Property Academics from the International College of Management, Sydney (ICMS) will present their research findings – examining the unique circumstances surrounding the valuation of disability housing – at the prestigious and industry-leading Pacific Rim Real Estate Society (PRRES) Conference in January 2023.
Over 100 academic papers are typically presented at the PRRES Conference, now in its third decade of existence, formed with the aim of providing a formal focus for property educators, researchers and practitioners in the Pacific-Rim Region. PRRES has over 130 members from Australia, New Zealand, Papua New Guinea, Fiji, Hong Kong, Thailand, Singapore, China, Indonesia, Malaysia and Korea as well as members from around the globe.
The 2023 conference will be held in Sydney, Australia.
It is in this stellar academic company and within this atmosphere of research and development in the property industry that ICMS Property Academics will present their paper: ‘The Practice of investment valuation in Australian government funded disability property’.
Submitted by authors, and ICMS lecturers, Dr Jae Won Kang, David McLennan, John Nicols and Sam Cuccurullo, this is the first ICMS Property research paper to be submitted for presentation at the international property conference.
According to the Australian Institute of Health and Welfare, 1 in 6 (18%) of people in Australia have disability (about 4.4 million people); and 1 in 3 (32%) of people with disability have severe or profound disability (about 1.4 million).*
This is a significant portion of the Australian population, and investment valuation in government funded disability property is a current and compelling issue that requires further understanding.
Investment valuation determines the accurate value of real estate, taking many factors into account.
“The purpose of this study was to help both commercial and residential property valuers identify challenges faced by the relevant comparable transactions, and offer suggestions to address a realistic valuation on different metrics and approaches (market, net operating income and capitalization of net income) under the four SDA design standard categories (improved liveability, robust, fully accessible, and high physical support) of the National Disability Insurance Scheme (NDIS),” Dr Jae Won Kang explained.
According to a statement, the PRRES Conference aims to “nurture and advance understanding and cooperation in the rapidly changing environment of property education and industry. With Australian and International speakers at the forefront of research and policy-making, the conference offers a challenging professional development experience and networking opportunity”.
Having ICMS Academics in this space is a win for the higher education institution, located in Northern Beaches, Sydney, NSW, and in the city of Sydney, for the student community, and for the academic faculty who use these research opportunities to further professional growth.
“I believe that the satisfaction of contributing to a field of interest is a driving factor of most researchers. The pursuit of research into topics of interest serves to answer questions posed by the author or others within the chosen field of interest,” ICMS lecturer John Nicols said.
“Further, in identifying gaps in the literature, research serves to increase the accumulated knowledge in that particular area of interest that the author wishes to explore.”
Likewise, ICMS lecturer David McLennan considered academic publications as an essential platform for expanding the knowledge base of a particular field or discipline.
“They offer a stage from which new ideas are announced, or alternatively a forum to challenge existing practice. All in all, academic publications are an effective tool in positively building upon schools of thought.”
ICMS offers a degree specialising in property – the ICMS Bachelor of Property (Development, Investment and Valuation) – and the successful research and presentation efforts of the academic faculty within this educational sphere, and throughout ICMS, benefits the entire student community.
As Dr Jae Won Kang explains: “Our scholarly activity contributes to the systematic, sustainable advancement and dissemination of knowledge for the benefit of others in the ICMS community and beyond, nationally and internationally.”
For more information on Pacific Rim Real Estate Society (PRRES), click here.
For more information on the ICMS Bachelor of Property (Development, Investment and Valuation), click here.
* Australian Institute of Health and Welfare, People with disability in Australia, July 2022.