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Board briefing · September 2026

One map of how the property business works

A plain-language walk through the Australian Property Investment, Accommodation and Operations Ontology (version 0.1.0): what it is, the shape it takes, how the pieces connect, and what it lets us do.

Status: release candidate · all 15 test questions pass · every term traced to a source · prepared from the generated Semantic Atlas and validation reports

Bottom line

We now have a shared, evidence-backed dictionary and map of the business that software and AI can read

The ontology names every kind of thing the business deals with (a room, a head lease, a council registration, a yield claim), states how those things relate, and records where each fact came from. It is the common language beneath the property-intelligence platform and any AI assistant we ground on our research.

Three things the board should know

  1. It answers the questions that matter: which approvals a model needs in each state, who carries the rent risk under each agreement, what a scenario assumed, and which properties have an approval missing or expired.
  2. It does not pick winners where the sources disagree. Competing yield claims and state-by-state definitions are kept side by side with their source and authority.
  3. It is a release candidate, not a release. Four things stand between it and a production release (see “Path to release”).
93
kinds of thing
e.g. dwelling, head lease, regulator
75
relationships between them
e.g. leased under, must comply with
257
controlled values in 24 lists
e.g. 16 roles, 15 strategies
48
sources behind 125 evidence records
every term traces to one
15 / 15
test questions pass
9 core, 6 supporting
337
worked example records
used to prove the model works

Why we built it

The research library was rich but could not be trusted as a whole

Sources disagree

Rooming-house gross yield is quoted anywhere from 5% to 15%. Coliving break-even is quoted as both 6–12 and 12–18 months, by the same publisher. Room-by-room letting is said to both lower and raise vacancy.

The rules change by state and by size

Four residents in Queensland trigger registration and accreditation; four persons in Victoria trigger an operator licence and council registration; under nine bedrooms in Victoria can avoid a planning permit. The word “rooming house” itself means something different in each place.

One party wears many hats

An operator is the owner’s tenant and the resident’s landlord at the same time. An owner-occupier can also be a provider. Spreadsheets and documents cannot hold that cleanly; a map of roles can.

The ontology turns 31 web pages, 14 summaries and two research reports into one structure where every statement carries its source, its authority level and its jurisdiction.

The shape

Eight subject areas arranged around the property itself

owned / operated by leased under must comply with run as measured by managed through exposed to described by People and roles owners, operators, lenders, regulators 18 links via ‘participation’ Agreements leases, head leases, subleases Regulation planning, building, fire, tenancy, tax 17 links via ‘regime’ Strategies and models rooming house, coliving, master lease PROPERTY ASSET land, building, dwelling, room, shop 24 links – most connected Finance scenarios, assumptions, source claims Business operations plans, services, fees, workflows, KPIs Risk and decisions risks, mitigations, acquisition gates Data sources which dataset supplies which attribute
The property asset is the most connected concept (24 direct relationships), followed by “participation”, the node that joins a person or company to a role (18), and the regulatory regime (17). Counts are from the atlas topology map of all 119 class-to-class relationships.

Where the connections concentrate

Three concepts carry half the wiring

Property asset (land, building, room, shop) 24 Participation (a party in a role) 18 Regulatory regime (a set of rules) 17 Development project 8 Party (person or organisation) 7 Jurisdiction (state, council) 6 Metric value (a number with its source) 6 Dwelling 6 Head (master) lease 5 Financial scenario 5 Risk 5 Source document 5
Number of distinct relationships each concept takes part in (atlas map 4B, 119 relationships in total). Filled bars mark the three hubs.

What it means in practice

  • Property asset is the anchor. Location, identifiers, agreements, approvals, scenarios, risks and data all hang off it.
  • Participation is how we say “this company is the tenant in this lease from this date”. It lets the same party hold several roles without contradiction.
  • Regulatory regime bundles a jurisdiction, its legislation, its regulator, the approvals it demands and the occupancy thresholds that switch it on or off.

Most of the other 90 concepts are deliberately simple and connect through one of these three.

