Australia: Dark and light through a looking glass
Introduction This chapter describes key features of the residential development industry of an affluent, urbanized and motorized property-owning society living mostly in detached houses around the country's coastal perimeter and where international and internal migration and household formation are key drivers of the active development industry (Table 12.1). In a context of an under-researched area, it uses, where possible and appropriate, literature, examples and/or quantification to create reference points for the global reader. Within the standard chapter framework, it examines key characteristics of the industry, inter alia: how factors combine to produce a heterogeneous industry with broad participation; sub-market targeting; land tenure and titling; the high, unstable and onerous level of industry regulation and unending reforms thereof; and the highly regulated and risk-averse nature of financing. It draws out the spatial aspects of these characteristics, where relevant. The conclusion draws together the key characteristics' key consequences for matters including the power to influence development outcomes, regulators and politicians; and for development outcomes including uneven catering for sub-markets, and industry stability.
International Approaches to Real Estate Development
Housing Markets, Development, Management