PRRES Newsletter
April 2010
Message from the PRRES President
My belated best wishes to all members of PRRES for the 2010 academic year. We have already commenced our year with a very successful annual conference hosted by Song Shi and his team from Massey University. Extending on my comments from the conference dinner, I would like to congratulate Song and his team for a wonderful conference in Wellington, New Zealand.
The Wellington conference also marked the end of Deborah Levy's two-year term as PRRES president. Deborah's contribution to our society in this period has been most significant. Deborah has been the driving force behind the introduction of the student case competition, a feature of our last two annual conferences which has added a new and exciting dimension to our activities. Deborah has also been instrumental in developing a strategic plan for the society which is ongoing and focused towards addressing some important initiatives for the future development of our society.
It is appropriate to again briefly acknowledge the passing of Professor RTM (Tom) Whipple in January of this year. Tom's contribution to academic life in our region was most influential. We will be marking his contribution in a special issue of the Pacific Rim Property Research Journal (PRPRJ) later this year. All members have been forwarded details of this issue and the details also appear on our website. I would urge all members to support this special issue of the Journal with relevant submissions.
I would like to emphasise the two significant achievements of our society in achieving an A ranking for our conference and a B ranking for the PRPRJ in the Australian Research Council (ARC) Excellence in Research for Australia (ERA) initiative. These are significant achievements and are largely due to the significant contributions of Graeme Newell and the editorial board of the PRPRJ, all of our recent conference organisers and most significantly our webmaster Peter Rossini. I have been actively checking other society websites in recent months and can confidently state that our website is the most current and relevant for all of our academic members. In this new era of research performance and auditing requirements it is most important that we have an efficient online publishing forum. Once again, Peter has delivered in a most timely fashion. All Wellington papers are now fully available online.
Finally, I would ask that all members support the upcoming annual conferences of our sister societies if possible. I look forward to seeing our members at these conferences later in the year and would ask that you all promote the details of our January 2011 conference to be hosted by Bond University on the Gold Coast Queensland.
Greg Costello,
PRRES President
PRRES 2010 Conference Wellington, New Zealand
As the convenor of the 2010 Pacific Rim Real Estate Society conference in Wellington, I am happy to report that the conference was very well received. I received a number of congratulatory emails including one from a delegate who wrote “I would like to congratulate you on the conference. It was excellent in all respects and a credit to you and the team from Massey”. The 2010 PRRES conference had over 120 delegates attending from countries which included Australia, America, New Zealand, China, Germany, Canada, Hong Kong, Malaysia, Nigeria, Philippines, London, Japan, Singapore, South Africa and Taiwan. Highlights of the conference included the PhD colloquium, key note speakers, parallel sessions, industry day presentations, property case study competition, prizes and awards and the conference dinner.
The PhD Colloquium was held on Sunday 24th January at the Wellington campus of Massey University. The opening address was provided by Professor Graeme Newell who provided helpful hints on completing a PhD and the process of getting through the examination period. There were ten PhD presentations representing seven universities in Australia, New Zealand, Hong Kong, Malaysia etc. The presentations covered property valuation, property taxation, real estate development, property investment, listed property companies and REITS. The topics were also geographically diversified, covering real estate issues in Australia, Malaysia, Hong Kong, China and other emerging property markets. It is a good sign to see more PhD students coming with a diversified range of topics.
Professor Terry Boyd delivered an excellent keynote address on Monday entitled ‘The brain’ (sponsored by Estate Master). He got the audience thinking about strategies to keep the brain active and the neurons connecting (and reconnecting). Dr Anthony De Francesco delivered the second keynote address on Tuesday. It was very well received and focused on the theme ‘industry research needs and how academics could work with industry’.
