Andrea Sharam and Lyndall Bryant
Digital disruption offers an innovative opportunity to address housing affordability issues through the use of market design theory and two-sided matching markets. The purpose of…
Abstract
Purpose
Digital disruption offers an innovative opportunity to address housing affordability issues through the use of market design theory and two-sided matching markets. The purpose of this paper is to scope a model for how “uberisation” can revolutionise the traditional apartment delivery model in Australia, leading to improved housing affordability.
Design/methodology/approach
This paper uses semi-structured interviews with operators of online real estate platforms and deliberative developers to examine how the principles of “uberisation”, that is two-sided matching markets, are driving innovation in the apartment supply process.
Findings
Findings confirm that real estate internet platforms and deliberative developers innovators are informed by the benefits of aggregating demand to reduce development risk, thus enabling apartments to be provided at a substantially lower price than by traditional methods.
Research limitations/implications
The number of interviews is small reflecting the limited number of market actors currently engaged in the innovations investigated.
Originality/value
This research is innovative as it introduces theoretical understandings gained from market design theory and applies those concepts to disrupt the apartment development process.
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Andrea Sharam, Lyndall Elaine Bryant and Thomas Alves
The purpose of this paper is to identify the financial barriers to the supply of affordable apartments in Australia and examine whether demand aggregation and “deliberative…
Abstract
Purpose
The purpose of this paper is to identify the financial barriers to the supply of affordable apartments in Australia and examine whether demand aggregation and “deliberative development” (self-build) can form a new affordable housing “structure of provision”.
Design/methodology/approach
Market design, an offshoot of game theory, is used to analyse the existing apartment development model, with “deliberative development” proposed as an innovative alternative. Semi-structured interviews with residential development financiers are used to evaluate whether deliberative development could obtain the requisite development finance.
Findings
This investigation into the financial barriers of a deliberative development model suggests that, while there are hurdles, these can be addressed if key risks in the exchange process can be mitigated. Hence, affordability can be enhanced by “deliberative development” replacing the existing speculative development model.
Research limitations/implications
Market design is a new innovative theoretical approach to understand the supply of housing, offering practical solutions to affordable apartment supply in Australia.
Originality/value
This research identifies financial barriers to the supply of affordable apartments; introduces theoretical understandings gained from market design as an innovative solution; and provides evidence that a new structure of building provision based on “deliberative development” could become a key means of achieving more affordable and better designed apartments.
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The purpose of this paper is to identify changes in bank lending criteria due to the global financial crisis (GFC) and to explore the associated impacts on new housing supply in…
Abstract
Purpose
The purpose of this paper is to identify changes in bank lending criteria due to the global financial crisis (GFC) and to explore the associated impacts on new housing supply in Queensland, Australia.
Design/methodology/approach
This research involves a survey of each of Australia's big four banks, as well as two prominent arrangers of development finance. Data on key lending criteria were collected: pre GFC, during the GFC, and GFC recovery stage.
Findings
The GFC has resulted in a retraction of funds available for residential development. The few institutions lending are filtering out only the best credit risks by way of constrictive loan covenants including: low loan to value ratios, high cash equity requirements, regional “no go” zones, and demonstrated borrower track record. The ability of developers to proceed with new housing developments is being constrained by their inability to obtain sufficient finance.
Research limitations/implications
This research uses survey data, together with an understanding of the project finance process to extrapolate impacts on the residential development industry across Queensland. No regional or sub‐market analysis is included. Future research will include subsequent surveys to track any loosening of credit policies over time and sub‐market sector analysis.
Practical implications
The inability to obtain project finance is identified as a key constraint to new housing supply. This research will inform policy makers and provide important quantitative evidence of the importance of availability of development finance in the housing supply chain.
Originality/value
There is very little academic research on development funding. This research is unique in linking bank lending criteria to new housing supply and demonstrating the impact on the development industry.
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Sustainability Declarations were introduced by the Queensland State Government on 1 January 2010 as a mandatory disclosure measure for all dwelling sales in the State. The purpose…
Abstract
Purpose
Sustainability Declarations were introduced by the Queensland State Government on 1 January 2010 as a mandatory disclosure measure for all dwelling sales in the State. The purpose of this paper is to assess the impact this policy decision has had in the homebuyer decision‐making process in the first year since its introduction and to consider the effectiveness of the legislation in meeting its policy objectives.
