The impact of property title type on residential property returns

Residential property in New Zealand comprises both freestanding residential properties and medium to high density residential properties. Medium to high density residential property comprises the typical units, townhouses and semi-detached houses common in most residential property markets. However, in many of the larger cities of New Zealand the free standing residential property market has evolved into two separate markets being freehold residential property and cross lease residential property. Cross leases have developed as a form of infill housing to reduce the urban sprawl in major canters, while reducing the time and cost for residential property developers. A cross lease is created when an existing freestanding residential property subdivides a portion of the existing land for the erection of another house on the original title, basically dividing one larger residential section into two smaller residential blocks. This paper will analyse house prices in Christchurch over the period 1992 to 2006 to determine if the various housing markets have shown similar capital returns or if there is a specific preference for a particular residential property title.

Comparative assessment of characteristics influencing the industrial property markets in Sydney and Hong Kong

Industrial property is commonly located in a designated ‘industrial’ precinct. An industrial property has a specific design and a number of services to support industrial activities including manufacture, distribution and transportation. Although it has a unique characteristic, certain industrial factor might operate differently in different countries. The aim of this paper is to provide a comparison between the Sydney and Hong Kong industrial property characteristics and to highlight their similarities and differences. This exploratory research used secondary data to provide background information of government policy and market conditions. Two case studies were use to illustrate similarities, trends, differences and to explore town planning, specific property characteristics including location, design and layout. Then, analyse whether these factors influence the performance and value of an industrial asset. The location of industrial properties varies between each country and depends heavily on infrastructure. It was noted that the town planning restrictions not only vary between markets and cities but also between property lots. The market conditions of both industrial markets were investigated and the supply and demand and rental levels in both cities were distinctly opposite.

Bubble geometry and chaotic pricing behaviour

This paper is a deductive theoretical enquiry into the flow of effects from the geometry of price bubbles/busts, to price indices, to pricing behaviours of sellers and buyers, and back to price bubbles/busts. The intent of the analysis is to suggest analytical approaches to identify the presence, maturity, and/or sustainability of a price bubble. We present a pricing model to emulate market behaviour, including numeric examples and charts of the interaction of supply and demand. The model extends into dynamic market solutions myopic (single- and multi-period) backward looking rational expectations to demonstrate how buyers and sellers interact to affect supply and demand and to show how capital gain expectations can be a destabilising influence – i.e. the lagged effects of past price gains can drive the market price away from long-run market-worth. Investing based on the outputs of past price-based valuation models appear to be more of a game-of-chance than a sound investment strategy.

Approaches for calculation of holding costs in the context of greenfield residential development

There are increasing indications that the contribution of holding costs and its impact on housing affordability is very significant. Their importance and perceived high level impact can be gauged from considering the unprecedented level of attention policy makers have given them recently. This may be evidenced by the embedding of specific strategies to address burgeoning holding costs (and particularly those cost savings associated with streamlining regulatory assessment) within statutory instruments such as the Queensland Housing Affordability Strategy, and the South East Queensland Regional Plan. However, several key issues require further investigation. Firstly, the computation and methodology behind the calculation of holding costs varies widely. In fact, it is not only variable, but in some instances completely ignored. Secondly, some ambiguity exists in terms of the inclusion of various elements of holding costs and assessment of their relative contribution. Perhaps this may in part be explained by their nature: such costs are not always immediately apparent. They are not as visible as more tangible cost items associated with greenfield development such as regulatory fees, government taxes, acquisition costs, selling fees, commissions and others. Holding costs are also more difficult to evaluate since for the most part they must be ultimately assessed over time in an ever-changing environment based on their strong relationship with opportunity cost which is in turn dependant, inter alia, upon prevailing inflation and / or interest rates. This paper seeks to provide a more detailed investigation of those elements related to holding costs, and in so doing determine the size of their impact specifically on the end user. It extends research in this area clarifying the extent to which holding costs impact housing affordability. Geographical diversity indicated by the considerable variation between various planning instruments and the length of regulatory assessment periods suggests further research should adopt a case study approach in order to test the relevance of theoretical modelling conducted.

