Search results

1 – 10 of 43
To view the access options for this content please click here
Article
Publication date: 20 November 2017

Peng Yew Wong, David Higgins and Ron Wakefield

This research aims to focus on the emerging determinants for the Australian residential property market subsequent to the Global Financial Crisis 2008.

Downloads
1066

Abstract

Purpose

This research aims to focus on the emerging determinants for the Australian residential property market subsequent to the Global Financial Crisis 2008.

Design/methodology/approach

Quantitative models built on secondary data were tested on three residential property markets comprising metropolitan Melbourne and two key suburbs in the state of Victoria. The relationship between the house price performances and various leading Australian economic indicators was assessed.

Findings

As a result of the increasing relevance of Asia Pacific private wealth in the Australian residential property market, non-traditional determinants such as residential tourism have emerged as significant in the Melbourne residential property market.

Research limitations/implications

The result of this study can provide a better understanding on the relationship between the Australian residential property market and both the existing and emerging leading economic indicators.

Originality/value

A better understanding of foreign investment activities will assist policymakers to effectively manage inflated Australian residential property market without compromising the steady flow of foreign real estate investment.

Details

International Journal of Housing Markets and Analysis, vol. 10 no. 5
Type: Research Article
ISSN: 1753-8270

Keywords

To view the access options for this content please click here
Article
Publication date: 6 December 2017

Kwabena Mintah, David Higgins, Judith Callanan and Ron Wakefield

Real option valuation is capable of accounting for uncertainties in residential development projects but still lacks practical adoption due to limited evidence to support…

Abstract

Purpose

Real option valuation is capable of accounting for uncertainties in residential development projects but still lacks practical adoption due to limited evidence to support application of the theory in practice. The purpose of this paper is to use option valuation to value staging option embedded in residential projects and compare with results from DCF to determine which of the two methods delivers superior results.

Design/methodology/approach

The fuzzy payoff method (FPOM), a real options model that uses scenario planning approach to generate a range of figures, from which a single-numerical value is computed for decision-making.

Findings

The results showed that the use of a range of figures was able to represent uncertainties to a higher degree of accuracy than the static DCF. As a result, the FPOM was able to capture about 3 per cent of the value of the project that was missed by the DCF. The staging option offers an opportunity to abandon unprofitable phases of a project, thereby limiting downside losses. Thus, real option models are practically applicable to cases in property sector.

Practical implications

Residential property developers must consider flexibility in financial feasibility evaluation of development because of the embedded value in uncertain property projects. It is important to account for optionality in financial evaluation of property projects for value maximisation.

Originality/value

The FPOM has been used for the first time to evaluate a horizontal phasing of a residential development project.

Details

International Journal of Housing Markets and Analysis, vol. 11 no. 1
Type: Research Article
ISSN: 1753-8270

Keywords

To view the access options for this content please click here
Article
Publication date: 16 January 2017

Pushpitha Kalutara, Guomin Zhang, Sujeeva Setunge and Ron Wakefield

Australia has a huge stock of community buildings built up over decades. Their replacements consume a large sum of money from country’s economy which has called for a…

Abstract

Purpose

Australia has a huge stock of community buildings built up over decades. Their replacements consume a large sum of money from country’s economy which has called for a strategy for their sustainable management. For this, a comprehensive decision-making structure is an utmost requirement. The purpose of this paper is to capture their sustainable management from four aspects, i.e. environmental, economic, social and functional.

Design/methodology/approach

The design process follows an extensive review of environmental and life cycle assessments and company context documents. Extracted factors are tailored to community buildings management following expert consultation. However, the resulted list of factors is extremely large, and “factor analysis” technique is used to group the factors. For this, an industry-wide questionnaire across Australian local councils is employed to solicit opinions of the list of factors.

Findings

The analysis has pinpointed 18 key parameters (criteria) to represent all four aspects. This paper presents the preliminary findings of the factors and the analysis results based on the questionnaire responses.

