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With the development of the metropolitan real estate market in recent years, there has been a trend of residents spilling out of the metropolis, especially in the wake of COVID-19. Housing prices in the regional areas have increased. The factors that cause the spillover are unclear. This paper aimed to excavate the potential factors that make households move away from metropolitan areas to regional areas through a literature review. Literature was searched in Google Scholar using selected keywords. The spillover effect was assessed by considering the economic, geographic, demographic and social characteristics. Understanding the factors of the spillover effect is conducive to real estate valuation, provides informed information for governments formulating regional planning and land policies, advises developers to compose commercial strategy, and helps buyers to make choices.

Purpose: This paper aims to develop a house price forecasting model to investigate the impact of neighbourhood effect on property value. Design/methodology/approach: Multi-level modelling (MLM) method is used to develop the house price forecasting models. The neighbourhood effects, that is, socio-economic conditions that exist in various locations, are included in this study. Data from the local government area in Greater Sydney, Australia, has been collected to test the developed model. Findings: Results show that the multi-level models can account for the neighbourhood effects and provide accurate forecasting results. Research limitations/implications: It is believed that the impacts on specific households may be different because of the price differences in various geographic areas. The “neighbourhood” is an important consideration in housing purchase decisions. Practical implications: While increasing housing supply provisions to match the housing demand, governments may consider improving the quality of neighbourhood conditions such as transportation, surrounding environment and public space security. Originality/value: The demand and supply of housing in different locations have not behaved uniformly over time, that is, they demonstrate spatial heterogeneity. The use of MLM extends the standard hedonic model to incorporate physical characteristics and socio-economic variables to estimate dwelling prices.

Real estate investment trusts (REITs) are evolving in Ghana’s real estate market. As at mid-2021, Republic Bank and GCB Securities were the two publicly known institutions operating REITs in the country. With the passage of the 2019 REIT guidelines, all existing REITs were rendered invalid, pursuant to provisions that, REITs must be approved by the Securities and Exchange Commission of Ghana. Using exploratory qualitative methods, the study investigates on-going developments surrounding the formulation of REITs in Ghana. Interviews were conducted with institutional investors and policy experts on their perception on the new REIT guidelines and the conditionalities needed for developing a REIT sector in Ghana. Institutional investors were largely receptive of the new REIT guidelines but at the same time not enthusiastic about venturing into it. They exclaimed that, unless REIT yields are proven to be competitive against their existing assets, they may not consider it in the short term. To develop Ghana’s first REIT sector, there are three conditions to be met, namely, creating a conducive macroeconomic environment, improving the state of the real estate industry, and developing an effective legal and regulatory framework. The study concludes that, there is a market for REITs in Ghana to serve institutional investors such as pension funds, insurance companies, private equity funds etc. However, the right structures must be created to usher in more advanced forms of indirect real estate investments. Additionally, real estate companies must be encouraged to trade publicly on the Ghana Stock Exchange once the opportunity presents itself, to expand their financing options. The implementation of the REIT guideline is a major milestone towards negotiating, establishing, and operating REITs in Ghana.

Shanxi, one of China’s provinces, has been approved by the State Council as the only state-level comprehensive reform zone for resource-based economic transformation in 2010. Consequently, the implementation of National Resource-based Cities Sustainable Development Planning (2013–2020) and The State Council on Central and Western Regions Undertaking of Industrial Trans-formation Guide were also introduced. As a result, many agricultural lands were urbanized. The question is whether the transformed land was used efficiently. Existing research is limited re-garding the impact of the government-backed transformation of the resource-based economy, industrial restructuring, and urbanization on land use efficiency. This research investigates urban land use efficiency under the government-backed resource-based economy transformation using the Bootstrap-DEA and Bootstrap-Malmquist methods. The land use efficiency and land produc-tivity indexes were produced. Based on the empirical study of 11 prefectural cities, the results suggest that the level of economic development and industrial upgrading are the main determi-nants of land use efficiency. The total land productivity index declined after the economic reform was initiated. The findings imply that the government must enhance monitoring and auditing during policy implementation and evaluate the policy effects after for further improvement. With the scarcity of land resources and urban expansion in many cities worldwide, this research also provides an approach to determining the main determinants of land use efficiency that could guide our understanding of the impact of the future built environment. Keywords: land use efficiency; land productiv

Housing practitioners and policy experts are advocating for an expansion in rental housing supply in contemporary cities around the world. The objective is to convince institutional investors to include rental housing investment in their investment portfolio to contribute to boosting housing supply. Unfortunately, the rental sector is characterized by numerous uncertainties and challenges, making it unattractive to institutional investors. With the growing attention to institutional investors in various housing market contexts, an understanding of the market risks (also known as barriers), is useful to inform future research and policymaking. Using a systematic literature review methodology, this paper synthesizes the extant literature on the market risks inhibiting institutional investment in rental housing. The review finds the following barriers: low profitability, non-progressive rent control policies, unclear target group for rented projects, poor landlord-tenant relations, inadequate property management and unreliable property market information. Among all the barriers identified, low profitability and inadequate property management had great influence on their investment decision. Firstly, institutional investors perceive rental housing investment as less profitable and unattractive in terms of project performance. Secondly, the lack of supporting structures for the property management sector contributes to derailing rental yields. Furthermore, the review finds that the position of policymakers on target grouping was unclear for projects under government assistance. In view of the identified barriers, this paper concludes that, although the idea of expanding rental housing supply seems laudable, ignoring these problems may be detrimental to housing markets in the long run. Rental markets in many countries are volatile, and not ready to receive institutional investors fully into the sector. An expanded rental sector could be improved or advanced if policy make

