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