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Real estate is one of the largest and most complex markets globally. Dynamic consumer behaviour, such as that which results in the rapid rate of urbanisation, has caused these complexities, and thus, understanding and predicting these market behavioural patterns has become a challenge. As a result, many countries have failed to develop adequate policies to mitigate the risk of market uncertainties and abnormal behaviours that result in issues such as the affordable housing crisis. However, many global institutions still struggle to understand the real estate market using only the currently available tools; thus, many researchers are now testing more innovative cutting-edge technologies to help manage this complex market. Therefore, this research explores how machine learning (ML) and artificial intelligence (AI) can produce relatively valuable and accurate insights into the problems of the market compared to the traditional methods of understanding the complex housing market in Australia. Just as many other industries are now deploying AI and ML in decision-making processes, the real estate industry is also embracing ML to improve the efficiency and effectiveness of many processes. Further, the inability of traditional analytical methodologies to deliver better insights into the ever-growing complexity of the housing markets has encouraged AI and ML to do the job. The development of big data technologies and the availability of massive data pools have enabled AI and ML to solve complicated problems while producing more accurate results. Thus, this research productively addresses the complexity of the Australian housing market using AI and ML and helps decision-makers manage associated issues. The research consists of three studies: the first focuses on overall Australia, and the other two focus on Queensland, Australia. [...], Thesis (PhD Doctorate), Doctor of Philosophy (PhD), Dept Account,Finance & Econ, Griffith Business School, Full Text

The importance of infrastructure to society cannot be over emphasised because it is needed by individuals, communities, and societies. For instance, communities cannot be classified as developed in the absence of infrastructure development. In real estate parlance, the provision of infrastructure is a necessary condition for residential (housing) growth and development. Conversely, there can be no infrastructure planning without incorporating the residential needs of the population. Adequate provision of infrastructure in the form of roads, bridges, energy, electricity, and utilities contributes to the quality of life or the improvement in the welfare of the residential population. Additionally, it is expected that when infrastructure is provided, there will be cash inflow or revenue to cover the cost of the infrastructure. This latter argument is important for the private sector’s involvement in major infrastructure, such as toll roads. Against this backdrop, infrastructure has the twin benefits of social welfare and profit generation. In this thesis, the values of infrastructure and housing in Australia are examined. These two assets have been considered in this study due to the argument that infrastructure and housing are complementary, and they may also belong to the same asset class under the following conditions: (1) Infrastructure and housing share common attributes (2) The investment outlay of the housing project is huge. (3) For residential (housing) development to take place, infrastructure development is always incorporated. This is because, residents need roads, bridges, among others for a better quality of life. The thesis argues that the value of an asset depends on the accuracy of the valuation method and other existing factors. The valuation method could be traditional or innovative, whereas the existing factors may be internal (inherent) such as the attributes of the asset or external such as a major sporting event. In this thesis, three studies hav, Thesis (PhD Doctorate), Doctor of Philosophy (PhD), Dept Account,Finance & Econ, Griffith Business School, Full Text

This thesis establishes new insights into providing and financing of Australia’s social and affordable housing infrastructure within a public-private partnership (PPP) model. Social housing is considered an important piece of a broader housing continuum and is recognized as a type of social infrastructure (Infrastructure Australia, 2019). Social housing contributes to the effective functioning of society. Troy (2012) conceptualizes social housing as an essential infrastructure that enables economic productivity. From the perspective of affordable housing as an infrastructure asset, this research presents the outcomes to develop a new investment pathway via a PPP model highly used in procuring and financing infrastructure assets. In Australia, changing attitudes toward the role of government and housing policy have meant that funding and other support for the housing system have steadily decreased over the past decade. The shift of responsibility from federal to state governments has increased the importance of cross-sectoral partnerships and networks as vital institutional mechanisms. This responsibility shift points to the need to understand partnership arrangements to design and deliver housing and urban policy. Further, Australia’s social housing reform promoting a multi-providers system has been characterised by contracts with community housing providers (CHPs). The multi-providers system guides the need for designing an investment incentive for CHPs to operate efficiently and leverage private finance. Lastly, an increasing housing policy imperative is identifying effective new ways of financing and delivering additional social and affordable housing infrastructure. Additionally, the establishment of the National Housing Finance and Investment Corporation aims to provide long-term and low-cost finance to registered CHPs. Registered CHPs can also access two sources of funding: state government subsidies and Commonwealth Rent Assistance. The shift in funding and f, Thesis (PhD Doctorate), Doctor of Philosophy (PhD), Dept Account,Finance & Econ, Griffith Business School, Full Text

The dream of owning a home in Australia is far out of reach for many people. Australia needs more private investments to meet the estimated affordable housing demand as the conventional funding sources like bank loans become further restricted. Responsible investment is an emerging potential source of finance for the affordable housing sector. However, the shortage of information on the risks, returns, and impact evidence regarding the affordable housing submarket and the lack of dedicated investment models, make it difficult to attract investors to promote much needed affordable homeownership opportunities in Australia. Therefore, the overriding objectives of this thesis are to reduce the information gap of investors relating to the affordable housing submarkets, and to examine innovative financial models that connect investors with the affordable housing sector in Australia. The underlining hypothesis of this thesis is that the residential housing market in Australia has attributes that are attractive to responsible investors. With these objectives and hypothesis, the thesis examined the following overarching research questions (RQ) under three interrelated studies. RQ1: Why are there differences in risks and returns of residential housing assets in different price cohorts and regions? RQ2: What are the significant characteristics of the affordable housing markets in Australia that are attractive to responsible investors? RQ3: Is shared equity homeownership a viable mechanism to increase the homeownership rate among young and low-income people? Three empirical studies were conducted under each research question., Thesis (PhD Doctorate), Doctor of Philosophy (PhD), Dept Account,Finance & Econ, Griffith Business School, Full Text