Identifying the financial barriers to deliberative, affordable apartment development in Australia
Sharam, Andrea, Bryant, Lyndall Elaine, & Alves, Tom (2015) Identifying the financial barriers to deliberative, affordable apartment development in Australia. International Journal of Housing Markets and Analysis, 8(4), pp. 471-483.
The purpose of this paper is to identify the financial barriers to the supply of affordable apartments in Australia and examine whether demand aggregation and ‘deliberative development’ (self-build) can form a new affordable housing ‘structure of provision’.
Market design, an offshoot of game theory, is used to analyse the existing apartment development model, with ‘deliberative development’ proposed as an innovative alternative. Semi-structured interviews with residential development financiers are used to evaluate whether deliberative development could obtain the requisite development finance.
Our investigation into the financial barriers of a deliberative development model suggest that while there are hurdles, these can be addressed if key risks in the exchange process can be mitigated. Hence, affordability can be enhanced by ‘deliberative development’ replacing the existing speculative development model.
Market design is a new innovative theoretical approach to understanding the supply of housing, offering practical solutions to affordable apartment supply in Australia.
This research identifies financial barriers to the supply of affordable apartments; introduces theoretical understandings gained from market design as an innovative solution; provides evidence that a new structure of building provision based on ‘deliberative development’ could become a key means of achieving more affordable and better designed apartments.
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|Item Type:||Journal Article|
|Keywords:||Housing Affordability, Residential Development, development finance, smart housing markets|
|Subjects:||Australian and New Zealand Standard Research Classification > BUILT ENVIRONMENT AND DESIGN (120000) > URBAN AND REGIONAL PLANNING (120500) > Urban Analysis and Development (120507)
Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000) > COMMERCIAL SERVICES (150400) > Real Estate and Valuation Services (150403)
|Divisions:||Current > Schools > School of Civil Engineering & Built Environment
Current > QUT Faculties and Divisions > Science & Engineering Faculty
|Copyright Owner:||Copyright 2015 Emerald Group Publishing Limited|
|Copyright Statement:||This article is (c) Emerald Group Publishing and permission has been granted for this version to appear here (http://eprints.qut.edu.au). Emerald does not grant permission for this article to be further copied/distributed or hosted elsewhere without the express permission from Emerald Group Publishing Limited.|
|Deposited On:||10 Nov 2015 23:13|
|Last Modified:||15 Nov 2015 02:24|
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