The University of Auckland Business School

2006 - The 12th Annual PRRES Conference in Auckland, New Zealand

Extending the Boundaries
January 22 - 25, 2006
The University of Auckland Business School

Conference Summary

Over the last few years property research has emerged as a topic of considerable interest to the academic community,  policy makers and the public at large. The PRRES conference is now well established as a premier forum for regional and international property researchers.

Potential Topics

PRRES offers members the opportunity to establish regional and international research networks via the umbrella organisation of the International Real Estate Society (IRES). Sister organisations who are also members of IRES are the American (ARES), European (ERES), Asian (AsRES), African (AfRES), Latin American (LaRES) and middle East (MeRES) Real Estate Societies.

One of the strengths of PRRES is the strong ties that have been established with the property industry. These linkages have helped to improve the quality of the applied research papers presented at the PRRES conference. The PRRES Board is most appreciative of the ongoing sponsorship provided by the API (Australian Property Institute), PINZ (Property Institute of New Zealand) and RICS (Royal Institution of Chartered Surveyors). This year the conference organisers have included an industry day on Wednesday with sponsorship provided by the IPD (Investment Property Databank).

Universities in the region are moving to funding mechanisms that place considerable emphasis on publications in refereed journals. The PRRES journal, Pacific Rim Property Research Journal, provides members with a forum to publish their research in an international refereed journal, published quarterly.

Congratulations to the University of Auckland and the organising committee (led by Deborah Levy) for their efforts in hosting this conference. We wish all participants a successful and enjoyable conference.

Peer Review

PRRES 2006 is offering double blind review of full papers. These papers will be published on the PRRES Inc. website

Thank you to our conference organisers

Proceedings from the 12th Annual Conference PRRES Conference

Delegate Papers

Papers shown as "refereed" have been refereed through a peer review process involving an expert international board of referees headed by Dr Dulani Halvitigala. Full papers were refereed with authors being required to make any changes prior to presentation at the conference and subsequent publication as a refereed paper in these proceedings.   Non-refereed presentations may be presented at the conference without a full paper and hence not all non-refereed presentations and/or papers appear in these proceedings.  All authors retain the copyright in their individual papers.

Keynote Speakers

Dr Andrew Baum

Dr Andrew Baum

Professor of Land Management, The University of Reading
Andrew Baum is part-time Professor of Land Management at The University of Reading and Managing Director of Oxford  Property Consultants, a property investment research and consulting company.  Formerly Property Research Manager for Prudential Portfolio Managers, Managing Director of consulting company Real Estate Strategy and CIO (Property) and Director of International Property for Henderson, he holds BSc, MPhil and PhD degrees from The University of Reading. He is a chartered surveyor (FRICS) and investment  analyst (UKSIP),
Andrew is a Fellow of the Urban Land Institute, a member of the American Real Estate Society, and a Fellow of the Society of Property Researchers. He is also a member of the Supervisory Board for the Schroder Exempt Property Unit Trust, and a non-executive director of Grosvenor Ltd. His company, Oxford Property Consultants, undertakes international property investment research, consultancy and training.

Andrew has published a number of books, specialising in particular in the area of property investment. His research interests include: 

  • Investment objectives and strategy 
  • The role of property in institutional portfolios 
  • The structuring of property portfolios 
  • Forecasting and risk models for investment 
  • Property finance and investment 
  • Indirect property and derivative vehicles 
  • International property investment

Andrew is also founder and current President of the Reading Real Estate Foundation, a registered charity which has been established to provide financial support for real estate education at The University of Reading.  

Recent Key Publications


  • Baum, A.  International Real Estate: An Institutional Approach, the United Kingdom, In Seabrooke, Kent and How (eds.), International Real Estate: An Institutional Approach, Oxford: Blackwell, 2003.
  • Baum, A. Liquidity in Private Property Vehicles: Where Next? London: Investment Property Forum, 2001, 80pp.
  • Baum, A. Commercial Real Estate Investment. London: Estates Gazette, 2002. 