Practical implications

The final decision-making structure incorporates all these aspects and criteria. This can be used to develop a decision-making model which produces a sustainability index for building components. Asset managers can mainly use the sustainability index to prioritise their maintenance activities and eventually, to find out cost-optimisation options for them.

Originality/value

Most notably, this is the first study to apply all four sustainability aspects (environmental, economic, social and functional) to develop a decision-making structure for Australian community buildings’ sustainable management.

Details

Engineering, Construction and Architectural Management, vol. 24 no. 1
Type: Research Article
ISSN: 0969-9988

Keywords

To view the access options for this content please click here
Article
Publication date: 12 January 2010

Nick Blismas, Ron Wakefield and Brian Hauser

The purpose of this paper is to discuss the roadmapping methodology and its application to concrete prefabricated housing in Australia.

Downloads
3489

Abstract

Purpose

The purpose of this paper is to discuss the roadmapping methodology and its application to concrete prefabricated housing in Australia.

Design/methodology/approach

The paper describes the concrete and housing industries of Australia collaboration in a project to develop a technology and innovation roadmap that will advance the concrete industry's supply chain capabilities by identifying and mapping innovation necessary for prefabricated concrete house construction. The roadmap lays out what is necessary for an off‐site systems‐based approach to housing construction in Australia. The systems‐based approach to prefabricated concrete products is a relatively new and developing extension of the concrete industry supply chain in Australia. New manufacturing technologies and innovations, which are emerging locally and from overseas, make these potential extensions possible. For the long‐term sustainability of the concrete industry, it is critical that it better understands how to adopt cooperative innovations in prefabrication to realise these benefits in the housing industry and advance Australia's competitiveness. The first phase of the mapping involved the development of an industry‐maturity model that determined the current state of the industry, and plotted this against the desired route for the future. Numerous industry‐based workshops and interviews gathered the views of the industry towards existing concrete housing systems, and where their main difficulties are in relation to adoption. Using these data, a technology roadmap is developed, together with three options on how these might be realised using the roadmap. The options offered through the roadmapping process form the basis for ongoing experimental trials of concrete houses in the major cities of Australia.

Findings

The system‐based approach to prefabrication is seen as innovative and the industry needs to understand how to adopt cooperative innovations in prefabrication in order to be competitive.

Originality/value

The paper offers insights into the technology roadmapping process in Australia, offering an exciting prospect for moving the industry into a new model of delivery.

Details

Engineering, Construction and Architectural Management, vol. 17 no. 1
Type: Research Article
ISSN: 0969-9988

Keywords

To view the access options for this content please click here
Article
Publication date: 1 April 2014

Wejendra Reddy, David Higgins and Ron Wakefield

In Australia, the A$2.2 trillion managed funds industry including the large pension funds (known locally as superannuation funds) are the dominant institutional property…

Downloads
1055

Abstract

Purpose

In Australia, the A$2.2 trillion managed funds industry including the large pension funds (known locally as superannuation funds) are the dominant institutional property investors. While statistical information on the level of Australian managed fund investments in property assets is widely available, comprehensive practical evidence on property asset allocation decision-making process is underdeveloped. The purpose of this research is to identify Australian fund manager's property asset allocation strategies and decision-making frameworks at strategic level.

Design/methodology/approach

The research was undertaken in May-August 2011 using an in-depth semi-structured questionnaire administered by mail. The survey was targeted at 130 leading managed funds and asset consultants within Australia.

Findings

The evaluation of the 79 survey respondents indicated that Australian fund manager's property allocation decision-making process is an interactive, sequential and continuous process involving multiple decision-makers (internal and external) complete with feedback loops. It involves a combination of quantitative analysis (mainly mean-variance analysis) and qualitative overlay (mainly judgement, or “gut-feeling”, and experience). In addition, the research provided evidence that the property allocation decision-making process varies depending on the size and type of managed fund.

