problem because of information sharing’, ‘were allowed to access to all information regarding to the project’, ‘often experienced hacking and tampering of data’ and ‘experienced data being modified even after it was published’. The study concluded that blockchain technology could overcome several issues and problems encountered by the construction industry. However, the construction industry is still traditionally accustomed to third party certification in solving the trust problem, hence, this forms the greatest hindrance towards the adoption of blockchain technology."
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AUTHOR: Yasmin Garcia-Sterling, Michael Pitt
TITLE: Search Don’T Sort: Impact And Implication On User Performances Through Innovating Hospital Systems With Digital Wayfinding |Refereed|
KEYWORDS: "Wayfinding, digital wayfinding, innovation, hospital systems, design-led"
ABSTRACT: "Wayfinding is and has remained critical to help users find their way based on four key points; current location, end destination, best route and route maintenance. Supporting users within the digital era, digital wayfinding initiatives have risen exponentially in practice and research yet, there remains the challenge of seeking a seamless version of physical into digital user legibility. Specifically addressing the healthcare sector, this paper materialises through the lens of Lynch’s Theory of a good city form and mapping metrics of user experiences in hospital navigation benchmarked against the longevity measures for hospital economic efficiency. Innovating hospital systems with digital wayfinding is analysed using automated, randomised and accurate opportunities to optimise a tailored-led approach, otherwise considered ‘searching’ according to user preferences. For digital wayfinding research, this paper provides a new layer of analysis and a potential model for wayfinding management in terms of automating to meet future evolving needs."
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AUTHOR: Dulani Halvitigala, Hera Antoniades, Chris Eves
TITLE: Challenges Of Having Coworking Spaces In Office Portfolios: The Landlord Perspective |Refereed|
KEYWORDS: " Office property, Flexible offices, Coworking spaces, Office landlords, Issues and challenges"
ABSTRACT: "The coworking sector has experienced a significant growth in the recent years as an alternative flexible space solution. The sector has evolved beyond just offering spaces to start-up companies, with large corporate tenants now representing a considerable proportion of its membership base. As a result, many landlords are increasingly incorporating coworking spaces into their office portfolios to meet the growing demand for such flexible, scalable, collaborative spaces with short term leases. By conducting case study analyses and in-depth interviews with two large property trusts in Australia, this research paper examines the main issues and challenges faced by landlords when including coworking spaces in their office buildings. The findings identified key issues of consideration, which included business, financial, tenant mix, building specific, lease and valuation specific issues and challenges associated with coworking spaces as part of the traditional tenant mix in office buildings. While there are tangible and intangible benefits of including coworking spaces in office portfolios, this research emphasises the importance of understanding and overcoming potential business challenges associated with such spaces to ensure an optimum growth in investment grade assets."
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AUTHOR: Veronica Lin_, Jufri Marzuki_
TITLE: The Significance And Performance Of The Hong Kong Commercial Real Estate Market |Refereed|
KEYWORDS: "Hong Kong, commercial real estate, REITs, risk-adjusted returns, portfolio diversification"
ABSTRACT: "The Hong Kong commercial real estate market is an important investment opportunity for both local and institutional investors. The purpose of this paper is to assess the significance, risk-adjusted performance and portfolio diversification benefits of Hong Kong commercial real estate (using both direct real estate and REITs) in a mixed-asset portfolio over 2009-2018. Using MSCI annual real estate returns, the risk-adjusted performance and portfolio diversification benefits of Hong Kong commercial real estate over 2009-2018 are assessed. The results highlight a unique investment opportunity of Hong Kong commercial real estate, with both direct real estate and REITs deliver superior risk-adjusted performance compared to the stock market. Direct property also offers high diversification benefits to investors with their marginally correlated returns with stocks, while excellent diversification benefits with bonds are evident for REITs. The superior risk-adjusted performance of Hong Kong commercial property sees both direct property and REITs contributing significantly to the mixed-asset portfolio throughout the entire risk-return spectrum. The strategic real estate investment implications are also highlighted."
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AUTHOR: P. Brent Nahkies
TITLE: Seismic Mitigation – A Case Comparison Of Three Communities In New Zealand |Refereed|
KEYWORDS: "earthquake mitigation, community impacts"
ABSTRACT: "The Christchurch earthquake of 2011 resulted in a Royal Commission of Inquiry and a government led review of the legislation in New Zealand relating to the earthquake safety of buildings. This review culminated in the passing of the Building (Earthquake-prone Buildings) Amendment Act in 2016. This Act requires the mandatory upgrade or demolition of earthquake-prone buildings and has the potential to have significant impacts on not only individual owners but also on communities. In order to understand these community impacts a case study approach has been taken that looks at the three separate communities of Waimate, Timaru and Wellington. The experiences and responses of these communities to both the Christchurch earthquakes and the resultant legislative changes are examined in this paper using a mixture of document analysis and stakeholder interviews. Both negative and positive impacts are identified and analysed and their implications are discussed in this paper."
