Valuation of Land and Buildings (PROP30001)
Undergraduate level 3Points: 12.5On Campus (Parkville)
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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.
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: 30 March 2023