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Systematic Valuation Errors and Property Cycles: A Clinical Study of the Sydney Office Market
Social Science Research Network
The cyclical variation in office construction, vacancies, rents and values over the last decade has been enormous throughout the world. Special factors magnified the variation in numerous countries --the U.S. savings and loan debacle and the Finish reaction to the collapse of the USSR to name two, but the variation has been large in almost all countries (Goetzmann and Wachter, 1995, and Renaud, 1994) . Australian office markets are a good example. A major construction boom developed in thedoi:10.2139/ssrn.580 fatcat:k2gmugmicfbknkfdsb2l6lth5u