Refereed journal papers

  • McAllister, P., Baum, A., Crosby, N., Gallimore, P. and Gray, A. Appraiser Behaviour and Appraisal Smoothing: Some Qualitative and Quantitative Evidence. Journal of Property Research, 20(3), 2003, 261-280.
  • Lizieri, C., Baum, A. and Scott, A. Ownership, Occupation and Risk: A View of the City of London Office Market. Urban Studies, 37(7), 2000, 1109-1129.
  • Baum, A. Changing Styles in International Real Estate Investment. Australian Land Economics Review, 5(2), 1999, 3-12.
  • Baum, A. and Lizieri, C. Who Owns the City? Office Ownership and Overseas Investment in the City of London. Real Estate Finance, 16(1), 1999, 87-100.
  • Baum, A., Crosby, N. and Murdoch, S. The Contribution of Upward-Only Rent Reviews to the Capital Value of UK Property. Journal of Property Research, 15(2), 1998, 105-120. 
Sing-cheong Liu

Sing-cheong Liu


Founder and Managing Director of Pearl River-Hang Cheong Real Estate Consultants Ltd., Hong Kong and Guangzhou, China

Sing-cheong Liu is the second key-note speaker at the 2006 PRRES Conference a General Practice Surveyor by training and has extensive experience in land and property business.

 Being the only non-local company that has been awarded with Class A real estate agency qualification ever since the commencement of the grading system in 1996, PRHC provides comprehensive land and property development consulting services for many leading local and foreign developers as well as the Guangzhou Municipal Government.

The success story of his company has been published by the City University of Hong Kong in a book entitled: Innovation Management Cases in Hong Kong. S.C is also the Chairman of Guangzhou Top Home Technology Co. Ltd. that operates a real estate website in facilitating property transaction related activities through the use of information technology. Besides private business, S.C is extremely active in the academic circle and public services.

Industry Day Speakers

Anthony De Francesco

Head of Research
Colonial First State Global Asset Management

Anthony is responsible for the provision of research support for: asset management, product development, and distribution initiatives for the wealth management business. He is responsible for developing House views on asset markets and undertaking strategic research on both core listed asset classes as well as property and alternative investment classes.

Anthony has over 10 years experience in various research roles, including 7 years in property research. Anthony is involved in client presentations and seminars. Anthony’s research experience involved reviewing international markets (both economic and property fundamentals).

Prior to joining CFS Anthony was Senior Quantitative Analyst with Commsec, responsible for asset allocation and modeling. Prior to this Anthony worked at Lend Lease Real Estate Investments Ltd as Head of Research.

2006_Industry_Day_Anthony_DeFrancesco.pdf 2006_Industry_Day_Anthony_DeFrancesco.pdf (136kB)
Michael Blythe

Michael Blythe

Chief Economist
Commonwealth Bank of Australia

Michael is currently the Chief Economist for the Commonwealth Bank of Australia. In this role he is responsible for monitoring, analysing, and forecasting trends in the Australian economy, financial markets and domestic monetary policy.

Michael joined the Commonwealth Bank in late 1995 as the Senior Economist in the Bank's economic research division. Prior to this he spent 13 years in various roles within the Economic Group of the Reserve Bank of Australia including a role at the International Monetary Fund. Michael was the Reserve Bank’s Senior Economist from 1991-1995 with responsibility for the provision of economic analysis and policy advice.

2006_Industry_Day_Michael_Blythe.pdf 2006_Industry_Day_Michael_Blythe.pdf (116kB)

Kevin Stanley

Regional Director of Research for Australia and New Zealand

Since 1998, Kevin has also been a member of the company’s Senior Leadership Board.

He is responsible for developing and maintaining the company’s annual research programme.  This includes primary research studies, the publication of MarketView reports, forecast modelling, database design and development and consulting assignments.  He leads a team of 16 researchers and is the company’s global research contact for the Pacific region.

Before joining CB Richard Ellis, Kevin was the Manager, Policy & Research with the Victoria Division of the Property Council of Australia.

He has a BA in Urban Studies and Graduate Diplomas in Business Administration and Project Management.

2006_Industry_Day_Kevin_Stanley.pdf 2006_Industry_Day_Kevin_Stanley.pdf (813kB)
Mark Lister

Mark Lister

Equity Analyst

Mark joined ABN AMRO Craigs in 2003 as an equity analyst specialising in property and small cap research.  In addition to the listed property sector, Mark’s coverage also extends to the agriculture and electricity sectors, and a range of smaller companies. 

Prior to working for ABN AMRO Craigs, Mark worked for TrustPower, a listed electricity generator and retailer, holding roles as a wholesale market analyst, a database and process developer and a pricing analyst.

Mark holds a Bachelor of Management Studies degree with a major in Finance.

