Principles of Property (ABPL20031)

This is the first core property subject for the Bachelor of Environments Property Major. It introduces students to the basic principles and business concepts of Property, through examination of the underlying drivers of commercial Property Development and Property Investment, the underlying systems and relationships – social, commercial, political, economic and environmental - which govern the operation of property markets with particular reference to urban property in Australia. More specifically, the subject examines the nature of property, property and site analysis, the statutory planning process to obtain a planning permit, property market research, and relevance of these processes to development of financial modeling and examination of property productivity, profitability and financial performance. In addition, there is an examination of the participants in the property industry, their roles and how they interact. Topics include:

• the character of property and property interests;

• the nature of markets and exchange;

• property markets and their evolution;

• stakeholders;

• markets and sub-market characteristics;

• highest and best use/most probable useand property potential analysis;

• value and worth in the property context; property classes – residential, industrial, retail, commercial, other public and private sector interests;

• market maturity;

• property development process;

• property investment;

• site analysis;

• underlying concepts associated with planning, planning policy and the statutory planning process;

• market analysis and marketability analysis;

• market analysis techniques;

• the underlying sources of information that lead to the development of financial feasibility for investment property and property development;

• how research and decisions related to assessments of site analysis, statutory planning and market research relate to the development of financial feasibility models, measurement of a property’s potential productivity, profitability and financial performance;

• relevance of risk assessment, mitigation and management throughout feasibility process;

• examination of data sources, collection, analysis, synthesis and review;

• indicators of market movements.