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Valuation of Land and Buildings (PROP30001)

Undergraduate level 3Points: 12.5Not available in 2018

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Overview

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Property and property valuation matter, Residential and commercial properties form a substantial part of a nation’s wealth. The practice of quantifying the wealth of landed resources affects the stability of the local, the national and the global markets.

This subject introduces students to the main systems and relationships which govern the generation of opinions of market value for urban property held under freehold title in Victoria. Topics include: value and market value; the property market; the valuation profession; methods of valuation; the valuation process; factors influencing value; direct comparison; data collection; data analysis; procedures for determining and reporting value; the main valuation methods; valuation of property leased at market rent

Intended learning outcomes

Students in this course will have the ability to analyse complex, dynamic economic and social information that impacts on economic value in the designed built environment.
On successful completion of this subject, students should be able to:



  • Understand the nature of property value and the role of the valuation profession, the property market and property valuation methods;
  • Understand the identification of various building types, designs and structures to facilitate analysis and valuation;
  • Analyse, evaluate and critique relevant market research, site and planning matters and apply decision tools to arrive at independent opinions of value;
  • Select, analyse and synthesise built environment, legal and economic information in the process of property valuation; and
  • Synthesise and deliver complex information in the form of a valuation report.

Generic skills


Upon successful completion of this subject the student will have had the opportunity to develop the following generic skills:

  • Analytical skills
  • Communication skills
  • Problem solving skills
  • work collaboratively and productively in groups and across disciplines;
  • apply critical and analytical skills and methods to the identification, evaluation and resolution of problems;
  • engage confidently in self-directed study and research;
  • communicate ideas effectively in written, graphic and oral formats;
  • operate effectively in multicultural and diverse environments;
  • use appropriate technologies;
  • critically evaluate new ideas, research findings, methodologies and theoretical frameworks in their discipline; and
  • recognise and understand the ethical responsibilities of individuals and organisations in society.

Last updated: 11 April 2024

Eligibility and requirements

Prerequisites

Code Name Teaching period Credit Points
BLAW10001 Principles of Business Law
Semester 2 (On Campus - Parkville)
Semester 1 (On Campus - Parkville)
 12.5
MKTG10001 Principles of Marketing
Summer Term (On Campus - Parkville)
Semester 2 (On Campus - Parkville)
Semester 1 (On Campus - Parkville)
 12.5
PROP20002 Design and Property Principles
Semester 1 (On Campus - Parkville)
 12.5
PROP20003 Design and Property Industry Studies
Semester 2 (On Campus - Parkville)
 12.5

Corequisites

None

Non-allowed subjects

Code Name Teaching period Credit Points
ABPL20004 Principles of Property Valuation
Semester 2 (On Campus - Parkville)
 12.5

Inherent requirements (core participation requirements)

The University of Melbourne is committed to providing students with reasonable adjustments to assessment and participation under the Disability Standards for Education (2005), and the Assessment and Results Policy (MPF1326). Students are expected to meet the core participation requirements for their course. These can be viewed under Entry and Participation Requirements for the course outlines in the Handbook.

Further details on how to seek academic adjustments can be found on the Student Equity and Disability Support website: http://services.unimelb.edu.au/student-equity/home

Last updated: 11 April 2024

Assessment

Additional details

  • One individual report, comprising a portfolio of assets for inspection,1000 words due week 6, (20%);
  • Group valuation report (individually assessed), 1000 words due week 10, (20%);
  • 2 hour examination at the end of semester (60%).

Hurdle requirement: Students must achieve a mark of at least 40% on the final examination in order to pass the subject.

Last updated: 11 April 2024

Dates & times

Not available in 2018

Time commitment details

170 hours

Last updated: 11 April 2024

Further information

Last updated: 11 April 2024