Understanding property cycles in a residential market

Purpose – This paper aims to review property cycle theory and the relevance of the larger body of knowledge about cycles with reference to the housing market. It also aims to highlight the lack of research into property cycles in the residential sector on a suburb or smaller region basis, as well as the potential for increased knowledge about cycles to assist to avoid housing stress.

Design/methodology/approach – The paper conducts a literature review of previous cycle research and encourages the use of cycle theory. It discusses the established body of knowledge about business cycles and the office market sector, as well as investigating levels of housing affordability and how detailed knowledge about property cycles can assist to decrease housing affordability in residential areas, which will eventually experience a downturn.

Findings – It is argued that an increased level of certainty about cycle behaviour in particular suburbs will give households a higher level of confidence when considering whether and when to enter the market. Property cycle research has the potential to assist low-income homeowners to better understand the characteristics of cycles and associated risks in each residential.

Research limitations/implications – This is a conceptual paper and has conducted a review of cycle research and housing affordability in certain countries. Some areas or countries may be affected to varying degrees by property cycles and levels of housing affordability.

Practical implications – In extended periods of high volatility it is argued that a better understanding of housing cycles will allow more homeowners to avoid negative equity and the stress associated with repossessions. Property cycles are unavoidable although there is typically relatively little information available in the open market about the timing and amplitude of cycles in individual areas.

Originality/value – This paper is unique as it highlights the potential for property cycles to be used to avoid housing stress in the residential market. Traditionally cycle research is used to increase returns and avoid downturns in the office and/or business sectors.

Carbon rights as new property: the benefits of statutory verification

This paper examines the different ways in which carbon rights have been verified as property interests. A carbon right is a new and unique form of land interest that confers upon the holder a right to the incorporeal benefit of carbon sequestration on a piece of forested land. Carbon sequestration refers to the absorption from the atmosphere of carbon dioxide by vegetation and soils and the storage of carbon in vegetation and soils. Innovative legislation has been introduced in each state seeking to separate the incorporeal benefit of carbon sequestration from the natural rights flowing from land ownership. The fragmentation of land ownership in this way is a constituent of broader climate change strategies and is particularly important for an Australian emissions trading scheme where carbon rights will acquire value as tradable offsets. This paper will explore the different legislative responses of each state to the proprietary characterisation of the carbon right as a land interest. It will argue that verifying the carbon right as a new statutory property interest, in line with the approach set out in the Carbon Rights Act 2003 (WA), is preferable to aligning it with preconceived categories of common law servitude. By articulating the  carbon right as a new form of statutory interest, unique in status and form, its sui generis character is more accurately reflected. Further, statutory validation of the carbon right as a new land interest is more efficient as legislative rules are more visible and therefore come to the attention of other market participants more quickly and at a lower cost without the burden and complexity associated with expressing the right through the prism of pre-conceived and non-responsive common law forms.

Effect of bake-hardening on the structure-property relationship of multiphase steels for the automotive industry

The effect of a bake-hardening (BH) treatment on the microstructure and mechanical properties has been studied in C-Mn-Si TRansformation Induced Plasticity (TRIP) and Dual Phase (DP) steels after: (i) thermomechanical processing (TMP) and (ii) intercritical annealing (IA). The steels were characterized using X-ray diffraction, transmission electron microscopy (TEM) and three-dimensional atom probe tomography (APT). All steels showed high BH response. however, the DP and trip steels after IA/BH showed the appearance of upper and lower yield points, while the stress-strain behavior of the trip steel after TMP/BH was still continuous. This was due to the higher volume fraction of bainite and more stable retained austenite in the TMP/BH steel, the formation of plastic deformation zones with high dislocation density around the "as-quenched” martensite and “TRIP” martensite in the IA/BH DP steel and IA/BH TRIP steel, respectively.

The philosophical notion of property

This thesis reveals the Being of man through the conditions which man creates for his own existence as the result of his level of apprehension of himself embodied in the social structure of society.

Structure-property relationships of nylon 6, MXD6, their blends and nanocomposites

This research project aimed to develop an understanding of the structure-property relationships of nanocomposite materials (injection moulded and fibres) based on nylon 6, MXD6 and their blends, with a layered silicate in combination with polyhedral oligomeric silsesquioxane nanoparticles and SEBS rubber particles.