How it is put together

Evidence at the bottom, tests at the top, nothing in between without a trace

48
Sources
web pages, reports, syntheses, each rated for authority
125
Evidence records
a claim, its location in the source, and the terms it supports
16
Modelling decisions
written rationale for each design choice
93 · 75 · 257
The vocabulary
kinds of thing, relationships, controlled value lists
25
Record checks
completeness rules for stored scenarios, agreements, approvals
337
Worked examples
realistic records used to exercise the model
15 / 15
Test questions
each with an expected answer, all passing

Coverage

100% of terms have a definition and at least one evidence record or written rationale. Zero references to unknown sources.

Separation of concerns

Classification values that sources argue about (strategies, models, risk categories) live in controlled lists, not in the structural hierarchy. The hierarchy is reserved for things that are always true, such as “a sublease is an agreement”.

Reproducible

The model files, the 197-diagram atlas and this report are generated from the same bundle. Edit the build script, not the outputs.

The controlled vocabulary

257 agreed values in 24 lists, so that everyone uses the same words

Metrics (yield, NOI, IRR, occupancy ...) 36 Property attributes (data fields) 22 Risk categories 20 Document sections (plan templates) 20 Accommodation types 17 Roles (owner, tenant, operator ...) 16 Investment strategies 15 Tenant segments 10 Authorisation types 10 Threshold kinds 10 Operating models 8 Project phases 8 12 smaller lists combined 65
Values per list (taxonomy file). The four largest lists are filled; the last bar combines the twelve lists with seven or fewer values.

Why lists rather than definitions

When a source says “coliving” or “HMO”, we record that value. We do not attempt to define the boundary between them, because the sources do not agree and the business combines them freely (a rooming house, run under a master lease, held in a company).

Examples

  • 16 roles: owner, investor, operator, provider, landlord, tenant, resident, property manager, lender, insurer, developer, adviser, corporate tenant, anchor tenant …
  • 15 strategies: buy and hold, rooming house, coliving, rent-to-rent, corporate leasing, dual-income, short-stay, small-scale development …
  • 8 operating models: owner-operated, master lease, management / revenue share, hybrid / franchise, corporate leasing, short-stay …

How the pieces connect: a worked example

One house, three parties, two agreements, two regulators

Owner B owns the Melbourne house role: landlord OperatorCo Pty Ltd coliving / rooming operator role: tenant AND landlord Resident 1 rents one room role: resident Head (master) lease fixed rent: YES operator carries vacancy risk Room sublease fixed rent: NO income varies with occupancy Consumer Affairs Victoria operator licence issued Aug 2025 · valid to Aug 2028 Local council premises registration EXPIRED Aug 2026 The regulators sit on the operator, not the owner Dashed border = lapsed; flagged by the compliance check
Example records from the model (not a real holding). The head lease carries fixed rent, so the operator, not the owner, absorbs vacancy. The subleases do not. The operator’s licence is current; the council registration has lapsed, which the compliance question (next slides) picks up automatically.

This is the pattern that the whole model repeats: a thing, the parties around it in named roles, the agreements that bind them, and the rules that apply. Every arrow can be asked about.

Keeping disagreement honest

Eight sources, eight different answers to “what does a rooming house yield?”

0% 2% 4% 6% 8% 10% 12% 14% 16% 18% Gross yield claimed (per cent) ordinary rental 3.45% Your Investment Property, 2011 secondary · gross; broker commentary Echo Property Group, 2025 illustrative · promotional comparison or more Indigo Construction (Brisbane) illustrative · worked example 8.9% or more New Property Australia (Brisbane) illustrative · up to five studios or more Buyers Agency Co (WA) illustrative · rent-by-the-room HMO or more Property Direct (Brisbane) illustrative · “up to”; estimate only Dual-income duplex, APE 2026 secondary · comparison product; $720k, $880/wk Ordinary rental, national, Cotality secondary · conventional baseline, 2026 secondary source (filled) illustrative / promotional (hollow)
Every gross-yield claim returned by test question CQ-011, exactly as each source stated it. Bars show quoted ranges; arrows mean the source said “or more”; the dashed line means “up to”. Five of the eight are illustrative or promotional. None is a measured market dataset.

The model stores each figure with its publisher, date, jurisdiction, basis and authority level. It never averages them or declares one correct. That is a deliberate decision (DEC-008), and it is what makes the AI’s answers auditable.

