Real Property in Australia: Foundations and Applications

Real property in the form of investment, ownership and use pervades almost every aspect of daily lives and represents over 40% of Australia’s wealth. Such assets do not exist in isolation – they are dynamic and forever evolving, impacted by a range of physical, economic, demographic, legal and other forces.

Consequently, a true appreciation of individual assets and of the property sector as a whole demands an understanding of both the assets themselves and the context and markets in which they exist. The sector is complex and, on the face of it, confusing. It is however, not without logic and underlying themes and principles.

This book provides a wider understanding of how the real property sector works. It covers topics such as the nature of real property and its functions, economic drivers, valuation principles, legal and tenure parameters, property taxation, land development and subdivision, asset and property management and sustainability – all critical components in this complex and critically important sector. It provides a wide and balanced perspective for experienced practitioners, investors, students and anyone involved in property decision-making or wishing to secure a deeper understanding of these areas.

The book integrates research-based theory with practical application and first-hand insights into a sector that underpins the Australian economy, its communities and its sustainability.

Michael J. Hefferan is the recently retired Pro Vice-Chancellor (Engagement) and Professor of Property and Development at the University of the Sunshine Coast.

He has a PhD, Masters of Applied Science and postgraduate management qualifications. He is a Registered Valuer, a fellow of the Australian Property Institute and was a long-term fellow of the Royal Institution of Chartered Surveyors, Urban Development Institute of Australia and of the Australian Institute of Company Directors. He is a past president of the Australian Property Institute, Queensland Division, and past Chair of that organisation’s National Education Board.

He was previously Director of the Institute for Sustainable Resources at the Queensland University of Technology, Brisbane – a major cross-faculty research organisation with particular interest in resources management, sustainable built environments and social dimensions of change.

For almost 20 years previously, he was an executive director within the Queensland State Government, with direct responsibility for industry and regional development. In those areas, he managed some of the largest development projects and commercial and industrial property portfolios in the State.

His particular research interests include issues relating to statutory valuation and property taxation, building use and adaptation, master planned communities, sustainability within the built environment and regional development.

He was, for many years, co-editor of the Australasian Journal of Regional Studies and continues with academic and research involvement with the University of the Sunshine Coast and Queensland University of Technology and, in North America, with Purdue University, Indiana and Memorial University, Newfoundland. He consults widely and is involved in numerous programme and project reviews for governments and international bodies.

He has now been awarded Emeritus status by his home university.