Abstract
In Australia, as in most OECD countries, real property comprises a major sector of the economy from the perspectives of investment, employment and urban land use. Given that this built asset is durable, maintenance, renovation and refurbishment may occur several times during the economic life of that structure. However, as urbanisation, population pressure and changing preferences for property type, intensity and location the role of new development has been responding to become a more complex and well managed activity and those who undertake such projects are adopting more rigorous and thorough systems and processes to ensure the product meets the appropriate standards for the various stakeholders during the life of the project and for subsequent owners, occupiers and the community, as appropriate.
In order to contribute to an understanding of the role of the property developer in Australia, this paper comprises a review of the literature which considers the property development process, the role of the developer and the various property developer types including key examples of development process models. The purpose of this study is the establish the status quo and to identify a framework for subsequent empirical study which investigates, more fully, aspects of developer motivation and assessment of risk, most particularly that relating to the choice of hurdle rate for various projects.
Keywords: Real property development process, history and evolution; models of the development process: assessment of project risk; developer types; Australia.
In order to contribute to an understanding of the role of the property developer in Australia, this paper comprises a review of the literature which considers the property development process, the role of the developer and the various property developer types including key examples of development process models. The purpose of this study is the establish the status quo and to identify a framework for subsequent empirical study which investigates, more fully, aspects of developer motivation and assessment of risk, most particularly that relating to the choice of hurdle rate for various projects.
Keywords: Real property development process, history and evolution; models of the development process: assessment of project risk; developer types; Australia.
| Original language | English |
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| Publication status | Published - 2019 |
| Event | The 25th Annual Pacific Rim Real Estate Society (PRRES) Conference - University of Melbourne, Melbourne , Australia Duration: 14 Jan 2019 → 16 Jan 2019 Conference number: 25th https://msd.unimelb.edu.au/prres2019 (PRRES2019) |
Conference
| Conference | The 25th Annual Pacific Rim Real Estate Society (PRRES) Conference |
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| Abbreviated title | PRRES |
| Country/Territory | Australia |
| City | Melbourne |
| Period | 14/01/19 → 16/01/19 |
| Other | The annual PRRES Conference is the signature event for the Pacific Rim Real Estate Society and has achieved an A rating with the Excellence in Research for Australia (ERA) initiative. Each PRRES conference includes presentations from Australian and international speakers at the forefront of research and policy-making and brings together a multi-disciplinary group of leading property researchers from the Pacific Rim region and beyond. For attendees there is the opportunity to hear from leading key note speakers, to present refereed and non-refereed papers, to participate in research colloquiums and thought leadership sessions and to network with colleagues from across the region. |
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