Guest editorial

Guest editorial

Article Type: Guest editorial From: International Journal of Housing Markets and Analysis, Volume 8, Issue 4

Multi-owned properties

Welcome to this special issue on multi-owned properties. The term multi-owned properties refers to a property type consisting of at least two lots tied to a communally owned property with an incorporated entity created to govern. Often referred to as strata title, community title, unit title, high rise, subdivisions with owners corporations, private housing estates, condominiums and common interest developments

The call for this special issue coincided with the inaugural annual Multi-owned Properties: A Multidisciplinary Colloquium held by Deakin University in Melbourne, Australia, in February 2015. For more information about the upcoming colloquium, please visit: http://www.deakin.edu.au/business/finance/multi-owned-properties

The intention of the colloquium was to bring together Australasian and international academics and researchers to share their knowledge and research on multi-owned properties. The colloquium delivered an environment in which researchers from a multitude of disciplines (including law, planning, business, design, geography and sociology, to name just a few) presented and discussed current research, research methodologies and future directions for research in this area. As a result, a number of presenters submitted papers to this special issue

In the first paper, Reid examines the social interactions within multi-owned properties in the Queensland city of Brisbane. A constructivist grounded theory approach frames the research. Using in-depth interviews, Reid describes five major themes relating to surface-level interactions, privacy, resident homogeneity, the us and them (as the social) divide, and safety and security. The findings of the research are that residents in multi-owned properties have surface-level interaction and that these interactions are influenced by concerns relating to privacy, homogeneity, tenure type and safety. Reid further notes that the governing legislation impedes on community participation

In the second paper, Johnston and Too provide a typology of governance issues and outcomes impacting multi-owned properties. The research approach used is twofold and includes a review of the relevant legislation in three Australian jurisdiction and the use of the Delphi technique to gain group opinion about specific governance issues and outcomes identified in the legislation and the literature. Johnston and Too categorised governance issues with respect to committees, meetings, business activities, engagement of managers, financial management, administration, property maintenance, rules and disputes. In total, 43 issues and 12 outcomes were identified by participants

In the third paper, Sharam, Bryant and Alves identify the financial barriers to the supply of affordable apartments in Australia. The study is underpinned by a market design theory. Residential development financiers were interviewed to evaluate whether self-build developments could be financed. The authors highlight key financial barriers including credibility of the project proponent, loan security, equity, pre-sales, profitability and loan-to-value ratio. Possible solutions to overcome these barriers is also discussed, including the introduction of guarantors

In the fourth paper, Leshinsky and Mouat take a cross-jurisdictional perspective (Canada and Australia) by highlighting multi-owned property issues challenging policy makers and communities. The different ways of recognising communities is examined by utilising public policy and political theory. Content analysis of policy documents and case law in the two jurisdictions identified issues that communities in this property type face, including pet and bike ownership, concerns for safety and planning

In the final paper, Sajan identifies attributes impacting upon apartment living satisfaction with an emphasis on design. In this study, Sajan developed a survey with questions relating to habitability, location, accountability and well-being. She concluded that residents reported a relatively high level of overall satisfaction. Predictors of overall living satisfaction included green area provision, safety in lifts and good neighbours. Dissatisfaction related to causes such as cooking smells, vandalism, storage and affordability

All papers in this special issue have been through a rigorous double-blind refereeing process to ensure that the highest quality is maintained. If you have any comments relating to the papers in this special edition, then please contact the guest editor, Nicole Johnston directly at mailto:nicole.johnston@deakin.edu.au

Nicole Johnston
Guest Editor
Department of Finance, Deakin University,
Burwood, Australia