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Principles of Property (ABPL20031)
Undergraduate level 2Points: 12.5Not available in 2019
Overview
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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.
Intended learning outcomes
When students have completed this subject they should be able to:
- Understand and analyse property market drivers;
- Understand the role of value in property and its drivers;
- Understand the entities and professions that participate in the property investment and property development markets;
- Comprehend the property development process;
- Comprehend site analysis;
- Comprehend concepts and role of planning in society;
- Comprehend the statutory planning process;
- Comprehend the purpose and underlying concepts of market analysis and marketability analysis;
- Comprehend techniques used in market analysis and marketability analysis;
- To comprehend, in broad terms, the legal, financial, economic and managerial aspects of property valuation theory and practice at an introductory level;
- Comprehend the meaning of residual land value;
- Complete the procedures involved in: accessing, interpreting and communicating a limited set of relevant property market transaction data
- Be aware that the purpose of research at feasibility stage is to develop financial feasibility models that allow, through the use of investment evaluation techniques, to measure a property's potential productivity, profitability and financial performance.
Generic skills
Upon successful completion of this subject the student will have had the opportunity to develop the following generic skills:
● Analytical skills: an enquiring and analytical approach to the conduct of property investment and property analysis and feasibility;
● Communication skills: an enhanced ability to communicate property opinions and other outcomes through written and oral participation in discussions (in tutorials);
● Problem solving skills: an increased body of knowledge associated with resolution of contemporary issues and practices in different property types and analysis techniques;
● Team work skills: an enhanced ability to generate and communicate property analysis outcomes at an appropriate academic and professional standard, developed in tutorials.
Last updated: 11 April 2024
Eligibility and requirements
Prerequisites
- Students admitted into the Bachelor of Commerce are required to complete:
Code | Name | Teaching period | Credit Points |
---|---|---|---|
ECON10003 | Introductory Macroeconomics |
Semester 1 (On Campus - Parkville)
Summer Term (On Campus - Parkville)
Semester 2 (On Campus - Parkville)
|
12.5 |
OR
Code | Name | Teaching period | Credit Points |
---|---|---|---|
ECON10004 | Introductory Microeconomics |
Semester 2 (On Campus - Parkville)
Semester 1 (On Campus - Parkville)
|
12.5 |
- Students admitted into the Bachelor of Environments or any other degree (other than Bachelor of Commerce) are required to complete:
Code | Name | Teaching period | Credit Points |
---|---|---|---|
ECON10004 | Introductory Microeconomics |
Semester 2 (On Campus - Parkville)
Semester 1 (On Campus - Parkville)
|
12.5 |
OR
Code | Name | Teaching period | Credit Points |
---|---|---|---|
ECON10003 | Introductory Macroeconomics |
Semester 1 (On Campus - Parkville)
Summer Term (On Campus - Parkville)
Semester 2 (On Campus - Parkville)
|
12.5 |
And one of:
VCE Mathematical Methods 3 and 4, or equivalent
OR
Code | Name | Teaching period | Credit Points |
---|---|---|---|
MAST10012 | Introduction to Mathematics |
Summer Term (Online)
Semester 1 (On Campus - Parkville)
|
12.5 |
Corequisites
None
Non-allowed subjects
Code | Name | Teaching period | Credit Points |
---|---|---|---|
PROP20002 | Design and Property Principles | Semester 1 (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
- Individual Assessment Task: One 90 minute mid semester examination(approximately 30-35 hours of work), Week 8 30%. (Hurdle 40%)
- Individual Assessment Task: One 180 minute end-of-semester examination(approximately 40-55 hours of work ), worth 40%. (Hurdle 40%)
- Individual Assessment Task: In Lecture Testing(approximately 15-20 hours of work ), 20%. (Hurdle 40%)
- Individual Assessment Task: Attendance at and Participation in Tutorials (10%). Examples of participation in tutorials: 1) Tutorial questions will be provided to students in the latter part of the week prior to following weeks’ tutorials. Students will be required to complete a written answer sheet for hand-in and discussion at each tutorial. All questions will be required to be answered; 2) Students will be required to be able to discuss, individually and as part of a group, matters related to those questions and matters raised in prior weeks’ tutorials and classes. (Hurdle 80% of attendency)
Hurdle requirement:
Student is required to at least meet the hurdle requirement for each of the above four (4) components of assessment.
Minimum 80% attendance at tutorials is also a hurdle requirement.
Last updated: 11 April 2024
Dates & times
Not available in 2019
Time commitment details
170 Hours
Last updated: 11 April 2024
Further information
- Texts
Prescribed texts
Subject reader
- Subject notes
Bachelor of Environments- Property major (BE-PROP)
BE-PROP students who have not completed ABPL20031 may enroll in PROP20002 Design and Property Principles
- Related Handbook entries
This subject contributes to the following:
Type Name Informal specialisation Non-allowed Breadth Subjects within the Bachelor of Design - relating to specific majors Informal specialisation Environments Discipline subjects Major Construction Major Property Major Urban Design and Planning Breadth Track The Property Industry Breadth Track Property Breadth Track Property in the Urban Economy - Breadth options
This subject is available as breadth in the following courses:
- Available through the Community Access Program
About the Community Access Program (CAP)
This subject is available through the Community Access Program (also called Single Subject Studies) which allows you to enrol in single subjects offered by the University of Melbourne, without the commitment required to complete a whole degree.
Entry requirements including prerequisites may apply. Please refer to the CAP applications page for further information.
- Available to Study Abroad and/or Study Exchange Students
This subject is available to students studying at the University from eligible overseas institutions on exchange and study abroad. Students are required to satisfy any listed requirements, such as pre- and co-requisites, for enrolment in the subject.
Last updated: 11 April 2024