The rules that switch on and off

Fourteen numeric thresholds decide which regime applies to a property

Queensland

  • 4 or more residents paying separatelyRegistration and accreditation required
  • Owner-occupier renting 1–3 roomsTenancy law applies only in part
  • 4 or more rooms rentedTenancy law applies in full
  • 50+ dwellings, 10% affordable (build-to-rent)Land-tax incentive eligibility

Brisbane City

  • Up to 5 persons, 5 lettings, 300 m²Planning regime applies in part (smaller pathway)

Victoria

  • 4 or more persons in rented roomsOperator licence and council registration required
  • Up to 9 bedrooms, 12 persons, 300 m²Planning permit exempt (Clause 52.23)*
  • Stays under 28 daysShort-stay regime and 7.5% levy apply

These are the single most decision-critical facts in the corpus, so each is a first-class record with its kind, comparison, value, unit and effect (DEC-007). The compliance and approvals questions read them directly. * Victorian Clause 52.23 limits come from a secondary research report and are flagged as not yet verified against the planning scheme (ISSUE-005).

What it lets us do

Ask the portfolio a question and get a list back

Property (example record)Operating modelAuthorisation requiredStatus
Brisbane six-room purpose-built rooming houseOwner-operatedAccommodation service accreditation (QLD)missing
Brisbane six-room purpose-built rooming houseOwner-operatedResidential service registration (QLD)pending
Melbourne five-bedroom house under master leaseMaster lease / rent-to-rentBuilding approval / classificationmissing
Melbourne five-bedroom house under master leaseMaster lease / rent-to-rentFire-safety certificationmissing
Melbourne five-bedroom house under master leaseMaster lease / rent-to-rentCouncil premises registration (VIC)expired

Output of test question CQ-015, “which properties have a lawful-use authorisation that is missing, pending or expired?”, run against the worked-example records. Two example properties, five gaps.

How the answer is assembled

  1. Find the property’s operating model and jurisdiction.
  2. Find the regulatory regimes that apply there and the authorisation types each demands.
  3. Look for an authorisation of that type on the property and read its status and validity dates.
  4. Report anything missing, pending or expired.

The same machinery answers all 15 questions. Nothing here is hand-written; it is the structure doing the work.

Rules have dates

The model knows when a rule starts, stops and what the cut-off is

2025 2026 2027 1 Jan 2025 VIC short-stay levy 7.5% begins 1 Apr 2025 Foreign buyers barred from established homes 25 Nov 2025 VIC smoke-alarm and rent-increase rules 12 May 2026 Tax-reform cut-off: later purchases lose grandfathering* 14 Sep 2026 Research corpus compiled; model built 31 Mar 2027 Foreign-buyer restriction ends 1 Jul 2027 Negative gearing and CGT changes take effect* traceable to a primary or government source * stated only in a secondary report; not yet verified against legislation
Dated rules held in the model. Filled markers are traceable to a government or primary source; hollow markers are stated only by a secondary research report and must be verified against legislation before they are relied on (ISSUE-006).

How strong is the evidence?

Only five of 48 sources are authoritative, so the model is careful about what it asserts

Authoritative (government / regulator) 3 Primary research (academic) 1 Reference (corpus manifest) 1 Secondary (syntheses, reports, articles) 29 Illustrative (vendor, promotional, forum) 14
Sources by authority rating, from the source register. Filled bars are the authoritative and primary sources. Government and regulator pages outrank commercial ones only on the legal and tax matters they address (DEC-012).
1.0 80 0.9 18 0.8 21 0.7 4 0.6 2
125 evidence records by the modeller’s confidence score. 14 records carry an explicit “not independently verifiable” note.

Promotional yield claims are catalogued as claims, never accepted as fact. Legal and tax detail that appears only in a synthesis report is recorded but flagged.

Does it work?

