Implications of the National Rental Affordability Scheme on the valuation of residential property
McAuliffe, Brett (2011) Implications of the National Rental Affordability Scheme on the valuation of residential property. In Proceedings of The 17th Pacific Rim Real Estate Society Conference, Pacific Rim Real Estate Society, Bond University, Gold Coast, Qld.
The provision of shelter is a basic need and in Australia there has been a history of home ownership. However recent economic growth and rising construction costs, particularly over the past decade, has placed home ownership out of reach for some. In response to increased affordability pressures, the Australian Federal Government established the National Rental Affordability Scheme (NRAS) in 2008.
The aim of establishing the NRAS initiative is to stimulate the supply of new affordable rental dwellings, targeting 50,000 new properties by June 2012, through the provision of a National Rental Incentive for each “approved” dwelling. To be approved the dwelling must be newly constructed and subsequently rented to eligible low and moderate income households at rentals no greater than 80 percent of market rates. There is a further requirement that the accommodation be provided as part of the scheme for no less than 10 years.
The requirement to provide new residential accommodation at below market rentals for no less than 10 years has an impact on value and as such the valuation methodologies employed. To give guidance to valuers this paper investigates the scheme, the impact on value and expectations for the future.
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|Item Type:||Conference Paper|
|Keywords:||Valuation Methods, National Rental Affordability Scheme, NRAS, Residential Porperty, Affordability|
|Subjects:||Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000) > COMMERCIAL SERVICES (150400) > Real Estate and Valuation Services (150403)|
|Divisions:||Past > QUT Faculties & Divisions > Faculty of Built Environment and Engineering|
Past > Schools > School of Urban Development
|Copyright Owner:||Copyright 2011 [please consult the authors]|
|Deposited On:||16 Jun 2011 10:26|
|Last Modified:||18 Jun 2011 20:40|
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