The 26th Pan Pacific Congress of Real Estate Appraisers, Valuers and Counsellors has been held in Melbourne this week. The next will be in Singapore in 2014.
In one session of the congress this morning (Thursday 4 October) I gave an address “Land Price Bubbles and Land Value Capture”.
I’ve converted my slideshow to a PDF here.
We’ve seen the following, I concluded: Japan’s 21-year failed attempt to rectify a debt deflation with low interest rates; ‘Helicopter Ben’ Bernanke’s succession of quantative easings in the US produce nil results, and; Europe’s economically doomed-to-fail measures to make the citizens of miscreant nations wear hair shirts. Trying to re-inflate land price bubbles aint the way to get economies moving again.
I suggested valuers’ knowledge of the theory of valuation sets them up to offer the world a quick-exit strategy from global financial collapse.
Although my talk was well received and several people wanted a copy, or to know if it would eventually appear in the Australian Property Journal, I discerned two pairs of eyes glaring daggers. They seemed unimpressed with the fairness of land value capture. Maybe personal interests v. society?