The impact of tenure type on the desire for retirement village living

In 2005 17.3% of Australians were aged 60 years and older (Australian Bureau of Statistics). A consequence of this aging population is the increased use of self-contained independent living units (SCILU) in Retirement Villages by older Australians. The retirement village sector has thus become a significant sector within the residential property market. In seeking to determine the impact of tenure type on the desirability of RV living this paper first profiles a typical SCILU in Australia, before explaining and examining the various tenure types offered by the market. This paper concludes that the multiplicity of offerings of the SCILU product with respect to tenure type, when combined with deferred management fees and participation in capital gains/losses, may be contributing to a lack of clarity in what the SCILU product entails and the security of investment it offers. This perception is supported by litigated disputes and may be damaging the reputation, ongoing viability and desirability of SCILUs.

Termination fees in a ‘bright line’ jurisdiction

We seek to statistically inform the debate regarding the Australian Takeovers Panel’s ‘bright line’ policy towards break fees. Based on 313 takeovers from 2002 to 2006, 85 involving break fees, we find post-bid competition to be unrelated to break fee usage and inversely related to bid success. We also find that break fee usage has a detrimental effect on shareholder wealth as measured by both the final bid premium and abnormal returns. Therefore, although break fees appear to be neither anticompetitive nor coercive within the Australian context, they do appear to have had a deleterious effect on shareholder wealth.

Its place in property education : where does property law fit into property programs?

Property law is one of the key elements in any property-based degree program. In particular, an understanding of 'property law' is one of the required knowledge fields for inclusion in property programs accredited by professional institutes such as the Royal Institution of Chartered Surveyors, the Appraisal Institute and the Australian Property Institute. Despite the importance of property law as a cornerstone element of all property programs this aspect of the program is often approached from a more generic legal perspective with teaching resources used and pedagogical approach more aligned to the study of law that property. The specificity of this type of program is rarely adequately acknowledged. The question arises as to what the study of 'property law' entails and what the composition of a 'property law' subject should be. Replicating the methodology used by Placid and Weeks (2009) in their examination of the current composition of real estate law courses in the United States, this paper examines the current composition and pedagogical approach adopted by Australian universities based on the study of three Queensland property programs. In particular the curriculum, teaching resources used, assessment and engagement strategies are considered with a view to making improvements to the way these property law courses can be more effectively tailored to property students. It is anticipated that the outcomes of this paper will be of interest to all academics who are responsible for developing and delivering property law subjects and those who manage property programs in Australia and internationally.

Submission to discussion paper : Queensland retirement villages

This submission is directed to addressing Issue 4 only – Entering a village and closure – implications for residents; and one question only – What particular items do you consider should be particularly addressed as part of the disclosure requirements for prospective retirement village residents? The recommendations below are premised on the basis that information to enable informed choice needs to be clearly presented, easy to understand and, while legal advice and assistance remains essential for any form of ‘conveyancing’ process, should enable decision making by prospective residents independent of that legal advice.

The non-binding vote on executive pay : a review of the CLERP 9 reform

Directors’ and executives’ remuneration, including levels of pay, accountability and transparency, is controversial. Section 250R of the CLERP (Audit Reform & Disclosure) Act 2004 that was not greatly anticipated, requires the holding of a non-binding resolution on board remuneration at companies’ annual general meetings. The reform has been criticised on the basis that, inter alia, it blurs the respective roles of shareholders and directors. This article identifies possible motivations for the imposition of the non-binding resolution in Australia. These are evaluated with reference to sources of corporate governance policy and the current state of Australia’s relevant corporate governance structures. We speculate that the non-binding vote will not amount to a substantive addition to the corporate governance regime.

Submission to the 2012 Review of the Retirement Villages Act 1999 (Qld)

The submission addresses matters relevant to Issues for Comment numbered 1, 3, 5, 22 and 32 of the Issues Paper released by the Transport, Housing and local Government Committee of the Queensland Parliament. It concludes by making five recommendations for consideration by the Committee.