Housing market dynamics have primarily shifted from consumption- to investment-driven in many countries, including Australia. Building on investment theory, we investigated market dynamics by placing investment demand at the center using the error correction model (ECM). We found that house prices, rents, and interest rates are cointegrated in the long run under the present value investment framework. Other economic factors such as population growth, unemployment, migration, construction activities, and bank lending were also important determinants of the housing market dynamics. Our forecasting results show that the Sydney housing market will continue to grow with no significant price decline in the foreseeable future.

Real estate is a complex market that consists of many layers of social, financial and economic data, including but not limited to price, rental, location, mortgage, demographic and housing supply data. The sheer number of real estate properties around the world means that property transactions produce an extraordinary amount of data that is increasing exponentially. Most of the data are presented through thousands of rows on a spreadsheet or described in long paragraphs that are difficult to understand. The emergent data visualisation techniques are intended to allow data to be processed and analytics to be displayed visually to enable an understanding of complex information and the identification of new patterns from the data. However, not all visualisation techniques can achieve such a thing. Most techniques are able to display only visual low-dimensional data. This paper introduces an ontology visualisation methodology to explore the ontologies of property data behaviour for multidimensional data. The visualisation combines real estate data statistical analysis with several high-dimensional data visualisation techniques, including parallel coordinates and stacked area charts. By using six residential suburbs in Sydney as a demonstration, we find that the developed data visualisation methodology can be applied effectively and efficiently to analyse complex real estate market behaviour patterns.

The question investigated in this paper is how vulnerable are US households today to the risk of rent increases. The short answer is that US households are, on average, more vulnerable to the risk of rent increases in 2018 than they were throughout the 1970s, 1980s, 1990s, and 2000s (and in heavily regulated markets even more vulnerable than they were in the 1940s and 1950s). To measure vulnerability requires a normative framework. We follow the approach developed by Sinai and Souleles (2005). We find that the rent premium that would leave households indifferent between the discounted cost of renting and its expected value is greater today, on average, than it was over the past fifty years (and in heavily regulated markets greater than it was over the past eighty years). There is therefore a clear public policy implication from this research.

With the rapid development of urbanisation in China, today more than half the population live in cities. Migrant workers move from rural areas to the cities for job opportunities. Most cannot afford to buy or rent their accommodation, due to the high cost of dwellings in cities, particularly in the first-tier cities such as Beijing, Shanghai, and Shenzhen. As a result, shared accommodation has become one of the ways of obtaining shelter. Private examples of shared accommodation, however, has received minimal attention in the research literature. This study aims to understand peoples’ perceptions of shared accommodation in terms of several criteria including the selection of accommodation, and economic and social experiences. Through surveys, 194 questionnaires were received in which 57.5% of respondents live in shared accommodation, either sharing a flat (72.2%) or a room in a flat (27.8%). Transportation, rental price and roommates are the top three factors that people consider in their experience of shared accommodation. Most people living in shared accommodation are positive about their current circumstances and social interactions with neighbours and roommates.

© 2018, Emerald Publishing Limited. Purpose: This paper aims to investigate the factors that contribute to the changes of house prices including ethnic factors. Australia is a multicultural country with diversified ethnicities. The median price of established houses (unstratified) in Sydney has reached a new record high of $910,000 in December 2015, increasing around 58.2 per cent from March 2011 [Australian Bureau of Statistics (ABS), 2015a]. However, the prices of some suburbs have increased more than prices of others. Design/methodology/approach: Six suburbs that represent ethnic majority originally including White, India and China will be selected as pilot studies. Hedonic regression analysis will be applied for the analysis based on 2001, 2006 and 2011 census data. Findings: It is found that the main drivers of house prices are the dwelling physical characteristics and accessibility to convenient transportation. The level of household income also plays an important role. However, the impact of changes of ethnic on changes of prices is not significant. Research limitations/implications: The study adds to the growing literature on the ethnicity changes on dwelling prices and is important for understanding whether some of the clusters of ethnic concentration or segregation effects property markets. This study is significant in its understanding of the main characteristics of ethnic changes of suburbs in Sydney. Practical implications: An implication is that policy makers can attract different ethnic groups and encourage multicultural communities when they formulate housing and planning policies. Originality/value: The relationship between ethnicity and house price appreciation is not extensively studied in Australia. This research contributes to the literature on the effects of ethnic changes on house prices and implications of policy formulation to encourage multicultural communities.