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AUTHOR: Michael C.P. Sing, Michael Y. Mak, L.Y. Yi,
TITLE: The Impact Of The Nano Flats Development In Developed Cities: The Evidence From Hong Kong |Refereed|
KEYWORDS: "Nano flats, tiny apartment, Hong Kong, real estate market "
ABSTRACT: "Hong Kong has been ranked as the most expensive housing market in the world in the recent years. As property prices spiral upwards in Hong Kong, the race is on to build smaller and smaller apartments. The downsizing of flats comes in the midst of continued rise in property prices in the city, which has made it increasingly difficult for people to own a home. Tiny apartments, nicknamed as “Nano flats” with floor areas between 12 to 18 square metres, are the latest trend in the real estate development in Hong Kong. It is just big enough for a bed, a small bathroom and a kitchenette. From the real estate perspective, it is essential to explore to what extent does this situation affect Hong Kong society. Property developers seize every chance to develop tiny new flats with plenty of supply to the public. Many factors are affecting the demand, such as the changes in population and income level, facilitating the growth in Nano flats, to cope with this changing environment. This paper aims to provide a systematic analysis of the growing supply and demand in Nano flats in the Hong Kong real estate market. The research findings showed that the Nano flat development could facilitate many first-time buyers as the property price is much affordable. However, the problem of imbalance caused in terms of the extra load on community facilities and overcrowding stimulated by this type of flats’rental market should not be underestimated."
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AUTHOR: Garrick Small
TITLE: A Case Study In Trustee Property Economics: Luke 16 |Refereed|
KEYWORDS: "Property rights, moral philosophy, moral theology, economics, customary property rights, natural law"
ABSTRACT: "Karl Zimmerman coined the expression “trustee property” to describe that system of property economics that is found within cultures in the growth phase of their ascendency to greatness as civilisations. Today, the trustee form of property is most evident amongst indigenous people who usually associate their property economic institutions with their religious beliefs. This paper examines the case of trustee property within the Christian tradition. It focuses on the principles governing interpersonal relationships related to property, especially as found within the sixteenth chapter of St. Luke’s Gospel. The case study demonstrates resonance with contemporary customary property and a co-operative social order. While it does not insist on communal property as customary property systems tend to, it does envision a consciously moral and social use of property assets, largely based on an underlying principle of solidarity with the other in each economic exchange. It contrasts with the competitive social order found in both the modern socialist and modern private property economic regimes. "
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AUTHOR: Xin Janet Ge, Wei Da Kuang
TITLE: Perceptions On Shared Accommodation: A Sample From China |Refereed|
KEYWORDS: "Shared accommodation, affordability, survey, social activity, economic consideration"
ABSTRACT: "With the rapid development of urbanisation in China, today more than half the population live in cities. Migrant workers move from rural areas to the cities for job opportunities. Most cannot afford to buy or rent their accommodation, due to the high cost of dwellings in cities, particularly in the first-tier cities such as Beijing, Shanghai, and Shenzhen. As a result, shared accommodation has become one of the ways of obtaining shelter. Shared accommodation in the private sector, however, has received minimal attention in the research literature. This study aims to understand peoples’ perceptions of shared accommodation in terms of several criteria including the selection of accommodation, and economic and social experiences. Through surveys, 194 questionnaires were received in which 57.5% of respondents live in shared accommodation, either sharing a flat (72.2%) or a room in a flat (27.8%). Transportation, rental price and roommates are the top three factors that people consider in their experience of shared accommodation. Most people living in shared accommodation are positive about their current circumstances and social interactions with neighbours and roommates."