Will Queensland tort reform change valuation practice and valuers liability

It has been common practice over past property boom and bust cycles in Australia for financial institutions and property owners who have suffered a loss in the property downturn to sue valuers for negligence. Damages claimed are based on the price differential between the valuation at or nearing the peak of the market and the subsequent sale in the market downturn. However, the context of valuers liability has become increasingly complex as a result of statutory reforms introduced in response to the Review of the Law of Negligence Final Report 2002), in particular the introduction of Civil Liability Acts introducing proportionate liability provisions. Legislative reforms have had some positive outcomes for Valuers, however valuers need to continue to maintain high ethical standards, independence and professionalism in valuation practice.

Embracing social networking to create a community of scholars in large multi-disciplinary first year cohorts

The first year of a property degree program is a time to establish threshold concept knowledge to acculturise students into their discipline or professional group. Due to the foundational nature of first year in many property degrees, students are enrolled in large, multi-disciplinary classes. There are several challenges in the delivery of large first year multi-disciplinary units to engage the student in a community of leaning to aid in student retention. Through action based research this study shows how social networking, particularly Facebook, can be used to create a sense of community across large, multi-disciplinary units to illicit ‘real time’ feedback from students and encourage peer to peer learning. This study assesses the benefits of using social media and considers the potential limitations of this medium.

Threshold concepts in property education : a case study

First year Property Economics students enrolled in the Bachelor of Urban Development at QUT are required to undertake a number of compulsory subjects, alongside students undertaking studies in other disciplines. One such common unit is ‘Stewardship of Land’, an interdisciplinary unit that introduces students to the characteristics of land and land tenure with a focus on land use and property rights. It covers a range of issues including: native title, land contamination, heritage values, alternative uses, the property development process, impact of environmental and social factors, and the management of land, both urban and regional. Teaching such a diverse content to a diverse audience has in previous years proved difficult, from the perspectives of relevance, engagement and content overload. In 2011 a project was undertake to redevelop this unit to reflect ‘threshold concepts’, concepts that are “transformative, probably irreversible, integrative, often troublesome and probably bounded” (Meyer & Land, 2003) . This project involved the development of a new set of underlying concepts students should draw from the unit, application of these to the unit curriculum, and a survey of the student response to these changes. This paper reports on the threshold concepts developed for this unit, the changes this made to the unit curriculum, and a preliminary report on survey responses. Recommendations for other educators seeking to incorporate threshold concepts into their curricula are provided.

Retirement villages : time for a change?

In retirement, many Australians relocate to a less onerous form of home occupation. Some downsize their house, or move to a strata title complex. Others, attracted by lifestyle perceptions, move into a retirement village. However, research shows Retirement Village documentation is complex and more analogous to commercial leasing than home ownership. The most recent government review by New South Wales, confirms the need for change. This paper identifies the current retirement village tenure models generally available in Australia. By comparing the various State/Territory systems the authors draw conclusions regarding the adoption of standardised documentation and uniform Australian Retirement Village legislation.

Thin-film elemental analyses for precise characterization of minerals

The Analytical Electron Microscope (AEM), with which secondary X-ray emission from a thin (<150nm), electron-transparent material is measured, has rapidly become a versatile instrument for qualitative and quantitative elemental analyses of many materials, including minerals. With due regard for sources of error in experimental procedures, it is possible to obtain high spatial resolution (~20nm diameter) and precise elemental analyses (~3% to 5% relative) from many silicate minerals. In addition, by utilizing the orientational dependence of X-ray emission for certain multi-substituted crystal structures, site occupancies for individual elements within a unit cell can be determined though with lower spatial resolution. The relative ease with which many of these compositional data may be obtained depends in part on the nature of the sample, but, in general, is comparable to other solid state analytical techniques such as X-ray diffraction and electron microprobe analysis. However, the improvement in spatial resolution obtained with the AEM (up to two orders of magnitude in analysis diameter) significantly enhances interpretation of fine-grained assemblages in many terrestrial or extraterrestrial rocks.

