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Objectives: GrandSchools is a new concept which co-locates retirement villages with secondary schools in the one physical environment. Designed to enhance the health and wellbeing of both younger and older generations, this intergenerational shared campus model promotes intergenerational inclusivity and active learning and living . In this paper, we explore stakeholder experts’ perceptions of current opportunities and impediments of this proposed intergenerational learning and living model. Methods: A qualitative study reporting on findings from an industry seminar (n=50) and key interviews (n=10) from stakeholders in education, health, higher education, the management, and operation of retirement villages, and design firms. Results: Three key themes summarised participants’ assessment of the value, risks, and what needs to change for intergenerational living and learning to become a reality. Conclusion: By bringing younger and older generations together in one shared campus location, GrandSchools is a novel idea to promote intergenerational inclusivity, enhancing the health and wellbeing of our whole community.

The paper examined productivity changes for the Malaysian Real Estate Investment Trust (M-REITs) using a non-parametric approach of Malmquist Productivity Index (MPI) of Data Envelopment Analysis (MPI-DEA). Data was attained from M-REIT annual reports, Thomson Reuters Datastream and Osiris via Bureau Van Dijk for 2007-2015. The non-parametric approach of MPI-DEA examined the Total Factor Productivity Change (TFPCH), Technological Change (TECHCH), Efficiency Change (EFFCH), Pure Technical Efficiency Change (PEFFCH) and Scale Efficiency Change (SECH) indices. On average, the M-REIT industry has faced 14.91% of productivity regress during 2007-2015 period, comprising 49.90% of efficiency increase and 33.40% technological regress. The decomposition of the productivity change index suggests that Malaysian REIT productivity changes were mainly due to efficiency change rather than technological change. These findings could help M-REIT managers to formulate ways to enhance their REIT productivity. The findings are also applicable to similar Shariah compliant real estate investment or socially responsible investment.

This submission primarily is directed to proposed amendments to the Residential Tenancies and Rooming Accommodation Act 2008; and the Retirement Village Act 1999. First, however, as the proposed changes will have significant impact for all Queenslanders, it is important that an appropriate policy development process be engaged in. In this context, while noting the consultations that have already taken place, most recently earlier this year, the process followed in seeking feedback to the Bill is of concern. Specifically that: the email was sent to stakeholders at 5:03 pm on Friday 11 August; it is a very short period within which t o make submissions; the Explanatory Memorandum was not available at the same time or for some time afterwards (despite being introduced on 10 August at 3:19 pm); and the proposed regulation s and forms still are not available, is not indicative of an appropriate policy development process nor encouraging of the outputs...

Globally, the market for Shariah-compliant products and services has expanded in recent years. Malaysia, Saudi Arabia and Luxembourg are now considered global Islamic capital market hubs. Islamic capital market products and instruments include the Islamic Equity Market in which the Islamic Real Estate Investment Trusts (REIT) are included. The purpose of this paper is to examine the performance measurement methods adopted by Malaysian REIT (M-REIT) managers, particularly those engaged in Shariah -Compliant REIT management. The existing performance measurement methods for conventional and Islamic REITs were identified through an extensive review of the current academic literature. Using semi structured interviews with senior Malaysian REIT managers, including the Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Chief Investment Officer and senior executives, this paper examines various methods and instruments used to measure REIT performance from the management perspective. Based on the semi-structured interviews, the distribution yield was identified as the most significant performance measure and is used as a benchmark by M-REIT managers to enhance REIT performance. Greater transparency in this decision-making strategy may lead to an increase in the efficiency level and better performance to capture greater investor confidence in this promising investment sector.

Problem/Purpose - Any increase in airport operations or development, combined with increased flight movements, tends to be an issue in major cities and towns. Whenever such proposals are first advertised there is usually a very strong public backlash based on the premise that they believe that the value of their residential properties will decrease and it will become more difficult to sell their properties. Design/methodology/approach - The paper provides a full analysis of residential property sales transactions that have occurred over the period 1988 to 2013, across a range of Brisbane suburbs subject to varying levels of aircraft noise complaints. These sales have bene analysed on the basis of suburb location under existing flight paths, as well as suburbs that will be subject to flight paths when the new Brisbane Airport parallel runway commences operations and suburbs that have no exposure to aircraft noise. Findings - Over the past 27 years the capital return for Residential property across Brisbane has been determined by a range of factors, with socio-economic status of the suburb having the greatest impact on the investment performance. When suburbs with significant exposure to aircraft noise and aircraft noise complaints are isolated there is minimal if any decrease in property capital returns or median house prices compared to non-affected suburbs. Even those suburbs closest to the airport and directly under existing flight paths had similar growth in residential house prices compared to similar socio-economic locations indicating that factors such as location to the Brisbane CBD, schools, services and recreation facilities have a greater impact on house values than aircraft noise. Research limitations/implications - This study only looks at residential property markets on a suburb basis and this includes streets that are directly under flight paths and those streets that are adjoining and not impacted to the same extent. Furthe

The market for Sharia-compliant products and services have significantly increased and evolved over the past years with Malaysia, Saudi Arabia and Luxembourg becoming the Islamic capital market hubs. Among the Islamic capital market products and instruments include the Islamic Equity Market in which Islamic Real Estate Investment Trusts (REIT) has been introduced. The purpose of this paper is to explore various performance measurement methods used by Malaysian REIT (M-REIT) managers particularly the Sharia-Compliant REITs. The study commence with an extensive literature review which identified the performance measurement methods for conventional vis-à-vis Islamic REITs. Subsequently followed with a qualitative research method comprising a field survey by way of intensive interview adopting a semi-structured interview format with the Malaysian REIT managers particularly the Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Chief Investment Officer and senior executives. The paper examines various methods and instrument to measure REIT performance from the management perspective. Based on the semi-structured interview, the distribution yield or the distribution per unit (DPU) growth has been identified as the significance performance measure and used as a benchmark by M-REIT managers to enhance REIT performance. The authors will extend this research in the aspect of management and operation and undertake future research in identifying the key determinants of the best practice for each M-REIT particularly the Sharia-Compliant REITs. Greater transparency in the decision-making strategy may lead to an increase in the efficiency level and better performance to capture greater investor confidence in this promising investment sector.