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AUTHOR: Ann Godfrey
TITLE: Disclosure During Leases: Information And Energy Efficiency In Commercial Office Workspaces |Refereed|
KEYWORDS: "Leases, Principal-agent Theory, Energy-efficiency, Information asymmetry, Disclosure"
ABSTRACT: "Economic principal-agent theory underpins the sharing of energy efficiency information between a landlord and tenant of a commercial office building for the purposes of mitigating energy efficiency investment market failure. This disclosure can occur prior to, and during a commercial office workspace lease contract. When the tenant is the beneficiary of that investment from lower energy costs, disclosure ex-ante theoretically mitigates the adverse selection of a landlord underinvesting in energy efficiency. Continuing to disclose that ex-ante rating during a lease, theoretically mitigates the moral hazard of a landlord undermaintaining the level of energy efficiency disclosed at the start of the lease. Mandatory ex-ante disclosure policies, such as the Australian Commercial Building Disclosure program, do not, however require disclosure during leases. With the larger of objective of informing disclosure policy, this paper explores the effects of disclosure during leases, as anticipated principal-agent theory. Two workspace case-studies are analysed. Consistent with the theory, the disclosing case had maintained its relatively high rating, while the non-disclosing case energy efficiency had deteriorated. In addition to the theory, and confirming quantitative literature, the marketing benefits of disclosing ex-ante were perceived to accrue only to highly rated buildings. Disclosure during leases was perceived to be useful for benchmarking, and residual underinvestment in the disclosing case was attributed to the coarse granularity of the disclosure metric."
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AUTHOR: Caroline Valente, Sara Wilkinson, Alan Morris
TITLE: Age Pensioners’ Homes:_Current State And Adaptation For Climate Change |Refereed|
KEYWORDS: "ageing population, adaptation, climate change, energy efficiency, pensioners. "
ABSTRACT: "Older Australians prefer to age in their family home. Age pensioners mostly live in free-standing houses built prior to the introduction of national housing minimum energy efficiency requirements in 2003. Living in poor indoor environmental conditions increases the possibility of physical and mental health problems, especially for this age group, who are also particularly vulnerable to the effects of global warming. Higher temperatures and an increase in the intensity of extreme weather events have serious implications: increased energy consumption and a risk of extreme cold in winter or over-heating in summer. Adapting the existing housing stock to accommodate these issues is crucial. This paper addresses the following questions; what is the current state of age pensioners’ homes and how can they be adapted to counter the impacts of climate change. A mixed-methods approach to secondary data sources is employed to investigate these questions."
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AUTHOR: Li Ping Yow, Fah Choy Chia, Wah Peng Lee
TITLE: The Relationship Between Cultural Intelligence And Cross-Cultural Adjustment Among Construction Professionals |Refereed|
KEYWORDS: "cultural intelligence, cross-cultural adjustment, expatriates, professional, construction industry, correlation"
ABSTRACT: "Culture is proven to be one of the fundamental characteristics that will differentiate international management from domestic management. The capability to adapt to new cultural contexts effectively is necessary for an expatriate to perform well. Additionally, cross-cultural adjustment is an important criterion of expatriate success in the international workplace. Hence, this study aims to examine the relationship between the four facets of cultural intelligence (CQ) with the cross-cultural adjustment to those who are working in the construction industry. A total of 116 construction professional expatriates participated in this study through questionnaire surveys. The results revealed positive correlations between cultural intelligence and cross-cultural adjustment. Motivational CQ proved to be the most significant CQ when it comes to the cross-cultural adjustment, indicating that an expatriate’s interest in learning about cultural differences would help an individual to work efficiently in culturally diverse environments."
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AUTHOR: John S. Baen, Khue Vo
TITLE: "Realistic Affordable Housing Ownership Options. Low Supply In The Marketplace, Huge Demand, And The Home Building Industry And Developers Have Not Responded To This Critical Housing Need That Would " |Refereed|
KEYWORDS: Affordable Housing
ABSTRACT: "Home ownership and private investments have been linked to the stability of governments, and the longevity of stable communities, governments and countries. However, the majority of the world’s growing population do not own or rent their residences due to the high cost and general lack of affordable supply combined with political constraints shortage of available land, free market forces of limited supply and growing demand for either the purchase or rental of housing. In fact, there is estimated to be 258 million refugees or homeless people in the world (Hill, 2018). It has been often quoted that the “poor will always be with us” and that home ownership and real estate are the “true basis of wealth”. This paper and research consider historic and contemporary efforts and methods to increase the supply and affordability of housing options for both single family and multifamily properties. It also presents community resistance, other roadblock, research and reasons why more affordable housing has not been created."