Constraints to cost effective land supply

The ready availability of suitably zoned and serviced land is one of the key factors in the timely and cost effective provision of new land for development. Unfortunately, in many high population growth areas, land that may be available does not have ready access to infrastructure, or the appropriate designation/s (zoning) in place. The corresponding lag in supply frequently bears the blame for the resultant disequilibrium in the market and affordability pressures on the end product. Government has the capacity to respond to the issue of land supply in a number of ways. Proactive measures define longer term goals and set the ground rules moving forwards. Reactive policy decisions are made in an often hostile environment where stakeholder interests conflict. With a trend to increased regulation, government risks further constraining the viability of land development in high growth areas, without full consideration of all the supply side variables. This preliminary paper will identify a number of the variables which may be constraining the supply of land for residential development in South East Queensland given the current regulatory environment. It will examine the interrelationship between these supply side constraints, a full understanding of which is required by government in order for its policies to stimulate, rather than restrict the supply of land in this high growth region.

Deployment and connectivity repair of a sensor net with a flying robot

We consider multi-robot systems that include sensor nodes and aerial or ground robots networked together. Such networks are suitable for tasks such as large-scale environmental monitoring or for command and control in emergency situations. We present a sensor network deployment method using autonomous aerial vehicles and describe in detail the algorithms used for deployment and for measuring network connectivity and provide experimental data collected from field trials. A particular focus is on determining gaps in connectivity of the deployed network and generating a plan for repair, to complete the connectivity. This project is the result of a collaboration between three robotics labs (CSIRO, USC, and Dartmouth). © Springer-Verlag Berlin/Heidelberg 2006.

Networked robots : flying robot navigation using a sensor net

This paper introduces the application of a sensor network to navigate a flying robot. We have developed distributed algorithms and efficient geographic routing techniques to incrementally guide one or more robots to points of interest based on sensor gradient fields, or along paths defined in terms of Cartesian coordinates. The robot itself is an integral part of the localization process which establishes the positions of sensors which are not known a priori. We use this system in a large-scale outdoor experiment with Mote sensors to guide an autonomous helicopter along a path encoded in the network. A simple handheld device, using this same environmental infrastructure, is used to guide humans.

Refiguring the net generation : beyond users

In place of, or alongside paradigms such as "the net generation", we suggest that the full implications of the Internet might be productively analysed using a broader framework, that of social imaginaries. First used by Cornelius Castoriadis and more recently by Charles Taylor, the social imaginary, as applied here, is the loosely co-ordinated body of significations that enable our social acts and practices by making sense of them.

Untangling the Net : The Scope of Content Caught By Mandatory Internet Filtering

The following report considers a number of key challenges the Australian Federal Government faces in designing the regulatory framework and the reach of its planned mandatory internet filter. Previous reports on the mandatory filtering scheme have concentrated on the filtering technologies, their efficacy, their cost and their likely impact on the broadband environment. This report focuses on the scope and the nature of content that is likely to be caught by the proposed filter and on identifying associated public policy implications.

Maintenance chain integration using Petri-net enabled multiagent system modeling and implementation approach

Engineering asset management (EAM) is a broad discipline and the EAM functions and processes are characterized by its distributed nature. However, engineering asset nowadays mostly relies on self-maintained experiential rule bases and periodic maintenance, which is lacking a collaborative engineering approach. This research proposes a collaborative environment integrated by a service center with domain expertise such as diagnosis, prognosis, and asset operations. The collaborative maintenance chain combines asset operation sites, service center (i.e., maintenance operation coordinator), system provider, first tier collaborators, and maintenance part suppliers. Meanwhile, to realize the automation of communication and negotiation among organizations, multiagent system (MAS) technique is applied to enhance the entire service level. During the MAS design processes, this research combines Prometheus MAS modeling approach with Petri-net modeling methodology and unified modeling language to visualize and rationalize the design processes of MAS. The major contributions of this research include developing a Petri-net enabled Prometheus MAS modeling methodology and constructing a collaborative agent-based maintenance chain framework for integrated EAM.