Wayne Marano

Developments in valuation and assessment: an Australian case study

Purpose – Spatially enabled taxation systems provide public policy makers in Australia with a conundrum. For the Valuers General who provide the fiscal cadastre for the taxation system, spatial enablement could lead to a central role in State Government taxation or to a sidelined role. This paper aims to address this issue.Design/methodology/approach – The paper uses a survey of Valuers General.Findings – The paper establishes the current extent of adoption of spatially enabled taxation systems, identifies current provision and uses of valuation data and explores possible future provision and uses of such data.Research limitations/implications – The sample size for survey may limit its use elsewhere.Practical implications – The paper concludes that further integration and a unified national policy approach would be preferable.Originality/value – The first published paper to establish the current extent of adoption of spatially enabled taxation systems and to identify current provision and uses of valuatio...

Evaluating returns in the residential rental sector

Purpose – This study seeks to determine an appropriate form of yield analysis as a means of improving the supply of low cost rental housing within Australia.Design/methodology/approach – Rental returns are quantified on a disaggregated basis based on the amalgamation of three major government property databases.Findings – Much of the information on returns in low cost rental housing is based on erroneous assumptions. More accurate reporting of returns would put in place the appropriate risk premium for investment in low cost rental housing.Originality/value – The study adds value by allowing policy makers to better understand the nature of returns required to increase the level of investment in the low cost end of the private rental market.

Job Security and First Homebuyers

This study reports on a postal survey of first homebuyers in South Australia with a focus on the relationship between job security and purchase behaviour. The survey shows that while future job security is not a major concern for all households, any concerns about job security that are held, are strongly associated with a households sense of financial wellbeing and income level. As well the survey shows that, despite the stated lack of concern, most first homebuyers acknowledge that their experience of job security has influenced their purchase behaviour.

The Market Value of Remnant Native Vegetation in a Clearance Regulated Environment

Abstract The market value of remnant native vegetation (RNV) on rural holdings is assessed. Using 841 rural property transactions over 1983-97 in selected areas of South Australia, it was found that the presence of non-heritage RNV does not reduce market value, while the presence of heritage RNV does not add to market value. Depending on the region, reductions in property price of

Testing for quality assurance in the property taxation base using spatial analysis

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Job Security and First Home Buyers

295 per hectare occurred for non-heritage RNV placed under a heritage agreement.

Managing Rare Native Vegetation Holdings in South Australia: The Implications of Subdivision

Against the broad background of international practice, this paper presents a methodology using the spatial analysis of the assessed value to the sales price ratio as an integral part of contributing to the quality control and assurance of the fiscal cadastre. It adopts Local Morans I and surface interpolation techniques to highlight potential geographical areas of inequity that may be more a function of a location differential than a price differential, the traditional indicator of inequity. Using the metropolitan area of Adelaide, South Australia, as a case study the paper explores a potential methodology to capture this dimension and include it as part of the overall quality assurance procedure. This could enhance the quality of the fiscal cadastre as an integrated part of a spatially enabled land administration system for all stakeholders.

Risk Assessment and Credit Management

Abstract This paper discusses the implications of labour market change for first time homebuyers. It reports on whether experiences of labour market change, in particular the lack of job security resulting from more casual and contract employment, is impacting on their purchaser behaviour. It explores the relationship between job security and financial wellbeing of first home buyers, expectations of future job security and if and how these have influenced their home purchase. The survey shows that, while future job security is not a concern for many households, any concerns about job security are strongly associated with a households financial well being and income level. Those who are finding life the most difficult financially are the same households with the greatest concerns about future job security. As well, the survey shows that despite the stated lack of concern, most first time buyers acknowledge that their experience of job security has influenced their purchase behaviour.

Calculating a better index of return for the residential property sector

Abstract Native vegetation is a rare and valued land holding in many parts of Australia. This research reviews the impact of land subdivision on the conservation and management of remnant native vegetation (RNV) in an Australian state typified by land clearing and degradation, to provide information to assist in the formation of planning and conservation policy. It identifies the socio-economic characteristics, attitudes, intentions and practices of owners of nature blocks in relation to conservation and investigates whether owners have the resources to adequately manage their remnant native vegetation.

The implications of changes in the labour market for first-home buyers

Some years ago the derivatives group Refco advertised its financial risk management services under the slogan ‘Risk is everywhere’. There is, of course, an important truth here. The phenomenon of risk is pervasive in economic life as it is in life in general. Just as we learn to deal with the risks of crossing a road or driving a car (Graham 1988), we need to cope with risk in business life.