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AUTHOR: David Dean, John Mcdonagh, Andrew Carswell, Brent Nahkies
TITLE: Post Earthquake Pedestrian Traffic Christchurch |Refereed|
KEYWORDS: "Christchurch, Earthquake,"
ABSTRACT: "Pedestrian counts are an important indication of inner-city vitality and critical information for many retailers who are targeting passing foot traffic. For these reasons, pedestrian counts are also of significance to valuation practitioners, property investors and developers, financiers, planners and others interested in the current state and long- term trends of central business districts. Since 1957 the New Zealand Institute of Valuers has regularly surveyed pedestrian foot traffic in the CBD of Christchurch, but this process lapsed after the 2010 and 2011 earthquakes. This paper reports on a project to re- establish these central city pedestrian counts, but also expand them to include greater levels of information about the people frequenting the city. An important feature was to use current university students to facilitate this increased level of analysis as well as introduce them to market analysis processes and techniques."
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AUTHOR: Donald E Gilbert
TITLE: Evaluating The Reasonable Rent For One Retail Lease |Refereed|
KEYWORDS: "Retail rent,"
ABSTRACT: "Purpose: To present a new and improved method and invention for evaluating the rent for retail property. It is important to establish this rent properly because of the implications for tenant’s businesses’ which potentially flows into the entire property sector. Approach: The approach uses The Authors’ twenty-two years in valuing retail leases for tenants and property owners. In that practice an entirely new step-by-step method has been invented and a computer software program has been developed to assist in this process. Using that software, the paper outlines key steps in evaluating the “reasonable rent” for one retail lease. Findings: A logical step-by-step process is documented in the paper. Each step links the lease or shop being evaluated to a specific data series, which enables the software or advisor consultant to make an informed opinion regarding the aspect of the specific data series being stress-tested and evaluated. As the parties to a lease or any other stakeholder in the mix, who is reliant upon a lease(s) as a negotiable instrument eg. for mortgage purposes is “walked” through the process, one can make an informed decision about what the “reasonable” rent might be for the lease period ahead. Originality/value: The Author believes that there is a significant shortfall in the way retail property is evaluated based on setting rentals. This has multiple ramifications for tenants’ business, owners of retail properties and potentially the entire retail property industry. The method detailed here, draws in knowledge and experience from several disciplines and provides a way of addressing that shortfall. The product is undergoing advanced beta testing and is a significant improvement of how one retail lease is evaluated. It has already been earmarked to become an “industry” standard."
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AUTHOR: Cynthia Hou, Hao Wu
TITLE: "Environmental Concern, Green Purchase Intention And Customers’ Perceived Green Building Design " |Refereed|
KEYWORDS: "Green hotel, Environmental concern, Green building design, Green purchase, Moderator,"
ABSTRACT: "Past research suggests a number of behavioural factors positively affect customers’ decision on staying in a green hotel. The effect of environmental attitude or environmental concern on green purchase decision is widely researched, but there are also research that reveals a certain degree of inconsistency of the relationship between consumer attitude and purchase decision. This paper puts this concern in the context of the hospitality industry. It investigates the effects of customers’ environmental concern (EC) on their intention of staying (IoS) in a green hotel and the moderating effect that the customers’ perceived importance of green building design (PIGBD) may have on their IoS in a green hotel. A measurement scale of PIBD is developed based on a local green building certification scheme (HKBEAM PLUS) in Hong Kong and a survey of 166 hotel customers in Hong Kong was conducted. The regression-based statistical results show that both EC and PIGBD have a positive effect on IoS, and PIBA appears to be a moderator on the relationship between EC and IoS. Other findings include that customers of different age / gender / education groups do not differ significantly in their environmental concern. The findings of this study give useful implication for green hotel development and management in the future. We believe that hotel customers’ understanding of green building can be enhanced through a hotel marketing strategy and a comprehensive integration of green attributes in building design."
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AUTHOR: Kwabena Mintah, Woon-Weng Wong, Peng Yew Wong
TITLE: "Cross Border Funds As A Driver Of Commercial Property Market Performnce: A Case Of Melbourne, Australia. " |Refereed|
KEYWORDS: "Commercial property, Office, Determinants, Cross border investments, Foreign real estate investments, ARDL,"
ABSTRACT: "Over the last decade, there has been increased cross border real estate investments in the Australian direct commercial (office) property market. As a result, several media publications have suggested that cross border investment was driving property values, however, no empirical evidence exist to support this argument. The purpose of this study is to evaluate the role of cross border real estate funds/investments on direct commercial property market performance (total returns). Using an established econometric technique; Autoregressive Distributed Lag Model, traditionally established long-term determinants of Melbourne commercial property market drivers were determined as real GDP, stock of office space, vacancy rate and net absorption rate. A newly emerging factor; cross border investments was determined to have an impact on the performance of Melbourne office property market albeit some surprises. The study provides current relevant information on the drivers of Melbourne office property market performance with new dynamics. The results would aid property investors, developers and other key stakeholders in property investment decision making. Similarly, the Foreign Investment Review Board of Australia (a public agency) can use the results in policy formulation. The study contributes to the literature on cross border investments in Australian commercial property market which has barely been examined."