2006_Industry_Day_Mark_Lister.pdf 2006_Industry_Day_Mark_Lister.pdf (449kB)
David Gribble

David Gribble

Vice President
Morgan Stanley 

David is a Vice President in the Sydney office and is responsible for Real Estate Investment Banking and Principal Investing throughout Australia and New Zealand. David joined Morgan Stanley in 2000 and worked in the London office until 2004, after which he moved to Australia. Prior to Morgan Stanley, David worked for Lend Lease Corporation in a range of construction and project management roles.
David holds a Bachelor of Engineering (Hons) from the University of Auckland and a Masters of Business Administration from London Business School.
Morgan Stanley Real Estate was established as a dedicated real estate business in 1969. As at June 30, 2005, Morgan Stanley had approximately 500 professionals in 20 offices located worldwide focusing exclusively on the real estate franchise, which is comprised of three distinct yet globally integrated businesses: Morgan Stanley Real Estate Investing, Morgan Stanley Real Estate Banking and Morgan Stanley Real Estate Lending.
As the full service real estate investing platform of Morgan Stanley, the investing business is comprised of the Morgan Stanley sponsored family of real estate related equity funds including: the Morgan Stanley Real Estate Fund opportunistic series (MSREF); PRIME; the Real Estate Special Situations Program, and the Morgan Stanley Eurozone Office Fund.  Collectively, Morgan Stanley Real Estate is responsible for nearly US$38.0 billion (A$50.6 billion) as at 30th September 2005 in assets under management, which includes Real Estate Securities offered through Morgan Stanley Investment Management.

Nic Lyons

Chief Executive and Managing Director
The GPT Group

Nic began his career with GPT when he was appointed CEO of the Lend Lease managed trust in October 2000. In June 2005 Nic oversaw the internalisation of management, to create the independent GPT Group.

Nic has more than 25 years experience in the property and property funds management industries in Australia and overseas. His long career in the property industry has included roles with entities such as ING, where he was General Manager of Listed Property Trusts, and Lend Lease Real Estate Investments where he was CEO – Real Estate Investments.

Nic holds a Bachelor of Commerce degree, a Diploma in Applied Finance and Investment, and is an Associate of the Securities Institute of Australia and the Australian Property Institute.

2006_Industry_Day_Nic_Lyons.pdf 2006_Industry_Day_Nic_Lyons.pdf (456kB)
Narelle Lee

Narelle Lee

Mananger, Property Investment Strategy
AMP Capital

Narelle has spent the past twenty years working within the property asset class.

Her roles have included asset management of retail shopping centre portfolios worth over $1bn, management of Pacific Fair on the Gold Coast, and for the past fouryears, Narelle has headed the Investment Strategy unit within AMP Capital’s Property Division.

In her present capacity, Narelle heads a team responsible for monitoring the domestic and global property markets, generation of the AMP Capital House View on the sector as well as playing a key role in the investment process for Australia’s largest wholesale property fund manager.  This role requires Narelle and her team to be conversant across all markets, sub-sectors and emerging trends in Australia and also internationally.

Narelle holds an MBA, Graduate Diploma in Land Economics and Graduate marketing qualifications.

2006_Industry_Day_Narelle_Lee.pdf 2006_Industry_Day_Narelle_Lee.pdf (3MB)

Chris Davitt

Property Analyst

Chris works as the analyst for the Multiplex Property Trust which holds a $3.1 billion diversified property portfolio. He has six years experience in the property industry with research and transactional experience in the development, residential, office, industrial and retail sectors. Chris holds the position of adjunct lecturer at the University of NSW teaching Real Estate Finance in both the undergraduate and post graduate programmes.

Chris graduated from the University of Technology with a Bachelor of Land Economics (with first class honours). He holds a Diploma in Law (Sydney University) and is the deputy chair of the NSW Capital Markets and Research Committee.

2006_Industry_Day_Chris_Davitt.pdf 2006_Industry_Day_Chris_Davitt.pdf (297kB)
Geoff McWilliam

Geoff McWilliam

Property Consultant
Geoff has more than 30 years experience in the property industry, including portfolio management and funds management of listed and unlisted vehicles, and management of property operations in Australia, Asia and Europe.   He has held a variety of management and directorship roles in the property funds management area within Commonwealth Bank of Australia and Lend Lease. In his role as Executive General Manager at Colonial First State Property, part of the CBA, he was responsible for the development of new wholesale and listed property funds, growing the business over 10 years from $750 million FUM to over $16 billion FUM.  In addition, he held responsibility for the management of the Bank's corporate real estate portfolio.  