The construction industry is responsible for 50% of the solid waste generated worldwide. Governments around the world formulate legislation and regulations concerning recycling and re-using building materials, aiming to reduce waste and environmental impact. Researchers have also been developing strategies and models of waste management for construction and demolition of buildings. The application of Building Information Modeling (BIM) is an example of this. BIM is emergent technology commonly used to maximize the efficiency of design, construction and maintenance throughout the entire lifecycle. The uses of BIM on deconstruction or demolition are not common; especially the fixtures and fittings of buildings are not considered in BIM models. The development of BIM is based on two-dimensional drawings or sketches, which may not be accurately converted to 3D BIM models. In addition, previous researches mainly focused on construction waste management. There are few studies about the deconstruction waste management focusing on demolition. To fill this gap, this paper aims to develop a framework using a reconstructed 3D model with BIM, for the purpose of improving BIM accuracy and thus developing a deconstruction waste management system to improve demolition efficiency, effective recycling and cost savings. In particular, the developed as-built BIM will be used to identify and measure recyclable materials, as well as to develop a plan for the recycling process.

© 2014 Elsevier Ltd. Government intervention in the land market can have profound impacts on real estate market outcomes. On the supply side, government intervention in the land market can lead to a decline in the amount of land available for housing development, which in turn will put downward pressure on new housing supply. Although there are a growing number of studies examining the impact that government intervention in the land market has on new housing supply in developed countries, scant attention has been devoted to emerging market economies which are undergoing both rapid economic growth and significant institutional change. The Chinese government has acquired complete control over urban residential land supply and imposed more stringent regulatory constraints on rural-urban land conversion since 2004. Thus, China's real estate market provides a good opportunity to examine the impacts that government intervention in land market has on land supply and new housing supply in fast-growing developing countries. This research investigates the process leading to stronger government intervention in the land market in China and examines the impacts that government intervention in the land market has on residential land supply and new housing supply in 16 major Chinese cities. It is found that there was a decline in residential land supply after the Chinese government strengthened the intervention in the land market. The rates of the decline in land supply varied across cities. It was highest in the largest cities, and lowest in some medium-sized cities with a relatively large amount of agricultural land. By estimating the models of new housing supply, it is found that land supply is positively related to new housing supply, and thus the decline in land supply after the Chinese government strengthened the intervention in land market has put downward pressure on new housing supply. It is also found that there was a significant decline in housing supply elasticity afte

Government intervention in the land market can have profound impacts on real estate market outcomes. On the supply side, government intervention in the land market can lead to a decline in the amount of land available for housing development, which in turn will put downward pressure on new housing supply. Although there are a growing number of studies examining the impact that government intervention in the land market has on new housing supply in developed countries, scant attention has been devoted to emerging market economies which are undergoing both rapid economic growth and significant institutional change. The Chinese government has acquired complete control over urban residential land supply and imposed more stringent regulatory constraints on rural-urban land conversion since 2004. Thus, China's real estate market provides a good opportunity to examine the impacts that government intervention in land market has on land supply and new housing supply in fast-growing developing countries. This research investigates the process leading to stronger government intervention in the land market in China and examines the impacts that government intervention in the land market has on residential land supply and new housing supply in 16 major Chinese cities. It is found that there was a decline in residential land supply after the Chinese government strengthened the intervention in the land market. The rates of the decline in land supply varied across cities. It was highest in the largest cities, and lowest in some medium-sized cities with a relatively large amount of agricultural land. By estimating the models of new housing supply, it is found that land supply is positively related to new housing supply, and thus the decline in land supply after the Chinese government strengthened the intervention in land market has put downward pressure on new housing supply. It is also found that there was a significant decline in housing supply elasticity after the Chinese governm

New infrastructure investments alter the locational attributes of nearby land uses, and these changes are often reflected in changes in property value. However, the effects of new amenities may differ based on local characteristics. This paper explores whether urban morphology and urban form differences are associated with differences in the impact that new rail investment has on housing prices. We focus on a single case study - the Macquarie University train station on the new Epping- Chatswood rail link in Sydney. Using Geographic Information Systems (GIS) and geocoded sales data from RP Data Australia, we investigate the impacts of the construction and completion of the rail line on housing prices, using a repeat-sales approach. We identified the urban form characteristics of two precincts within 1.5km of the station, using GIS to compare variables such as building footprints and bulk, dwelling densities, street patterns and intersection density, and tree canopy cover. On-site inspection and photographs enabled us to add assessments of the quality of the pedestrian environment, likely perceptions of safety, and the legibility of pedestrian connections. Statistical analyses of repeat sales in each of the precincts, controlling for dwelling characteristics, resident profiles, and other sales information, enabled us to determine that there were statistically significant associations between the rail line impacts and the urban form attributes of the local precinct. Our study suggests that public transit investment may offer more value-added in neighbourhoods with welldeveloped pedestrian environments.