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    ment fees) for the interim period which may last for many years.

    Thirdly, it implies a direct relationship between the broader economic environment and the property market. Whilst on a broad level this may hold true, in reality the property market is made of many sub-markets which each behave dif

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    Ask anyone who understands market cycles when to develop property and they will probably tell you to purchase development sites in a time of recession or trough and to sell the developed property in a time of growth or when the cycle is at its peak. Whilst at an intuitive level this may sound appealing, there are a number of problems with its implementation in reality.

    Firstly, no one can consistently predict macro-economic cycles with any great accuracy. In fact, the prediction of macro-economic movement is becoming more and more complex in light of globalisation and the liberalisation of markets. If economists cannot predict macro-economic movements then how can ordinary property developers!

    Secondly, it would be great if we all had an abundance of lazy cash sitting around so we could purchase development sites outright in the troughs and wait until the peaks to sell. In reality most property developers do not have an abundance of lazy cash sitting around and have to finance the purchase of a development site. To purchase a site in the trough and sell in the peak would therefore involve the payment of land holding costs (eg. rates, land tax) and finance costs (eg. interest, management fees) for the interim period which may last for many years.

    Thirdly, it implies a direct relationship between the broader economic environment and the property market. Whilst on a broad level this may hold true, in reality the property market is made of many sub-markets which each behave diff

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    , there are a number of problems with its implementation in reality.

    Firstly, no one can consistently predict macro-economic cycles with any great accuracy. In fact, the prediction of macro-economic movement is becoming more and more complex in light of globalisation and the liberalisation of markets. If economists cannot predict macro-economic movements then how can ordinary property developers!

    Secondly, it would be great if we all had an abundance of lazy cash sitting around so we could purchase development sites outright in the troughs and wait until the peaks to sell. In reality most property developers do not have an abundance of lazy cash sitting around and have to finance the purchase of a development site. To purchase a site in the trough and sell in the peak would therefore involve the payment of land holding costs (eg. rates, land tax) and finance costs (eg. interest, management fees) for the interim period which may last for many years.

    Thirdly, it implies a direct relationship between the broader economic environment and the property market. Whilst on a broad level this may hold true, in reality the property market is made of many sub-markets which each behave dif

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    kets. If economists cannot predict macro-economic movements then how can ordinary property developers!

    Secondly, it would be great if we all had an abundance of lazy cash sitting around so we could purchase development sites outright in the troughs and wait until the peaks to sell. In reality most property developers do not have an abundance of lazy cash sitting around and have to finance the purchase of a development site. To purchase a site in the trough and sell in the peak would therefore involve the payment of land holding costs (eg. rates, land tax) and finance costs (eg. interest, management fees) for the interim period which may last for many years.

    Thirdly, it implies a direct relationship between the broader economic environment and the property market. Whilst on a broad level this may hold true, in reality the property market is made of many sub-markets which each behave dif

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    property developers do not have an abundance of lazy cash sitting around and have to finance the purchase of a development site. To purchase a site in the trough and sell in the peak would therefore involve the payment of land holding costs (eg. rates, land tax) and finance costs (eg. interest, management fees) for the interim period which may last for many years.

    Thirdly, it implies a direct relationship between the broader economic environment and the property market. Whilst on a broad level this may hold true, in reality the property market is made of many sub-markets which each behave dif

    Computer Ergonomics and the Office of the Future - Part 4
    In Part 4 we discuss the idea of designs that are similar for home and office.Architectural Designs Intersecting with Home LifeI believe that there will be a "blending" of the home and work office. There is an increased need for "home" offices to be set up in a similar fashion to the office for telecommuters and those who work at home. There are many who regularly correspond with people on other continents and they are going to require a setup to enhance this.I see home offices that mimic the office to make it more comfortable and convenient to work from home. People will be more open to spending their own money on higher qualit
    ment fees) for the interim period which may last for many years.

    Thirdly, it implies a direct relationship between the broader economic environment and the property market. Whilst on a broad level this may hold true, in reality the property market is made of many sub-markets which each behave differently and not all in line with broader economic movements. To simply talk about the property market is to overgeneralise as there are property markets within property markets (e.g. Australian property market - Queensland property market - South-East Queensland property market - Brisbane property market - Bayside property market - Manly property market). In other words, whilst the Australian property market at large may be in recession the Manly property market may be performing strongly.

    Fourthly, the property development industry, like any other industry is driven by the forces of supply and demand. If there is increasing population growth, as is the case in most of the developed world, then there will be increasing demand for dwellings to accommodate the increasing population. This increase in population does not have any relationship with macro-economic movements. Therefore, imagine if developers only developed during the growth phase, where would the individuals demanding accommodation in the interim live?

    So if the use of the economic cycle is no good indication of when to develop property, than what is? Well, any serious property developer will tell you that if the financial

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