Preliminary Proposition of a General Theory of Property Investment Decision Making

Following an extensive literature review (Parker 2011a), the property investment decision making process was hypothesised to be linear, sequential and circular in form comprising 30 steps capable of classification into six stages and three phases. Based on the findings of semi-structured interviews with ASX200 REIT CEO’s, the hypothesis was found to be supported for Australian public funds (Parker 2011b). Further, following semi-structured interviews with principal and senior decision makers within Australian wholesale property funds, the hypothesis was also found to be supported for Australian private funds (Parker 2012). Based on the findings of this previous research, the similarities and differences in property investment decision making between Australian public and private funds are considered with a view to identifying whether a general theory of property investment decision making may be proposed, for discussion with and feedback from ERES conference delegates.