Practical implications

This research makes important contributions to both practical and academic fields. Information on strategic property allocation models and variables is not widely available, and there is little guiding theory related to the subject. Therefore, the conceptual frameworks developed from the research will help enhance academic theory and understanding in the area of property allocation decision making. Furthermore, the research provides small fund managers and industry practitioners with a platform from which to improve their own property allocation processes.

Originality/value

In contrast to previous property decision-making research in Australia which has mainly focused on strategies at the property fund investment level, this research investigates the institutional property allocation decision-making process from a strategic position involving all major groups in the Australian managed funds industry.

Details

Journal of Property Investment & Finance, vol. 32 no. 3
Type: Research Article
ISSN: 1463-578X

Keywords

To view the access options for this content please click here
Article
Publication date: 5 July 2013

Helen Lingard, Tracy Cooke, Nick Blismas and Ron Wakefield

The research aims to explore the interaction between design decisions that reduce occupational health and safety (OHS) risk in the operation stage of a facility's life…

Downloads
1221

Abstract

Purpose

The research aims to explore the interaction between design decisions that reduce occupational health and safety (OHS) risk in the operation stage of a facility's life cycle and the OHS experiences of workers in the construction stage.

Design/methodology/approach

Data was collected from three construction projects in Australia. Design decisions were examined to understand the reasons they were made and the impact that they had on OHS in the construction and operation stages.

Findings

The case examples reveal that design decisions made to reduce OHS risk during the operation of a facility can introduce new hazards in the construction stage. These decisions are often influenced by stakeholders external to the project itself.

Research limitations/implications

The results provide preliminary evidence of challenges inherent in designing for OHS across the lifecycle of a facility. Further research is needed to identify and evaluate methods by which risk reduction across all stages of a facility's life cycle can be optimised.

Practical implications

The research highlights the need to manage tensions between designing for safe construction and operation of a facility.

Originality/value

Previous research assumes design decisions that reduce OHS risk in one stage of a facility's life cycle automatically translate to a net risk reduction across the life cycle. The research highlights the need to consider the implications of PtD decision‐making focused on one stage of the facility's life cycle for OHS outcomes in other stages.

Details

Built Environment Project and Asset Management, vol. 3 no. 1
Type: Research Article
ISSN: 2044-124X

Keywords

To view the access options for this content please click here
Article
Publication date: 11 January 2011

Helen Lingard, Ron Wakefield and Patrick Cashin

This paper seeks to examine a hierarchical measurement model for occupational health and safety (OHS) performance developed for use in the Australian construction industry…

Downloads
3198

Abstract

Purpose

This paper seeks to examine a hierarchical measurement model for occupational health and safety (OHS) performance developed for use in the Australian construction industry and tested over the life of one case study construction project. The model was intended to provide a more sensitive and informative measure of project OHS performance than traditional injury frequency rates.

Design/methodology/approach

Two measurement tools were tested. The tools, a monthly weighted safety index and a quarterly safety climate survey, were used to measure OHS performance and performance data are presented.

Findings

The data suggest convergent validity, indicated by consistent results between the two measures. Results also indicated that a combination of measurement techniques provides more comprehensive data pertaining to project OHS performance and enables the diagnosis of OHS issues that would be undetected with reliance exclusively on traditional measures, such as lost time injury frequency rates.

Research limitations/implications

The implications for future research lie in the demonstrated need to carefully evaluate the validity of the safety index and safety climate survey in future construction projects, and in the broader construction context. The results were limited to an evaluation of the measurement model in a single case study construction project and future testing is needed to determine the generalisability of the model.

Practical implications

The implications for practice are that multiple measures of OHS performance, including leading indicators and surveys of workers' attitudes and perceptions of project OHS, provide a more useful basis for the development of targeted OHS improvement strategies.

