Education, real estate, immigration: brokerage assemblages and Asian mobilities

Real estate needs to improve its adoption of disruptive technologies to move from traditional to smart real estate (SRE). This study reviews the adoption of disruptive technologies in real estate. It covers the applications of nine such technologies, hereby referred to as the Big9. These are: drones, the internet of things (IoT), clouds, software as a service (SaaS), big data, 3D scanning, wearable technologies, virtual and augmented realities (VR and AR), and artificial intelligence (AI) and robotics. The Big9 are examined in terms of their application to real estate and how they can furnish consumers with the kind of information that can avert regrets. The review is based on 213 published articles. The compiled results show the state of each technology’s practice and usage in real estate. This review also surveys dissemination mechanisms, including smartphone technology, websites and social media-based online platforms, as well as the core components of SRE: sustainability, innovative technology and user centredness. It identifies four key real estate stakeholders—consumers, agents and associations, government and regulatory authorities, and complementary industries—and their needs, such as buying or selling property, profits, taxes, business and/or other factors. Interactions between these stakeholders are highlighted, and the specific needs that various technologies address are tabulated in the form of a what, who and how analysis to highlight the impact that the technologies have on key stakeholders. Finally, stakeholder needs as identified in the previous steps are matched theoretically with six extensions of the traditionally accepted technology adoption model (TAM), paving the way for a smoother transition to technology-based benefits for consumers. The findings pertinent to the Big9 technologies in the form of opportunities, potential losses and exploitation levels (OPLEL) analyses highlight the potential utilisation of each technology for addressing consumers’ needs and minimizing their regrets. Additionally, the tabulated findings in the form of what, how and who links the Big9 technologies to core consumers’ needs and provides a list of resources needed to ensure proper information dissemination to the stakeholders. Such high-quality information can bridge the gap between real estate consumers and other stakeholders and raise the state of the industry to a level where its consumers have fewer or no regrets. The study, being the first to explore real estate technologies, is limited by the number of research publications on the SRE technologies that has been compensated through incorporation of online reports.

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“…They receive revenues in exchange for their services. They include banks, law firms, inspectors, contractors, lenders and others [44,45] 1.…”

Section: Complementary Industries (Ci)mentioning

confidence: 99%

“…Similarly, GRA protects consumers against unethical and unprofessional practices by AA, CI and others. In return, consumers pay taxes to oil the GRA wheels [44,45]. GRA also supports CI in the form of loans, regulations and protections in return for taxes.…”

Section: Stakeholder Analysismentioning

confidence: 99%

A Systematic Review of Smart Real Estate Technology: Drivers of, and Barriers to, the Use of Digital Disruptive Technologies and Online Platforms

2018

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“…There have been periodic narratives in the Australian media about corrupt and rule breaking Chinese real estate investors (Besser & Hichens, ), and in media and policy discussions about rule breaking foreign investors from Asia (Robertson & Rogers, ; Rogers et al ., ). Therefore, we were interested in Sydneysiders’ views about whether they thought that Chinese real estate investment was being conducted legally in Australia.…”

Section: Investment Properties and Views About Foreign Investmentmentioning

confidence: 99%

Geographies of hyper‐commodified housing: foreign capital, market activity, and housing stress

Rogers

Nelson

Wong

2018

Geographical Research

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The latest manifestation of Asian‐led foreign real estate investment in some global cities is contributing to housing becoming a liquid, global asset. Drawing on empirical data about Sydneysiders’ reported levels of real estate market activity, housing stress, and views about foreign real estate investment, we found that those who are financially invested in Sydney's local real estate market are generally more supportive of the presence of foreign investors and investment than are those not invested in that market. We also found that there were no significant comparative differences in beliefs about foreign investment between those who are in housing stress and those who are not. On the strength of those findings, we ask whether a degree of commonality is developing around a set of ideological reference points related to the commodification of housing. As housing in global cities is increasingly commodified and financialized, these ideological reference points could be boosting its commodification across boundaries of cultural difference and political jurisdiction. We conclude by suggesting the need for a new line of inquiry through which scholars could investigate the politics of globalised hyper‐commodified housing in order to expose the ideological reference points that serve to bolster the commodification of housing.

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“…The New Middle Class (NMC) from Asia that invest in Australia are heavily influenced by family plans for migration and education [22], which are different from the practices and motivations of ultra-high net-worth individual (UHNWI) and ultra-ultra-high net-worth individual (UUHNWI) investors. Rogers and Robertson [22] suggested that foreign real estate investment should be considered as a familial strategy to obtain educational and immigration goals. Wong [23] showed that the foreign individual buyers who are active in the Australian real estate market are motivated by their own migration plans, financial security, and their children's education.…”

Section: Empirical Research Gap Analysismentioning

confidence: 99%

Sustainable Policy Dynamics—A Study on the Recent “Bust” of Foreign Residential Real Estate Investment in Sydney

et al. 2019

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We undertook an autopsy of the drivers of individual foreign real estate investment ‘bust’ in Australia through a new theoretical lens of ‘habitus’. Our autopsy data drew contours around the individual foreign real estate capital ‘boom and bust’ cycle, as well as the long-term commitment of professionals in the real estate sector to Australia’s real estate market. More specifically, we showed that the foreign capital ‘boom and bust’ cycle began in earnest in about 2010 (starting at A$8.7 billion), grew to A$72.4 billion in 2016–2017, and then declined to A$12.5 billion in 2017–2018. This decline in foreign capital into Australian real estate occurred within a domestic real estate market in Sydney that also started to slow in 2017. Based on 20 semi-structured interviews with real estate professionals in Sydney and public material culture data, we found out that the off-the-plan apartment sales and global policy landscape changes contributed to the decline of foreign real estate investment in Australia. The three possible implications for Sydney’s future residential real estate development: (1) The loss of investors, (2) the evolution of the labor force, and (3) the diversification of housing products, have been raised as part of a future research road map.

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Education, real estate, immigration: brokerage assemblages and Asian mobilities

Cited by 43 publications

References 24 publications

A Systematic Review of Smart Real Estate Technology: Drivers of, and Barriers to, the Use of Digital Disruptive Technologies and Online Platforms

A Systematic Review of Smart Real Estate Technology: Drivers of, and Barriers to, the Use of Digital Disruptive Technologies and Online Platforms

Geographies of hyper‐commodified housing: foreign capital, market activity, and housing stress

Sustainable Policy Dynamics—A Study on the Recent “Bust” of Foreign Residential Real Estate Investment in Sydney

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