PurposeThis paper aims to articulate the emerging and non‐descript purposes “referred to as public purposes” for which land and property may be acquired within Australia and internationally using compulsory acquisition laws.Design/methodology/approachIn demonstration the emergence of non‐descript purposes for which land is being acquired, a reflective case study in the USA, has been used to both highlight the broad nature of public purposes as well as the emerging trend of land acquired for site assembly and on‐sale to private developers.FindingsThe main findings of this paper are threefold. The first finding is the extent of public resistance and backlash to what is seen as a threat to the tenure of land and property rights. The second finding is the perceived abuse of land acquisition powers by government for site assembly and on‐sale of land for purposes beyond the provision of traditional public infrastructure. The final finding is the lack of adequate compensation or framework for the provision of compensation in the form of reinstatement for parties dispossessed of their property.Originality/valueA “just term parity value” framework and model has been developed to evoke and provide a way forward in the provision of compensation which includes the provision of re‐instatement for property owners dispossessed of their property.

Purpose The purpose of this paper is to examine the impact of the land acquisition phase and site assembly of land for large scale infrastructure road projects and its impact on property owners. A review of one of the largest roadwork projects currently underway in Sydney Australia demonstrates the adverse impact that has resulted in property owners challenging the approach used by government to acquire land for this project. Similar case studies are used to set out the key measures that should apply internationally in mitigating challenges from property owners in the land acquisition phase. It further shows that while adequate statutory provisions are important, it is the practices of acquiring authorities that ultimately determine the success and expedition of this initial important phase of these projects. Design/methodology/approach In measuring the factors that impact the acquisition of land by negotiation in contrast to acquisition by compulsory taking, a case study methodology is used. In this approach, the author reviews two completed projects and the factors that contributed to their success. These are contrasted with the primary case study currently underway in Sydney, the WestConnex project in which a number of adverse factors have emerged that have impacted this project. The review of these cases examined provides options for reforms that should be adopted both in the WestConnex case and across projects internationally. Findings It is demonstrated that the impact of the land acquisition phase on property owners with limited ability to rehouse within the same or surrounding locations, results in increases to challenges. This factor has prompted increases in the number of cases that have proceeded to court and potentially impacts the public perception and site assembly phase of large scale road projects. The inability for impacted property owners to relocate themselves has resulted in a breakdown in the ability for acquiring authorities to achieve acquisition by agreement. This is evidenced by significant increases in the number of properties that have been acquired by compulsion since 2016. It is found that the operational provisions of the land acquisition processes were obsolete in NSW, particularly those leading up to acquisition that was originally designed to assist owners. The paper finds that the most important phase of a megaproject is the planning and consultation phase, which includes most importantly the way in which impacted owners are informed, assisted and compensated. It is concluded that the processes engaged in by acquiring authorities rather than the statutory provisions available, will determine the success of the land acquisition phase and perceptions of the project. Originality/value The primary contribution of this paper is defining the changing landscape that has led to the adverse impact on property owners in the site assembly process for large scale projects. It identifies the reforms that will enhance opportunity for owners to relocate and rehouse which will expedite the acquisition phase of megaprojects and restore acquisition by agreement rather than by compulsion. This in turn will contribute to improve public perception of large scale projects in urbanised locations.

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Housing market dynamics have primarily shifted from consumption- to investment-driven in many countries, including Australia. Building on investment theory, we investigated market dynamics by placing investment demand at the center using the error correction model (ECM). We found that house prices, rents, and interest rates are cointegrated in the long run under the present value investment framework. Other economic factors such as population growth, unemployment, migration, construction activities, and bank lending were also important determinants of the housing market dynamics. Our forecasting results show that the Sydney housing market will continue to grow with no significant price decline in the foreseeable future.

Housing practitioners and policy experts are advocating for an expansion in rental housing supply in contemporary cities around the world. The objective is to convince institutional investors to include rental housing investment in their investment portfolio to contribute to boosting housing supply. Unfortunately, the rental sector is characterized by numerous uncertainties and challenges, making it unattractive to institutional investors. With the growing attention to institutional investors in various housing market contexts, an understanding of the market risks (also known as barriers), is useful to inform future research and policymaking. Using a systematic literature review methodology, this paper synthesizes the extant literature on the market risks inhibiting institutional investment in rental housing. Findings reveal the following barriers: low profitability, non-progressive rent control policies, unclear target group for rented projects, poor landlord-tenant relations, inadequate property management and unreliable property market information. Among all the barriers identified, low profitability and inadequate property management had great influence on their investment decision. Firstly, institutional investors perceive rental housing investment as less profitable and unattractive in terms of project performance. Secondly, the lack of supporting structures for the property management sector contributes to derailing rental yields. The review also finds that the target group for rental projects are often vague especially for projects under government assistance. The rental sectors in many countries are confronted with numerous problems, some of which greatly inhibit institutional investors from investing in the rental asset. This paper concludes that, although the idea of expanding rental housing supply seems laudable, ignoring these problems may be detrimental to housing markets in the long run. Rental markets in many countries are volatile, and thus not ready to receive institutional investors fully into the sector. An expanded rental sector could be advanced if policy makers take the appropriate steps to resolve the identified challenges. Adequate structural preparations must also be made for large scale rental housing supply.