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AUTHOR: Junainah Mohamad, Nur Shahirah Ja Afar, Suriatini Ismail_
TITLE: Heritage Property Valuation Using Machine Learning Algorithms |Refereed|
KEYWORDS: "heritage property, machine learning, neural network, random forest, support vector machine, k-nearest neighbors, linear regression,"
ABSTRACT: "The aim of this paper was to test the use of machine learning algorithms in predicting the price of heritage property. The original dataset consists of 311 prewar shophouse transacted from 2004 to 2018 in North-East of Penang Island, Malaysia. After the filtration process, only 248 units of prewar shophouse heritage property were available and valid to be used. We developed a heritage property price prediction model based on machine learning algorithms such as neural network, random forest, support vector machine, k-nearest neighbors and linear regression and compare their predictive performance. The results indicate that the random forest algorithm performed better than the other models in predicting the price of heritage property. "
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AUTHOR: Germán Molina, Micael-Lee Johnstone, Casimir Macgregor, Michael Donn,
TITLE: Disclosing Indoor Environmental Quality To Create Value In The Residential Real Estate Market |Refereed|
KEYWORDS: "customer value, comfort, indoor environmental quality, residential real estate,"
ABSTRACT: "There is a consensus among experts that consumers do not regard Indoor Environmental Quality (IEQ) attributes of dwellings as relevant when purchasing homes. Namely, they are not willing to pay more for naturally illuminated, warm, quiet, or easy to ventilate properties. However, other evidence suggests that consumers value IEQ when choosing the location of their new home. Based on 18 interviews with consumers from Chile and New Zealand, this paper argues that consumers do value IEQ attributes and, in fact, intend to purchase dwellings of a high IEQ. However, consumers are incapable of doing so because IEQ attributes are not often assessable during the home-searching process. Further, our research suggests that consumers do not trust the IEQ claims made by agents, developers and sellers. It is therefore suggested that proper communication of IEQ attributes might give consumers the ability to make informed choices about high-IEQ dwellings, thereby creating value and improving the housing stock."
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AUTHOR: Peter Rossini
TITLE: Land Value Vs Accessibility: Teaching Bid Rent Theory Using Empirical Evidence From Australia |Refereed|
KEYWORDS: "Property Economics, Accessibility, Bid Rent Theory, Locational Externalities, Authentic Learning, Constructivist Learning Environment,"
ABSTRACT: "The fixed nature of real property and the underlying relationship between real property value and accessibility is an important underlying concept in property education. Land use and location theory developed by Von Thunen and Alonso are important in understanding the patterns of land use and land value that occur in cities. These theories help students understand the concepts of how accessibility relates to land values and externalities. While textbooks discuss the theories and use “old-world” examples, there is little evidence of how these theories and models apply to a modern city, except in complex econometric equations that are outside of most undergraduate students' grasp. This paper examines some analyses using data across Adelaide to model bid rent curves using a large data set of land values across the metropolitan area. Land value curves are estimated using simple graphical and statistical models to help explain how land uses are distributed and how land value changes with distance to the CBD. Residual analysis is used as quasi estimates of the externality effects. The paper further discusses how this work is used as an authentic learning tool based on a constructivist paradigm."
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AUTHOR: Graham Squires
TITLE: Innovation Using Housing Charges To Fund And Finance Bulk Infrastructure |Refereed|
KEYWORDS: "Infrastructure, Funding, Financing, Housing Charges, Innovation"
ABSTRACT: "The principal aim of the research is to provide a critical discussion on the use of housing charges to fund and finance bulk infrastructure. In doing so, we provide a literature review of similar financing models, as set in the infrastructure-housing landscape – particularly theory and concepts on innovation. The methodology includes key stakeholder interviews on the policy development of a pilot infrastructure-housing charge. The focus of the pilot is a new build site case study, characterised as a large-scale greenfield site. The site sits contextually in the city-region of Auckland (New Zealand) that is dealing with problems of funding and financing infrastructure. Findings highlight that the funding model takes on innovation characteristics that are evolutionary and new. In shaping these innovations we see the realisation of bulk funding born out of a focus on bulk infrastructure requirements. Although this realisation is focussed on economic value and largely via a top-down ‘forced’ negotiation process. Pressures for innovation are also generated from a wider move to decentralised resource control, but one that defers risk away from the public funds to a partnership. Further, costs appear to be on a myopic focus on growth, and a perceived benefit generated from a traditional ring-fenced approach to a project. Finally we find that the model holds practical innovation, but the limits tend to be as a new and applied innovation to a domestic context."
