ownCloud does not have a feature for automatically or for manually initiating the installation of new version releases. An administrator "update" feature (third party) is available, but will only work in a "traditional" LAMP server environment using ownCloud install defaults. Moving to a new release is usually achieved by installing a newly updated "one click install" Amahi package. Installing a new ownCloud release manually is also possible but can introduce security risksdue to manual configuration changes. Reinstalling a new Amahi package is a safer practice than a manual install.
When there is a new ownCloud version release, any third party applications written by a "third party author" may not work as expected with a new release. It takes time for the third party authors to update their applications to work with a new ownCloud release. Some third party applications can be "restored" from backups or re-installed from the ownCloud applications store successfully for a new ownCloud version release.