The parallel sessions held on the three days had presenters addressing a wide range of topics including housing markets, REITS, property development, valuation, housing property investment, finance, affordability, property rights and agency, corporate real estate, property education, land and environment, land supply, rural land returns, management and taxation. Wednesday 27th January was Industry Day with a series of excellent speakers covering the Australian and New Zealand markets. John Peters from the Commonwealth Bank of Australia provided a positive outlook on the future of countries in the Pacific Basin whose economies are closely tied in with China. Another highlight of the conference was the 2010 PRRES Business Case competition where a team of students from the University of Auckland just nudged out the University of Southern California team to win the final by a whisker. Kahwen Tan is commended for the running of the case competition.
On behalf of the Massey team I would like to thank all the conference delegates for their participation and wish all participants the best in 2010. I look forward to seeing many of you at the 2011 PRRES conference in the Gold Coast. Also note that the conference proceedings are now available on the PRRES website. Thanks to Peter Rossini for his hard work in getting the conference proceedings on line.
Song Shi
PRRES 2010 Conference Convenor
Pacific Rim Property Research Journal (PRPRJ)
The PRPRJ notes the recent passing away of Jim Webb and Tom Whipple and acknowledges their significant contributions to property education and research. A Vale to Tom Whipple will appear in the March 2010 edition of the PRPRJ. As well a special edition of the PRPRJ is to be produced in memory of Tom Whipple with the expected publication set for December 2010 with Greg Costello as guest editor.
The PRPRJ (including its previous format as Land Economics Review and Australian Land Economics Review) has now been published for 20 years, being first published in early 1990. Similarly, the PRPRJ in its current format has now been published for 10 years. An expanded editorial detailing the history, development and contribution of PRPRJ is to appear in the March 2010 edition of the PRPRJ. In terms of statistics 23 papers were published in the PRPRJ in 2009 with 19 universities represented by 39 authors. Some 46 per cent of these authors were new to PRPRJ.
The paper voted “Best Paper” for the 2008 edition of PRPRJ was announced at the Wellington PRRES conference dinner. The winning paper entitled “A comparative analysis of house prices and bubbles in the U.K. and New Zealand” was authored by Patricia Fraser, Martin Hoesli and Lynn McAlevey. Congratulations to all the authors!
In the revised journal rankings released for the Excellence in Research Australia procedure the PRPRJ has again been ranked as “B”, a very good result. As well the PRRES conference was rated “A” amongst refereed conferences.
Professor Graeme Newell
Editor, PRPRJ
Call for Papers, Pacific Rim Property Research Journal - Special Issue
Dedicated in Memory of R.T.M. (Tom) Whipple Guest Editor: Greg Costello (Curtin University
This special issue of PRPRJ is dedicated to the memory of Professor Reginald Thomas Milner (Tom) Whipple, who passed away on 10 January 2010. Tom Whipple was a pioneer in property education and research in Australia. His academic career commenced in the early 1970’s at Sydney University and concluded in 1998 at Curtin University (Perth) when he was recognised as Emeritus Professor.
Tom is widely recognised within Australia and New Zealand as being the first academic to bring property education and research in Australia actively into the university environment, giving it stature and integrity both through his many research interests, introduction of new programs and innovative teaching methods. Throughout his distinguished career Tom was also a valuable mentor to many of today’s senior property academics in our region.
Tom’s varied property research interests included valuation theory, property development, property education, property investment performance, land market structure, regional analysis and town planning. This special issue invites submissions of original property research papers that show clear linkages to Tom’s property research agenda. This special issue will also include a number of commissioned papers where authors will reflect on the research contribution by Professor Tom Whipple in specific areas.
Interested authors may wish to refer to the following links. A comprehensive coverage of Tom’s book publications can be found here: http://www.bookfinder.com/author/r-t-m-whipple/
Tom was also a prolific author in the Australian Property Journal (APJ).
It is encouraged that papers examine applied property issues relating to Professor Tom Whipple’s research agenda in a rigorous manner, and should not be merely descriptive. Prospective authors are encouraged to provide clear linkages to Tom’s research contributions. All papers will be subject to an anonymous review process by two external referees. The closing date for submissions is 30 June 2010. This special issue of PRPRJ is planned to be published in December 2010.