Every test question passes; every term is defined and evidenced

IDQuestion, in plain termsRowsResult
CQ-001Which approvals does an operating model need in a state, and who regulates them?25pass
CQ-002What occupancy or size threshold triggers or exempts a rule?14pass
CQ-003Under an agreement, who plays which role and who carries the rent risk?30pass
CQ-004What assumptions went into a financial scenario and what came out?13pass
CQ-005What are the characteristics of each ownership structure?9pass
CQ-006Which accommodation type, operating model and tenants does each strategy rely on?10pass
CQ-007Which risks apply, and what mitigation is recorded?8pass
CQ-008 supportingWhich sections must a business plan or feasibility study contain?30pass
CQ-009Which data source supplies which property attribute, at what cost and cadence?18pass
CQ-010 supportingWhich lease types put which costs on landlord versus tenant?9pass
CQ-011Who claims what figure for a metric, and on what authority?8pass
CQ-012 supportingWhich tax rules apply to which property class from which date?9pass
CQ-013 supportingWhich services, fees, workflows and KPIs run a management business?7pass
CQ-014 supportingWhich agency business models exist and how are capabilities sourced?5pass
CQ-015 supportingWhich properties have a missing, pending or expired authorisation?5pass

Nine core questions and six supporting ones (marked). “Rows” is the number of answer rows each returned; every count matched the expected value set after inspecting the answers.

0
errors in project validation
26 warnings, all intentional and documented
100%
terms with definition and evidence
205 custom terms, 190 axioms
Conforms
record checks on all 337 examples
25 shapes, 87 constraints
197 / 197
atlas diagrams render
under both layout engines

Not done: no automated logic reasoner has been run (policy does not require one); no independent expert review; synthesis-only legal and tax claims not verified against legislation.

What is unresolved

Ten open items are logged; none is hidden inside the model

3

Source conflicts

Yield, vacancy and break-even figures disagree. Every claim is kept with its source; no single “truth” is asserted.

1

Definition ambiguity

“Rooming house” means different things in each state. Modelled as one broad concept with state-specific triggers.

2

Unverified legal and tax claims

Key regulatory detail and the 2027 tax changes come from a secondary report. Flagged; primary verification still required.

1

Foreign-source boundary

Spanish, Canadian and European concepts kept as generic patterns only; no Australian applicability asserted.

2

Housekeeping

A manifest inconsistency and a modelling shortcut, both recorded and handled.

1

Missing sources

Seven web pages failed to download. Victorian coliving economics and multi-lease lending are under-represented.

Each item is recorded in the model’s own issue register with the evidence for and against, an authority analysis and how it was handled. “Handled” here means the disagreement is represented faithfully, not that a winner was chosen.

What it would take to release

Four items stand between the release candidate and a production release

Before a production release

  1. Persistent web address. The model lives on a placeholder .local namespace; it must move to a permanent one before anything downstream depends on it (DEC-010).
  2. Legal and tax verification. Confirm the Queensland accreditation levels, Victorian Clause 52.23 limits and the 2027 tax changes against primary legislation.
  3. Negative tests. Add deliberately broken records so the completeness checks are proven to reject bad data, not just accept good data.
  4. Recover the seven missing pages and re-run the full test suite as a new version.

Recommended position

Endorse version 0.1.0 as the working vocabulary for AI grounding and platform design now. Treat any legal or financial figure it returns as “sourced claim, verify before acting” until the four items on the left are closed, at which point it can be promoted to a released version.

Released versions are immutable; corrections come as a new version number, so downstream systems can rely on stable meaning.

Appendix

Plain-language glossary

Ontology
A shared dictionary plus a map: the agreed names for things, and how they relate. Software and AI can read it.
Kind of thing (class)
A category such as Dwelling, Head lease or Regulator. There are 93.
Relationship
A named link between two things, such as “leased under” or “must comply with”. There are 75.
Controlled value list
An agreed set of options for a field, such as the 16 roles or 15 strategies. 257 values in 24 lists.
Participation
The record that says which party plays which role in which context, from when to when.
Regime
A bundle of rules: the jurisdiction, its legislation, its regulator, the approvals it demands and the thresholds that trigger it.
Record check (shape)
A completeness rule for stored data, such as “every authorisation must have a status”. 25 of them.
Test question (competency question)
A question the model must be able to answer, with an expected result. 15, all passing.
Worked example (fixture)
Realistic sample records used to prove the model works. Not real holdings.
Evidence record
A specific claim, where it appears in a source, and which terms it supports. 125 of them.
Release candidate
Complete and tested, but not yet frozen. Four items remain before release.

Source material: documentation/semantic-atlas.md (generated, 197 diagrams), validation/validation.md, validation/cq-results.json, sources.yaml, decisions.yaml, model.yaml. All counts in this report are read from those files.

pboProperty Ontology
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