Design/methodology/approach
This quantitative research comprised a two‐part process: the first stage surveyed the level of compliance by the real estate industry with the legislative requirements. Stage two comprised an online survey of Real Estate Institute of Queensland members to determine what impact the Sustainability Declaration has had on home buyer decision making and how effective the legislative mechanisms have been in achieving the policy objectives.
Findings
This paper assesses the initial impact of this initiative over its first year in operation. These preliminary findings indicate a high level of compliance from the real estate industry, however results confirm that sustainability is yet to become a criterion of relevance to the majority of homebuyers in Queensland.
Practical implications
These quantitative findings support anecdotal evidence that the objectives of the legislation to increase homebuyer awareness and relevance of sustainability issues in the home are not being achieved.
Social implications
Sustainability Declarations are a first step in raising homebuyer awareness of the importance of sustainability in housing. Further monitoring of this impact will be carried out over time.
Originality/value
This is the first research undertaken to assess the impact of this new mandatory disclosure legislation in Queensland, Australia. The findings will inform policy makers and assist them to assess the effectiveness of the current legislation in achieving its policy objectives.
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Andrea Sharam, Ian McShane, Lyndall Bryant and Ashton De Silva
The purpose of this paper is to examine the barriers to the re-purposing of under-utilised real property assets owned by Australian not-for-profit (“NFP”) organisations for…
Abstract
Purpose
The purpose of this paper is to examine the barriers to the re-purposing of under-utilised real property assets owned by Australian not-for-profit (“NFP”) organisations for affordable housing provision.
Design/methodology/approach
Exploratory research was undertaken with five diverse (non-housing) NFP organisations.
Findings
The research indicates that NFP organisations who are not principally engaged in housing provision, but hold surplus or under-utilised land and property assets, may be willing partners in affordable housing provision. However a range of institutional and structural barriers would need to be overcome for housing developments to occur on under-utilised NFP organisations land holdings.
Research limitations/implications
The small scale of the study limits generalisation from the research findings. However, the findings point to an opportunity for innovation in housing land supply that warrants larger scale research.
Practical implications
This research provides evidence that a source of well-located land is potentially available for future affordable housing provision, but that NFP organisations would require skills and financial resourcing in order to make their land available for this purpose.
Social implications
Well-located land is a major cost input for the provision of affordable housing, and the re-purposing of NFP organisations land or assets for affordable housing could make a significant contribution to the stock of social housing.
Originality/value
There has been no research on how NFP organisations view opportunities to repurpose their land for affordable housing despite this sector being actively encouraged to do so. This paper reports the first Australian study of dispositions and barriers to the re-use NFP organisations land assets.
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Abstract
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Lyndal Hickey, Louise Harms and Lauren Kosta
This paper examines the empirical research on police reassurance following a collective trauma event (CTE).
Abstract
Purpose
This paper examines the empirical research on police reassurance following a collective trauma event (CTE).
Design/methodology/approach
Using a scoping review methodology, this paper sought to establish the extent, range and nature of published literature on policing responses to collective traumatic events, and to identify key features of this form of direct practice. Included papers needed to focus on police responses oeassurance with the public related to events (pre-or post) that could be regarded as collective trauma events by nature or scale. Searches were conducted using the Web of Science, SCOPUS and PsychINFO databases for literature published between January 2000 and December 2019.
Findings
Fourteen articles met the inclusion criteria. The key themes identified: (1) measuring the impact of reassurance and community policing; (2) community attitudes to policing and social disorder/critical events; (3) police workforce responses to traumatic events; and (4) interventions to support police to respond to their community.
Research limitations/implications
Future research needs to examine the elements that create a robust organisational infrastructure that can withstand the demands of policing in ordinary and extraordinary times. Fundamental to the studies in this review is the relationship between the police agencies and the community. The nature of this relationship and how it can be strengthened to ameliorate the negative impact of CTEs in communities needs further exploration.
Originality/value
This paper provides important findings that can inform future reassurance policing practice and research.
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SUITABILITY of materials and their usage can be a profitable source of investigation for the methods engineer. And an important function too, for it implies not only an…
Abstract
SUITABILITY of materials and their usage can be a profitable source of investigation for the methods engineer. And an important function too, for it implies not only an examination of the most suitable material in relation to the product to be processed, but also, methods of storage, inspection, and the economic utilisation of that material at all stages. Any of these aspects involves a major investigation if the firm is interested in discovering untapped sources of economy. It is one of the avenues not often explored by work study, but there is no valid reason why it should remain a sort of no‐man's‐land.