Papers must be prepared as per PRPRJ editorial guidelines (see previous copy of PRPRJ). Authors should submit their papers as email attachments to: Associate Professor Greg Costello, Curtin University Email: Greg.Costello@curtin.edu.au
Vale to Dr Tom Whipple
Please note this review has been taken from the Property West Jan/Feb 2010 e-newsletter of the WA Division of the API
It is with sadness that we report on the passing of Dr. Tom Whipple, Life Fellow of the Australian Property Institute in January 2010.
Dr Tom Whipple was both a leading property academic and author in the Western world and had been for some twenty five years. In 1949, he started his professional life by joining the Commonwealth Bank of Australia, where he gained experience in Mortgage Financing and Real Property Conveyancing. For the next 15 years, he continued to explore real estate and real estate consulting, holding varying roles and positions that would allow him to travel to destinations in South East Asia, South and East Africa, even Hawaii.
Dr Whipple was admitted as an Associate of the Commonwealth Institute of Valuers in July 1960. He was elevated to Fellow in February 1984. Academic accreditation includes a Ph.D., Diploma and Master of Town and Country Planning, all of which were gained at the University of Sydney. His academic standing was recognised internationally through being Visitor by Invitation to the University of Cambridge and Aberdeen, England and Visiting Fellow, Princeton University, New Jersey and the University of Wisconsin, USA.
In 1982 he launched the Post Graduate Course in Land Economy and in 1989 was appointed as the inaugural Professor in Valuation and Land Economy at Curtin University of Technology, Perth. On his retirement from the chair academic recognition was granted by elevation to Emeritus Professor in 1998. Published books include “Property Valuation and Analysis” 1995 and “Urban Renewal and the Private Investor” 1971. He also edited “Real Estate Valuation Reports and Appraisals”, “Accounting for Property Development” and “Commercial Rent Reviews – Law and Valuation Practise” for the law Book company. Other publications and significant papers are too numerous to list many of which are used in America, England and New Zealand as well as Australia. Tom had been an active member of the Institute for many years.
In particular he had been a member of a team that set up the Property Education Foundation and had served it as both Secretary and Member of the Board of Trustees. Tom developed the Property Course in Western Australia to its current standard. He had done this by working closely with both the Institute and the property industry thus ensuring its current relevance. He had given unstintingly of both his time and knowledge and had always been available to give papers to Continuing Professional Development seminars and other occasions. Tom’s contribution to the profession was outstanding. He will be sadly missed.
Property West Jan/Feb 2010 e-newsletter
PRRES Membership Renewal Notification
Your registration fee for the PRRES 2010 conference in Wellington automatically included your 2010 membership fee for PRRES Inc. However if you were unable to attend the conference this year in Wellington, your 2010 membership fees are now due.
Membership with PRRES Inc. provides you with the benefit of receiving the subscription to the Pacific Rim Property Research Journal, which is published quarterly.
Click below to open the renewal form (pdf) for you to complete, so that you can renew your membership easily and continue with your membership with PRRES Inc.
Hera Antoniades
PRRES Secretary
 Renewal_of_PRRES_Membership.pdf (52kB) |
The 2010 PRRES Business Case Competition - the UniSA Team reports back
Bri
From Saturday the 23rd of January 2010 until Thursday the 28th of January, myself and three other team mates ventured across the Tasman Sea to Wellington, New Zealand, where we were greeted by four other teams who had travelled from near and far from Auckland, Sydney, Singapore and Southern California. We were all in NZ to participate in the Pacific Rim Real Estate Society (PRRES) Case Study Competition.
Now you may be asking yourself what is a Case Study Competition?
In short, teams of four have five hours to read through a hypothetical business problem (usually 10-20 pages of text) and prepare a 10 minute presentation which addresses some of the issues in the case. After the presentation the judges gave us ten minutes of questions on our proposal.
Completing case studies means that you are problem solving, using analytical thinking, issue identification, practicing public speaking, and above all, it’s a chance to use the theory from our course in a ‘real life’ situation.