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AUTHOR: Georgia Warren-Myers, Monique Schmidt, Robert H. Crawford
TITLE: Integrating Life Cycle Greenhouse Gas Emissions Into The Economic Valuations Of Buildings: Developing New Mechanisms For Mitigating Greenhouse Gas Emissions Liability |Refereed|
KEYWORDS: "Greenhouse gas emissions, Life cycle assessment, Buildings, Valuation,"
ABSTRACT: "Australia is going through a significant housing boom with 222,000 new homes needed each year to accommodate the estimated additional population of almost 9 million by 2050. With the growing effects of climate change it is critical that greenhouse gas (GHG) emissions implications of this new housing be considered. Mitigation strategies have been predominantly focused on decreasing operational GHG emissions in buildings, leaving embodied GHG emissions largely ignored. In order to achieve national targets, such as zero net emissions by 2050, it has become imperative to address GHG mitigation from a life cycle perspective. It has become necessary to couple this life cycle GHG mitigation with an annualised economic valuation so as to drive better decision-making, and to demonstrate the ecological cost through a much-needed economic mechanism."
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AUTHOR: Hao Wu, Huiying Hou
TITLE: Housing For Elderly In Cross Culture Context |Refereed|
KEYWORDS: "elderly housing, ageing in place, self-control, capital-control, policy, "
ABSTRACT: "This paper concerns different contexts of elderly housing and its provision basing on the premise that, similar to other socially-disadvantaged, the elderly needs such social support as subsidy and direct aid due to their declining decision-making power and physical ability. Elderly housing is by and large a social support scheme jointly supplied by various sectors. This paper raises the question whether market arrangement is capable of supplementing social services of elderly housing in absence of efficient institutions? It adopts a comparative case approach to confronting the important concern that cities are distinctive by their institutional conditions for elderly housing provision. We select three international cities and compare their elderly housing policies and provision. We found that elderly housing in different cities exhibits its unique structural features. Given continuous aging population, the market-driven segment may be a valid substitute of the state-driven services. And this creates stratification of the life-style retirement village sub-market and the government intervened and regulated aged care facilities sector."
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AUTHOR: Yang Yang, Michael Rehm
TITLE: Housing Prices And Speculation Dynamics: A Study Of Auckland Housing Market |Refereed|
KEYWORDS: "House prices, Speculation, Time series, Granger causality,"
ABSTRACT: "Housing markets across the globe have experienced a considerable increase in property prices and speculative activities. The interplay between these two variables has been analysed by previous studies but they considered market-wide speculation using aggregate measures. This research, however, dissects speculation in Auckland, a metropolis facing a severe housing problem, at the transactional level and focuses on a single group: property investors. In addition, to test the relationship between speculation and prices, this paper adopts a legitimate and novel proxy for housing speculation: rental yields. This study also distinguishes leveraged sales from unleveraged ones to examine the impact of bank financing on the dynamics between the two variables. A vector error correction model is established as a framework to conduct Granger causality tests and impulse response analyses. The findings demonstrate a vicious cycle: leveraged investors’ speculative behaviour lifted Auckland house prices which in turn spurred property speculation."
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AUTHOR: Chung Yim Yiu,
TITLE: Why The Housing Prices Of International Cities Suddenly Drop Together? An Intervention Test On Foreign Buyers’ Impacts |Refereed|
KEYWORDS: "Synchronised Housing Price Change, Foreign Buyers, Global Cities,"
ABSTRACT: "In the past decade, housing prices in many international cities had increased together. IMF contends that it is a phenomenon of global housing price synchronization, and is hypothesised that it is “the motives of global and institutional investors searching for yield in a low-interest- rate environment” Different cities have exploited different measures to tackle the unaffordable housing price. For example, Governments of Canada and Hong Kong have substantially increased stamp duty for foreign buyers, The government of New Zealand has revised and enacted regulations banning foreign buyers from purchasing houses in the secondary market. This paper studies the impact of the ban on the house prices of the Auckland Region, in comparison with other regions."
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