Property in the Modern Economy (PROP10002)

This subject introduces basic concepts in property and explores the dynamics of the market in relation to major themes that dominate modern discourse. Students are introduced to the various legal, economic and social systems that affect property as well as theories and practices related to decisions about the control, transfer, and development of the built environment.  A core principle underlying the subject is the interaction of property with economic, environmental and social factors.  Key learning will include an understanding of land ownership in Australia and market mechanisms and activities that have developed over time as a central aspect of the functioning of our cities and regions.

The subject is segmented into three, four-week blocks.  The first block, Understanding Property, includes an overview of real property, property rights, urban planning, valuation and finance.  The second block, People and Property, covers indigenous property rights, immigration, social responsibility in the provision of housing, and corporate social responsibility.  The final block focuses on the Environment and Property with an emphasis on sustainability, the property life cycle, and climate change.

The subject will introduce students to:

• The role of economic, social and environmental factors in shaping real property in Australia;
• How property is conceived in legal, social and economic terms;
• Concepts of ownership in different cultural traditions;
• The rights and obligations of property ownership in our society; and
• Sustainable practice in property ownership.

The subject also considers the range of issues that need to be resolved in property rights as they relate to tensions between individual versus collective concerns. These include Terra Nullius and native title, individual rights, collective rights, and mechanisms for contesting or modifying rights.

This subject will provide a lens on the University’s Joining Melbourne Modules. These will be completed in parallel to the subject - unless already successfully completed. It will also support the Discovery goals for commencing students by introducing emerging concepts and research in the discipline area; ways to connect with the larger University community including peers, teachers and student groups; and awareness of the academic expectations, and of wellbeing support offered at the University of Melbourne.