This thesis uses semi-structured interviews and documentary analysis to explore the impact of carbon sequestration rights on rural land in Queensland and to determine whether current rural valuation knowledge and practice is equipped to deal with these rights. The carbon right in Queensland is complex and subject to significant individual variation. The nature and form of this right will determine whether it has a positive or negative impact on Queensland rural land. Significant gaps in the knowledge of industry stakeholders, including rural valuers, concerning carbon rights were found, and recommendations for valuation practice were made.

With the increased need for transport options and the pressures for residential housing requirements, more residential property sectors are becoming subject to transport noise. Increasing road, railway and aircraft noise is affecting a greater number of residents in major cities and towns. Previous Hedonic Price Model studies have shown a link between transport noise and residential property prices but these studies are often contradicted by buyer and seller behavior in these markets. This paper will review a range of residential property research studies focusing on aircraft transport orientated noise and in the next stage of this research project will compare these studies to the anecdotal results from print and electronic media on the same issue. These results will show if there is a long term relationship between house prices in these locations and transport noise or if these negative value drivers are offset by other positive locational factors such as distance to employment, location to schools and services, and the location to recreational facilities.

This paper outlines the initial results from a pilot study into the educational use of the board game Monopoly City™ in a first year property economics unit. This game play was introduced as a fun and interactive way of achieving a number of desired outcomes including: enhanced engagement of first year students; introduction of foundational threshold concepts in property education; introduction of problem solving and critical analysis skills; early acculturation of property students to enhance student retention; and early team building within the Property Economics cohort, all in an engaging and entertaining way. Preliminary results in this research project are encouraging. The students participating in this initial cycle have demonstrated explicit linkages between their Monopoly City™ experiences and foundation urban economic and valuation theories. Students are also recognising the role strategy and chance play in the property sector. However, linking Monopoly City™ activities to assessment has proved important in student attendance and hence engagement.

The Australian Qualifications Framework (AQF) requires every course in Australia to be reviewed and compliant by 2015. This paper compares the difference between AQF level 7 and level 8 and outlines the paradigm shift in course development, improvement and quality assurance. The AQF requires an outcome oriented process which influences the development, monitoring and implementation of AQF courses. Firstly the graduate profile is defined to underscore the direction of the property course development. Required graduate attributes are then defined, together with course learning outcomes. Each unit/subject assessment is then designed to reflect the desired learning outcomes, and then finally the unit/subject content is backfilled. This reverse engineered process will ensure that all students have been taught and assessed on the graduate attributes which will form the graduate profile. Therefore, monitoring the inclusion of learning outcomes on unit/subject level during course restructure and development is crucial to achieve the course learning outcomes. This paper recommends that further evaluation needs to be conducted in the course development phases by involving professional accreditation bodies, industry representatives, students and recent graduates in this course development process. It also discusses challenges for developing an undergraduate property course.

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.

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.

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.

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.

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.

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.

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.

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.

The issue of carbon sequestration rights has become topical following the United Nations Convention on Climate Change and the subsequent Kyoto Protocol which identified emissions trading as one of the mechanisms to reduce greenhouse gas emissions. The Australian Government has responded by initiating the Garnaut Climate Change Review which in its final report, proposed that an emissions trading scheme be introduced and set out some of the desirable features of such a trading scheme. This proposal has been the subject of much debate and at this stage there still seems to be little clarity surrounding the topic of emissions trading in Australia. The treatment of rights to carbon sequestered in vegetation is also an issue when reconciled with the system of land tenure and ownership in many jurisdictions. These carbon property rights are treated differently in different Australian and international jurisdictions ranging from recognition of their new and unique nature to fitting them within a more established common law framework, e.g.a profit a prendre. This paper identifies the treatment of these sequestered carbon rights within the wider property rights framework in Australia and considers issues that this treatment may inflict on land holders when there is a fracturing of ownership between the rights of the carbon in vegetation and the ownership of the land.

Historically there has been a correlation between the economic cycles and litigation in the area of professional negligence relating to valuers. Negligence actions have principally been instigated by financiers for valuations prepared during more buoyant economic times but where there has been a subsequent loss due to a reduction in property value. More specifically during periods of economic downturn such as 1982 to 1983 and 1990 to 1998 there has been an increased focus by academic writers on professional negligence as it relates to property valuers. Based on historical trends it is anticipated that the end of an extended period of economic prosperity such as has been experienced in Australia, will once again be marked by an increase in litigation against valuers for professional negligence. 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 (“the IPP Report”), in particular the introduction of Civil Liability Acts introducing proportionate liability provisions. This paper looks at valuers’ liability for professional negligence in the context of statutory reforms in Queensland and recent case law to determine the most significant impacts of recent statutory reform on property valuers.

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.

Throughout Australia freehold land interests are protected by statutory schemes which grant indefeasibility of title to registered interests. Queensland freehold land interests are protected by Torrens system established by the Land Title Act 1994. However, no such protection exists for Crown land interests. The extent of Queensland occupied under some form of Crown tenure, in excess of 70%, means that Queensland Crown land users are disadvantaged when compared to freehold land users. This article examines the role indefeasibility of title has in protecting interests in Crown land. A comparative analysis is undertaken between Queensland and New South Wales land management frameworks to determine whether interests in crown land are adequately protected in Queensland.