Gaining the skills learned by doing case studies will be very valuable for my future career and I believe Case Studies should be included in the University Curriculum.
Peter
My experience with the PRRES Case Competition was unforgettable. I found it to be such a valuable experience in many respects, for example not only from meeting other people at the property conference, but also from the skills which I learned while participating in the actual competition, and from learning how other teams approached the dilemma in the case study. I highly recommend participating if ever given the chance in the future.
A major benefit of the trip has been the experience both on a social note and in a professional sense. Socially the four members of our team regularly got together with all the other competitors and exchanged contact details. I believe that it was a very important networking opportunity. Overall, I thoroughly enjoyed myself, and consider it to be such a valuable experience in so many ways.
Alastair
Nothing compares to the experience of the international case competition. The 2010 competition was held in the capital of New Zealand, Wellington, where 5 teams from Adelaide, Sydney, Auckland, Singapore and California met to compete. After analysing the case, the five teams presented their findings in the preliminary rounds.
The two finalists, Auckland and California, were then to present the following day on a different case. Although UniSA didn't make it to the finals, we were commended for a problem solving idea we came up with. Case competition aside, the trip was a great learning curve and networking opportunity.
We had the opportunity to talk to other students studying the same or similar degree at different schools and to see and hear the differences and similarities of these degrees. Free time was provided to attend the conference and industry days which were, again, a great way to benchmark the curriculum at UniSA. It is important to remember that these events do not just happen. Behind the team was a great supportive base of staff that travelled with us, and staff that remained in Adelaide.
News from PRRES Members
Deakin University
Commencing on the 1st of January 2010 the entire Property and Real Estate Course (ie all staff and students) at Deakin University relocated from the School of Architecture and Building to the Faculty of Business and Law (Melbourne). This is a general trend with Australian property courses relocating to a business faculty, including the University of Queensland in 2009. It now appears that most property courses are located in business schools, which follows the US model somewhat. The benefits of the Deakin University relocation were realised immediately with a sharp increase in undergraduate demand as well as for a combined Commerce/Property double degree commencing in 2011. There is also demand for a property major in the Bachelor of management degree.
Professor Richard Reed, Deakin University
University of South Australia
On returning to Adelaide after the 2010 PPRES conference the property staff at UniSA again welcomed visiting Adjunct Professor Stanley McGreal from the University of Ulster. Professor McGreal spent a very productive 2 weeks working with staff on a variety of research topics. As of March the staff are again in teaching mode and, with university endorsement, are looking this year to establish a strong experiential theme to all of their property courses. A number of the UniSA staff will be presenting papers at the 2010 IPTI conference in Adelaide and at the ERES Conference in Milan.
Val Kupke, UniSA
Upcoming Conferences
Pacific-Rim Real Estate Society, PRRES Gold Coast, Queensland, Australia: January, 2011
European Real Estate Society, ERES Milan, Italy: June 23-26, 2010
Asian Real Estate Society, AsRES Kaohsiung City, Taiwan: July 09-12, 2010
Middle East North Africa Real Estate Society, MENARES Conference October 2010. MENARES has recently been established. Like PRRES, MENARES, is a member of the International Real Estate Society (IRES).
International Property Tax Institute, 13th International Conference - Adelaide, Australia April 27 - 28, 2010 PRRES members are invited to attend the International Property Tax Institute (IPTI), 13th International Conference - Adelaide, Australia April 27 - 28, 2010.
The theme of the conference is Reforms in revenue, rating, valuation and taxation. Several PRRES members will be presenting papers.
Real Estate Markets & Capital Markets Conference October 2010 The 2nd ReCapNet-Conference will take place in Mannheim on October 11th to 12th, 2010.
PRRES Newsletter
Editor: Valerie Kupke, UniSA
valerie.kupke@unisa.edu.au
Webmaster: Peter Rossini, UniSA
peter.rossini@unisa.edu.au
Next edition October 2010