2006_Industry_Day_Geoff_McWilliam.pdf 2006_Industry_Day_Geoff_McWilliam.pdf (126kB)
John Sears

John Sears

Manager, Forecasting Services
Jones Lang LaSalle

John is responsible for forecasting all major office, industrial and retail property markets across Australia, authoring strategic research pieces for the firm and providing consultancy services to clients.

John has a strong background in investment analysis, asset allocation, performance attribution and the research of financial markets. He has over 10 years experience with AMP Capital in the Investment Strategy and Economics Department, including two years in their London office as Manager, Global Equity Strategy.  John was also a PhD Student at the University of NSW, School of Economics. His thesis topic being the performance of Australia’s managed funds with reference to changing performance under different economic climates.

2006_Industry_Day_John_Sears.pdf 2006_Industry_Day_John_Sears.pdf (330kB)
Terry Boyd

Terry Boyd

Professor of Property Economics
Queensland University of Technology

Terry is currently the inaugural Professor of Property Economics at Queensland University of Technology in Brisbane, Australia.  However, after 20 years in private practice as a principal of a Property Company and 20 years as an academic, he is about to change direction.  In 2006, while continuing as a consultant to both the property profession and academia, he will balance work life with fishing, boating and being a grey nomad.
Terry’s expertise is in the property fields of valuation, property rights and professional development.

2006_Industry_Day_Terry_Boyd.pdf 2006_Industry_Day_Terry_Boyd.pdf (52kB)

Pete Morrissey

Senior Investment Analyst – Property and Infrastructure
Lonsec Ltd. 
Pete joined Lonsec in March 2004.  In his capacity at Lonsec Pete is in charge of all funds with listed property exposure – Domestic LPT Funds, Hybrid Property Funds with Listed and Direct exposures and the rapidly growing Global Property Securities Fund sector.  Pete has recently completed a detailed research paper titled “Global Property Securities: Implications for Australian Investors” as part of a Master of Applied Finance. 
Prior to Lonsec, Pete was an Investment Manager with Reality Investments Ltd, a diversified private investment company focusing on Australasian and International Equities.  Before immigrating to Australia, Pete spent several years working in the UK finance industry in a variety of analytical roles with Nomura, ING Barings, and Lloyds TSB. 

Pete has a Bachelor and Master of Commerce in Valuation and Property Management from Lincoln University (Canterbury, New Zealand), along with a Graduate Diploma in Applied Finance from the Financial Services Institute of Australasia (formerly Securities Institute of Australia).

2006_Industry_Day_Pete_Morrisey.pdf 2006_Industry_Day_Pete_Morrisey.pdf (225kB)
John Garimort

John Garimort

Investment Property Databank

John has a real estate valuation and portfolio management background, with undergraduate study in Melbourne and Post Graduate study in London.  He has approximately 10 years of experience in direct real estate markets as a valuer of mainly commercial and industrial markets, and then as an assistant portfolio manager with a large fund manager.

Following this direct property experience he moved to the "dark side", as an equities analyst researching the Australian Listed Property trust sector where he worked for 9 years.  In addition to understanding the fundamentals of most real estate markets throughout Australia, analysis of capital structures, funding techniques, risk profiles and stock price valuation techniques became the areas where he specialised. 

He has spoken at international conferences in New Zealand and Korea, has been regularly quoted in the print media and occasionally been used in television broadcasts in business forums.  He generally provides –two to three lectures to undergraduate and post-graduate students each year.

He joined IPD in August 2003 and has responsibilities for establishing the company in Australia and New Zealand.

2006_Industry_Day_John_Garimort.pdf 2006_Industry_Day_John_Garimort.pdf (192kB)
Ken Atchison

Ken Atchison

Managing Director
Atchison Consultants

Atchison Consultants was established in 2001 to provide advice regarding financial and investment assets to major funds, focusing on property investment portfolios, including appraised based and listed Australian and global property.

Previously, he was with the global firm Towers Perrin as a consultant, advising funds on improving investment performance by ensuring effective investment policies and management structures were in place.

His consulting clients include major superannuation and insurance funds and industry participants.

Ken is a member of the Property Council of Australia, the Securities Institute of Australia and the Investment Management Consultants Association.

2006_Industry_Day_Ken_Atchison.pdf 2006_Industry_Day_Ken_Atchison.pdf (91kB)