Developing reflexive capability for successful joint ventures between Australian and Malaysian property and construction professionals

Increasingly Malaysian property and construction firms are seeking to work internationally. Firms enter international markets through various strategies and typically property and construction professionals rely on developing various forms of cooperative and collaborative arrangements. The common modes of entry include international alliances, project joint ventures, partnerships, company joint ventures and large consortiums; which arise as a response to clients seeking expressions of interests from the international community or the firms seeking to internationalise approaching clients and/or potential host country partners. Increasingly project teams on international mega projects are composed of multiple key partners from different countries coming together to achieve a higher level of strategic flexibility. Establishing and maintaining local connections and business networks are therefore critical to ensure the success of exporting firms. This paper reports the findings of a project which explores factors affecting the performance of Malaysian property and construction professionals working internationally through effective joint ventures. The project seeks to develop a performance measurement framework to examine the extent to which Malaysian firms are developing sustainable business models internationally which adapt and respond to changing conditions. A generic framework was initially developed prior to this study through a grounded theory approach merging theory from internationalisation, design management and market knowledge literature followed by a case study empirical investigation and then further literature review based upon the themes which emerged from the case study analysis. A reflexive capability model for firms in managing both economic and non-economic capital; including social, cultural and intellectual capital was developed. This project seeks to build upon the reflexive model by adapting it to the unique contexts related to the specific geographic localities of exporting Malaysian firms. Specifically, the project explores the extent to which the performance measurement framework can be used to map capabilities Malaysian construction firms have and Which they need to develop in relation to developing and maintaining international collaborative partnerships. The preliminary results of one case study Malaysian architectural firm are discussed.

Effect of structure-property relationships on fatigue failure in natural fibres

The fatigue behaviour of natural fibres is important for fibre processing efficiency as well as the properties and performance of products made from these fibres. This chapter presents some fibre fatigue results obtained from various experimental methods and testing conditions. It demonstrates that many factors, including fibre structure and chemical treatments, affect the fatigue failure in natural fibres. Examples of controlling fibre fatigue life for different purposes are also presented. Knowledge of the fatigue behaviour of natural fibres will help product design and care.

The role of entrepreneurship education in the commercialization of intellectual property at Canadian universities

In this research paper, we explore the relationship between the commercialization of intellectual property created within Canadian universities and academic entrepreneurship education programs. The steady growth and importance of both these activities over the last twenty years highlights the value of empirically examining the linkages that may exist between them. This paper will endeavor to add to the limited research in these areas and provide both empirical evidence and theoretical support to improve definition and distinction of the roles of these two seemingly interrelated activities. The data tested suggest that the main driver of commercialization intensity is derived from the creation of an environment rich in IP. However, further study is required to enhance understanding. In particular, we need to know more about the impact that the development of entrepreneurial capacity within an institution may have upon the spin-out process.

Structure-property relationships in plasticized solid polymer electrolytes

The addition of various kinds of plasticizers can enhance the conductivity of polymer electrolyte systems, in some cases by many orders of magnitude. The plasticizer may be a low molecular weight solvent, or be a low molecular weight polymer. As the plasticizer concentration increases there is an inevitable deterioration in material properties. In this work we have investigated the effect of plasticizer on the conductivity, thermal properties and matrial properties of a number of systems including urethane cross-linked polyethers and polyacrylates. In some of the systems, in particular the polyether electrolytes, the plasticizer acts to enhance conduction by acting as a cosolvent for the salt as well as increasing chain flexibility. Its efficacy is dependent on its structure and characteristics as a solvent. Although T_g is lowered in a close to linear fashion with increasing plasticizer content and thereby conductivity increased rapidly, the elastic modulus changes more slowly. This reflects the coupling of conduction to the local mobility of the molecular units of the combined solvent system and the relative decoupling of the mobility and glass transition from the material properties. In these systems the latter are a function mainly of the longer range structure of the polymer network. The changes in conductivity and materials properties are interpreted in terms of a configurational entropy model of the solution.