REITs in Australia: Moving forward from the GFC

Newell, Graeme

doi:10.1007/978-3-642-36856-1_6

Cited by 6 publications

(9 citation statements)

References 17 publications

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“…This is mainly because of the infancy of property crowdfunding as an investment vehicle in Australia. By way of contrast, Newell (2013) has discussed how A-REITs attract both sophisticated individuals and institutional investors that have access to high-quality commercial property assets. In property crowdfunding, investors invest individually and mainly in smaller residential assets.…”

Section: Crowdfunding In Australiamentioning

confidence: 99%

Investor perspectives on property crowdfunding: evidence from Australia

Lowies

Viljoen

McGreal

2017

JFMPC

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Purpose The purpose of this study is to investigate the perceptions of property investors of the risks and returns associated with property crowdfunding as an investment vehicle. The study contributes to the understanding of alternative property investment vehicles and how it is perceived by investors. Design/methodology/approach The study focusses on investor perceptions in using property crowdfunding as an investment vehicle and follows a survey-based design. A questionnaire was finalised after the completion of a pilot study and was distributed to existing property crowdfunding investors via email. Inferential statistical measures were used. Findings The results show, to an extent, similarities to general equity-based crowdfunding studies. However, the uniqueness of property crowdfunding as an investment vehicle may explain the insignificance of the results when related to other studies. Overall, the property crowdfunding investor seems to present cautious behaviour with a conservative perception of property crowdfunding as an investment vehicle. Practical implications It is recommended that property crowdfunding platforms present prospective investors with more formal regulation of the property crowdfunding industry. Such a regulatory framework may lessen the current level of uncertainty presented by investors. Originality/value The study enhances the understanding of the role of property crowdfunding as an alternative investment vehicle in Australia. More importantly, it went some way towards enhancing the understanding of how investors perceive and behave vis-à-vis property crowdfunding as an investment vehicle.

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Section: Crowdfunding In Australiamentioning

confidence: 99%

Investor perspectives on property crowdfunding: evidence from Australia

Lowies

Viljoen

McGreal

2017

JFMPC

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“…Their income tax exemption and direct property like characteristics (e.g. high liquidity and diversification, low transaction costs, and high yields) make A‐REITs a compelling investment option for socially responsible individual and institutional investors (Newell, , ).…”

Section: Introductionmentioning

confidence: 99%

“…With over AUD$130 billion in total assets, more than 2000 institutional‐grade properties and 50 per cent of total property fund assets under management, A‐REITs are the largest property investors in Australia (Newell, ; Farrell, ). For instance, as of 4 July 2017, 78 A‐REITs with a market capitalisation of approximately AUD$145 billion are listed on the Australian Stock Exchange (ASX), representing 90 per cent of listed real estate in Australia and 8.2 per cent of the S&P/ASX 300 index (Capital IQ, ).…”

Section: Introductionmentioning

confidence: 99%

A Review of Corporate Social Responsibility and Real Estate Investment Trust Studies: An Australian Perspective

Westermann

Niblock

Kortt

2018

J of App Econs and Policy

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The aim of this paper is to review empirical findings in the literature relating to corporate social responsibility (CSR) and real estate investment trust (REIT) performance. Specifically, we synthesise CSR‐focused REIT performance studies in an attempt to establish empirical approaches utilised in the academic literature, present findings, identify relevant gaps and reveal themes for future research. The literature focusing on the CSR of REITs to‐date has primarily focused on corporate governance, sustainability and performance, with the latter concentrating on firm‐level financial consequences rather than investment return performance. The review showed that there has been limited empirical research conducted on the relationship between CSR and risk‐adjusted returns of REITs, particularly in Australia.

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“…Disruptions can be described as significant events that alter the predictive flow of activities (Veuger, 2018), with varying impact across different sectors of the built environment (Cook, 2015), causing investments within the built environment to suffer partial setback or total collapse (Newell, 2013). According to (Kreimer et al , 2003), the global built environment is constantly exposed to various forms of disruption.…”

Section: Property Market Disruptionsmentioning

confidence: 99%

“…According to Newell and Najib Razali (2009), economic disruption often emanates from unexpected and steep variations in market fundamentals such as demand, supply and interest rate fluctuations, like it was observed during the Asian crisis of 1997 and the global financial crisis (GFC) of 2008 (Newell, 2013), with the potential of leaving a lifelong devastating effect on people and their livelihood (Bryant, 2012). For instance, the impact of the GFC distorted economic activities of most countries (Newell and Najib Razali, 2009), and was felt more within the real estate market (Bryant, 2012), resulting in a decrease in the trading volume of property assets.…”

Section: Property Market Disruptionsmentioning

confidence: 99%

Property investment decision-making behaviour amidst market disruptions: an institutional perspective

Bolomope

Amidu

Filippova

et al. 2020

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PurposeDecision-making behaviour of property investors has been the focus of real estate research for decades. Yet, there is no consensus on a generally accepted behavioural model that suits all market conditions and investment peculiarities. While scholars have emphasized the significance of rational reasoning and cognitive influences on property investment decision-making preferences, gaps remain regarding the impacts of market disruptions on property investment decision-making behaviour. This paper, therefore, explores the institutional framework as a theoretical basis for understanding property investment decision-making behaviour amidst market disruptions.Design/methodology/approachThis paper reports a systematic review of pertinent theories that have explored decision-making behaviour. Commencing with an index search of high impact peer-reviewed journals, a snowball identification of relevant citations was also deployed to assemble theories from the field of psychology, sociology, economics and urban studies. Although a preliminary dataset of 82 papers with relevant decision-making theories was identified, the final dataset comprised 27 papers and 7 theories. The identified theories were reviewed accordingly.FindingsThe outcome of this study suggests that the institutional framework offers a robust approach to property investment decision-making amidst market disruptions, especially because it recognizes the dynamism in the investment environment and the roles of formal and informal rules that exist therein.Originality/valueThis study advances the current understanding of property investment decision-making behaviour by recognising the dynamism of the investment environment and how factors such as principles, laws, tradition and routines can lead to an established and legitimate standard of reasoning. By integrating both rational and cognitive attributes, the study provides a holistic perspective to property investors' decision-making behaviour in response to market disruptions.

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REITs in Australia: Moving forward from the GFC

Cited by 6 publications

References 17 publications

Investor perspectives on property crowdfunding: evidence from Australia

Investor perspectives on property crowdfunding: evidence from Australia

A Review of Corporate Social Responsibility and Real Estate Investment Trust Studies: An Australian Perspective

Property investment decision-making behaviour amidst market disruptions: an institutional perspective

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