TAILIEUCHUNG - RESIDENTIAL RENTAL REAL ESTATE INVESTMENT (RRREI) IN MELBOURNE: DEVELOPING AN INVESTOR MODEL

A purchaser should assess the environmental risks associated with a property being purchased. In Canada, government o"cials do not “certify” that a property is free from such risks. A property’s environmental status can be ascertained by inspecting applicable company and public records. In virtually all cases, a purchaser will want to do an “environmental audit” of the property which may include conducting scienti!c testing and a technical analysis of the property. Lending institutions often require such an audit before advancing any funds. Development Controls Property development is provincially regulated, primarily at the municipal level. Municipalities typically control land use and the density. | RESIDENTIAL RENTAL REAL ESTATE INVESTMENT RRREI IN MELBOURNE DEVELOPING An investor model Bryan Baker Department of Accounting Finance Faculty of Business Economics Monash University Caulfield East Australia Phone 61-2-9903-2018 Facsimile 61-3-9903-2422 E-mail PACIFIC RIM REAL ESTATE SOCIETY CONFERENCE ADELAIDE SOUTH AUSTRALIA 21-24 JANUARY 2001 Keywords Capital asset pricing model Economically rational investor Financial theory Hedonic pricing Negative gearing Portfolio theory Private rental real estate Rental residential real estate investment model Security market line Systematic unsystematic risk Taxation 1 INTRODUCTION Real estate investment is about creating and adding value through the effective management of property assets. Real estate is fundamentally no different from other mainstream investments the analysis of property investments can be easily integrated into the capital market framework. Capital asset pricing theory evolved into the capital asset pricing model CAPM . The CAPM model described by Franfurter 1995 104 as the keystone of financial theory has been tested in financial securites stock exchange markets over three decades. Accordingly CAPM was adapted in this study to incorporate real estate variables and its accuracy was tested in modelling the price of three bedroom houses and two bedroom flats using Melbourne data extending back to 1967. However in common with other recent capital market research Cochrane 1999 the findings of this study are that the capital asset pricing model using risk as its single causal variable alone does not adequately explain real estate returns. Further explanatory variables are required. BACKGROUND Home ownership has long been an Australian cultural icon - the great Australian dream Hayward 1992 McCormack 1995 . But the decline in the past decade in the proportion of Australians purchasing their own homes Yates 1999 29 coupled with recent federal governments moving away .

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