Age of building: age depicts style and construction, age is not always indicator of conditions trends. Quality of property: project homes - minimum standards location within location, views, side of the street, proximity to advantageous or detrimental factors. Immobility - land is physically fixed in place. Durability - land is considered indestructible and improvements on it have an extensive life cycle. Business cycle (fiscal and monetary policies) have direct impact on property investment which creates property cycles. Supply and demand varies greatly between different property sectors. Describes the typical usage and dilapidation processes that all buildings will suffer from. Commences with construction - high usage and maintenance costs low - refurbishment - holding costs escalate and demand declines. Occupiers - property is input in production process of goods and services. Investors - property is asset that returns can be generated from and compared to other asset classes. Developers - property is output of their manufacturing process.