Assessment of the application of contingent valuation theory to bio-sequestered carbon

The issue of carbon sequestration rights has become topical following the United Nations Convention on Climate Change (United Nations 1992 at page 1414) and the subsequent Kyoto Protocol (United Nations Climate Change Secretariat 1998) which identified emissions trading as one of the mechanisms to reduce greenhouse gas emissions. Australian states have responded by creating a legal framework for the recognition of rights to bio-sequestered carbon. There is a lack of uniformity in the approach of each state to the recognition of these rights, which vary from the creation of new and novel interests in land to the adoption of more traditional rights such as a profit a prendre. Rights to bio-sequestered carbon are likely to have an impact on the utility, marketability, value and financing of rural land holdings. Despite the creation of the legal framework for recognition of rights to sequestrated carbon, there has been a delay in the introduction of a formalised carbon trading scheme in Australia. In the absence of an established carbon market, this paper addresses the applicability of contingent valuation theory to assess the value of bio-sequestered carbon rights to a rural land holder. Limitations and potential controversies associated with this application of contingent valuation theory are also addressed in this paper.

Integrated genomic characterization of endometrial carcinoma

We performed an integrated genomic, transcriptomic and proteomic characterization of 373 endometrial carcinomas using array- and sequencing-based technologies. Uterine serous tumours and ∼25% of high-grade endometrioid tumours had extensive copy number alterations, few DNA methylation changes, low oestrogen receptor/progesterone receptor levels, and frequent TP53 mutations. Most endometrioid tumours had few copy number alterations or TP53 mutations, but frequent mutations in PTEN, CTNNB1, PIK3CA, ARID1A and KRAS and novel mutations in the SWI/SNF chromatin remodelling complex gene ARID5B. A subset of endometrioid tumours that we identified had a markedly increased transversion mutation frequency and newly identified hotspot mutations in POLE. Our results classified endometrial cancers into four categories: POLE ultramutated, microsatellite instability hypermutated, copy-number low, and copy-number high. Uterine serous carcinomas share genomic features with ovarian serous and basal-like breast carcinomas. We demonstrated that the genomic features of endometrial carcinomas permit a reclassification that may affect post-surgical adjuvant treatment for women with aggressive tumours.

Assessing the long term viability of leasehold rural land in Queensland

Rural land holdings in a number of states in Australia can be freehold or leasehold. The actual type and tenure of the leasehold varies according to each state, but the underlying principles of ownership, transferability and farming and grazing rights are reasonably similar. There are rural areas that are all leasehold title such as the western lands in NSW, while rural land in some states and areas can be a mix of both freehold and lease hold rural property. Over the years many rural farming areas that were originally developed or granted as leasehold land have been converted to freehold title. In many instances the cost of purchasing perpetual leasehold property is similar to the equivalent freehold property despite the fact that an additional rental charge is applied to this form of ownership. Many of the current leasehold rural holdings are located in the more arid regions of the state and the prevailing agricultural farming system is either cattle or sheep grazing.

Australia's mining interests within Nigeria and Libya : policies, corruption and conflict

Crude petroleum remains the single most imported commodity into Australia and is sourced from a number of countries around the world (Department of Foreign Affairs and Trade (DFAT), 2011a). While interest in crude petroleum is widespread, in recent years Australia's focus has been drawn to the continent of Africa, where increased political stability, economic recovery and an improved investment climate has made one of the largest oil reserves in the world increasingly more attractive. Despite improvement across the continent, there remain a number of risks which have the potential to significantly damage Australia's economic interests in the petroleum sector,including government policies and legislation, corruption and conflict. The longest exporters of crude petroleum products to Australia – Nigeria and Libya – have been subject to these factors in recent years and, accordingly, are the focus of this paper. Once identified, the impact of political instability, conflict, government corruption and other risk factors to Australia's mining interests within these countries is examined, and efforts to manage such risks are discussed.