Originality/value

The paper develops a theoretical framework for the measurement of OHS using positive performance indicators and safety climate surveys. The evidence for convergent validity suggests that, in combination with traditional lost time injury rates, these measures provide a more robust method for the early detection and rectification of OHS issues in construction projects.

Details

Engineering, Construction and Architectural Management, vol. 18 no. 1
Type: Research Article
ISSN: 0969-9988

Keywords

To view the access options for this content please click here
Article
Publication date: 16 January 2009

Nick Blismas and Ron Wakefield

Much has been written on offsite manufacture (OSM) in construction, particularly regarding the perceived benefits and barriers to implementation. However, very little…

Downloads
5461

Abstract

Purpose

Much has been written on offsite manufacture (OSM) in construction, particularly regarding the perceived benefits and barriers to implementation. However, very little understanding of the state of OSM in the Australian construction industry exists. A “scoping study” was recently conducted to determine the “state‐of‐the‐art” of OSM in Australia. The purpose of this paper is to report on the overall findings of the study.

Design/methodology/approach

The study took a broad qualitative survey‐based approach. This involved three industry workshops, several interviews and seven case studies across four major states of Australia. The study surveyed a range of suppliers across the construction supply‐chain, incorporating the civil, commercial and housing segments of the market.

Findings

The study revealed that skills shortages and lack of adequate OSM knowledge are generally the greatest issues facing OSM in Australia. OSM uptake into the future is dependent on many factors, not least of which is a better understanding of the construction process and its associated costs. Unlike the USA and UK, the Australian construction industry faces unique challenges in how it transforms construction into a modern and efficient industry.

Originality/value

This is the first work undertaken to determine the benefits and barriers to OSM in the Australian construction industry.

Details

Construction Innovation, vol. 9 no. 1
Type: Research Article
ISSN: 1471-4175

Keywords

To view the access options for this content please click here
Article
Publication date: 19 January 2015

Helen Lingard, Lance Saunders, Payam Pirzadeh, Nick Blismas, Brian Kleiner and Ron Wakefield

The purpose of this paper is to explore the relationship between the timing with which decisions are made about how to control work health and safety (WHS) risks in…

Downloads
1563

Abstract

Purpose

The purpose of this paper is to explore the relationship between the timing with which decisions are made about how to control work health and safety (WHS) risks in construction project (i.e. either pre- or post-construction) and the quality of risk control outcomes.

Design/methodology/approach

Data were collected from 23 construction projects in Australia and the USA. Totally, 43 features of work were identified for analysis and decision making in relation to these features of work was mapped across the life of the projects. The quality of risk control outcomes was assessed using a classification system based on the “hierarchy of control”. Within this hierarchy, technological forms of control are preferable to behavioural forms of controls.

Findings

The results indicate that risk control outcomes were significantly better in the Australian compared with the US cases. The results also reveal a significant relationship between the quality of risk controls and the timing of risk control selection decisions. The greater the proportion of risk controls selected during the pre-construction stages of a project, the better the risk control outcomes.

Research limitations/implications

The results provide preliminary evidence that technological risk controls are more likely to be implemented if WHS risks are considered and controls are selected in the planning and design stages of construction projects.

Practical implications

The research highlights the need for WHS risk to be integrated into decision making early in the life of construction projects.

Originality/value

Previous research has linked accidents to design. However, the retrospective nature of these studies has not permitted an analysis of the effectiveness of integrating WHS into pre-construction decision making. Prospective studies have been lacking. This research provides empirical evidence in support of the relationship between early consideration of WHS and risk control effectiveness.

Details

Engineering, Construction and Architectural Management, vol. 22 no. 1
Type: Research Article
ISSN: 0969-9988

Keywords

Content available
Article
Publication date: 12 January 2010

Ronald McCaffer

Downloads
352

Abstract

Details

Engineering, Construction and Architectural Management, vol. 17 no. 1
Type: Research Article
ISSN: 0969-9988

1 – 10 of 43