Journal of Property Investment & Finance: Volume 18 Issue 2


Table of contents

Valuation accuracy, variation and bias in the context of standards and expectations

Neil Crosby

Valuation accuracy usually conjures up images of empirical studies of comparisons between sales and valuations and different valuations of the same properties, and a number of…


The application of surface generated interpolation models for the prediction of residential property values

William J. McCluskey, William G. Deddis, Ian G. Lamont, Richard A. Borst

The aim of this paper is to attempt to measure the effect of location on residential house prices and to endeavour to integrate spatial and aspatial data in terms of developing a…


Pricing lease clauses – The prospect of an art becoming science

Patrick Rowland

This paper reviews the literature which models lease covenants using option‐pricing techniques, probabilistic measures of risk and the contractual misalignment of incentives…


A brief history of the Australian discounted cash flow practice standard

David Parker, Jon Robinson

The increasing complexity of investment properties has necessitated the application of more advanced valuation and analysis techniques. Following the property cycle of the…


Financial reporting standards: is market value for the existing use now obsolete? International valuation standards put into practice

John Dunckley

This paper backgrounds the recent changes to international financial reporting standards and some possible impacts on current valuation practices. Specifically, it debates issues…


Investment valuation models: Annually in arrears data in quarterly in advance cash flows

Nick French, Richard Cooper

It is well recognised that the UK commercial property market has traditionally used nominal market benchmarks such as the all‐risk yield based on the assumption that rents are…


Risk mitigation with buy‐back guarantees and guaranteed appreciation plans

Seow‐Eng Ong, Shawn Hong Guan Lim

Two marketing schemes that provide protection against downside price risk are examined. The buy‐back guarantee allows the property purchaser to sell the property back to the…


The valuation of contaminated land – Methods adopted in the UK and NZ

Sandy G. Bond, Paul J. Kennedy

Increasing litigation involving land contamination and an escalation in the number of incidents where property owners have suffered financial losses from these cases has resulted…

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  • Nick French