Real property in Australia : foundations and application / Michael J. Hefferan.

Format:

Book

Author/Creator:

Hefferan, Michael J., author.

Language:

English

Subjects (All):

Real property--Australia.

Physical Description:

1 online resource (359 pages)

Edition:

Third edition.

Place of Publication:

London ; New York, New York : Routledge, 2021.

Summary:

Real property in the form of investment, ownership and use pervades almost every aspect of daily lives and represents over 40% of Australia's wealth. Such assets do not exist in isolation - they are dynamic and forever evolving, impacted by a range of physical, economic, demographic, legal and other forces. Consequently, a true appreciation of individual assets and of the property sector as a whole demands an understanding of both the assets themselves and the context and markets in which they exist. The sector is complex and, on the face of it, confusing. It is however, not without logic and underlying themes and principles. This book provides a wider understanding of how the real property sector works. It covers topics such as the nature of real property and its functions, economic drivers, valuation principles, legal and tenure parameters, property taxation, land development and subdivision, asset and property management and sustainability - all critical components in this complex and critically important sector. It provides a wide and balanced perspective for experienced practitioners, investors, students and anyone involved in property decision-making or wishing to secure a deeper understanding of these areas. The book integrates research-based theory with practical application and first-hand insights into a sector that underpins the Australian economy, its communities and its sustainability.

Contents:

Cover

Half Title

Title Page

Copyright Page

Dedication

Table of Contents

List of Figures

List of Tables

Preface

List of Abbreviations

1 A Contemporary Approach

1.1 Introduction

1.2 The Evolution of Studies in Real Property

1.3 An Holistic Approach

1.4 An Education and Research Base

1.5 Critiquing Information

1.6 About the Numbers

2 Economic Foundations

2.1 Introduction

2.2 The Nature of Economics: Some Definitions

2.3 The Historical Development of Mainstream Economic Theories

2.4 Further Concepts in Economic Theory and Management

2.5 The Relationship Between Real Property and the Economy

3 The Financial Sector

3.1 Introduction

3.2 Defining the Financial Sector

3.3 Some History - The Development of the Financial Sector

3.4 Fundamental Concepts

3.5 The Financial Sector and Real Property

4 The Use of Land Resources: History and Trends

4.1 Introduction

4.2 The Importance of Place

4.3 An Historical Perspective

4.4 Urbanisation and the Rise of Cities

4.5 Urban Development - Theory and Design

4.6 The Australian Context

4.7 Key Issues and Challenges

4.8 A Likely Future

4.9 Implications for Real Property and its Market

5 Real Property as an Asset

5.1 Introduction

5.2 Background

5.3 What is Different about Real Property Assets?

5.4 Industry Terminology

5.5 The Characteristics of Real Property Assets

5.6 Income-Producing Properties

5.7 Holding and Dealing With Real Property

5.8 A Changing Approach to Property Assets and their Management

6 Legal and Government Parameters

6.1 Introduction

6.2 The Nature and Origins of Law

6.3 The Development of Law and Government in Australia

6.4 Federalism Today

6.5 Government and Judicial Operations

6.6 Government, Legal Systems and Real Property.

7 Real Property: Tenure and Dealings

7.1 Introduction

7.2 Land Tenure Systems in Australia

7.3 Evolving Tenure Models

7.4 Contracts - General Parameters

7.5 Property Leases

7.6 Compulsory Acquisition

7.7 Native Title

8 Property Sectors: Urban

8.1 Introduction

8.2 Commercial (Office) Buildings

8.3 Retail

8.4 Industrial

8.5 Non-Income-Producing Properties and Portfolios

8.6 Residential

8.7 Other Urban Property Sectors - Summary Observations

9 Property Sectors: Rural

9.1 Introduction

9.2 The Nature of Regional and Rural Australia

9.3 Specific Rural Property Sectors - General Observations

9.4 Rural Real Property Assessment - Summary

10 Valuation Theory and Applications

10.1 Introduction

10.2 The Need for Established Methodologies and Professional Practice in Assessing Property Value

10.3 Valuation Principles

10.4 Valuation Practice: Overview

10.5 Valuation Practice: Use of Comparable Sales

10.6 Valuation Practice: Income-Producing Properties

10.7 Valuation Practice: Investment Analysis

10.8 Valuation Methodologies Applied: Rural Properties

10.9 Valuation Practice: Summation

10.10 Valuation Practice: Going Concern Businesses

10.11 Summary

11 Compulsory Acquisition

11.1 Introduction

11.2 General Approach and Processes

11.3 Underlining Principles

11.4 Heads of Compensation

11.5 Assessment

11.6 Due Process and the Critical Role of the Constructing Authority

12 Land Subdivision and Property Development

12.1 Introduction

12.2 The Nature of Development in the Property Sector

12.3 Common Characteristics and Issues - Land Subdivision and (Commercial) Property Development

12.4 The Development Process

12.5 Particular Considerations - Land Subdivision

12.6 Particular Considerations - (Building) Development Projects.

13 Property Management and Facilities Management

13.1 Introduction

13.2 Initial Observations

13.3 Agency and Responsibility

13.4 The Role and Activities of a Property Manager

13.5 Developing a Property Asset Management Plan and System

13.6 Budget Preparation and Management

13.7 Residential Property Management

13.8 The Management of Non-Income-Producing Properties

13.9 Property Marketing and Related Dealings

13.10 Facilities Management

13.11 Outsourcing of Building and Property Services

14 Taxation and Real Property Assets

14.1 Introduction

14.2 The Taxation Environment

14.3 Ad Valorem Taxation Systems

14.4 Major Taxation Shifts 1985-2004

14.5 Implications for Asset Ownership and Asset/Property Management

14.6 Ongoing Change

15 Contemporary Issues: Environmental Health, Heritage and Sustainability

15.1 Introduction

15.2 Environmental Health

15.3 Air Quality

15.4 Heritage

15.5 Sustainability

15.6 Environmental Banking and Carbon Capture

Bibliography

Index.

Notes:

Description based on print version record.

ISBN:

1-00-304178-7

1-003-04178-7

1-000-16357-1