Introduction to Property (PROP10002)

This Bachelor of Design subject is designed to introduce 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. 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 rights. These include Terra Nullius and native title, individual rights, collective rights, and mechanisms for contesting or modifying rights. A core principle underlying the subject is the interaction of property with economic, environmental, and social factors. Three building blocks of the subject are: conceptualisation of property and property markets, considerations for property values and approaches for analysing property decisions. This is a foundation subject and is meant for students who are relatively new to the property education.

The main areas to be covered include:

• To set real property within a socio-economic and cultural context;
• To identify legal rights associated with real property;
• To examine property sectors and the factors that contribute to property asset value;
• To examine property as a set of linked markets, functionally divided between use, investment (ownership), and development;
• To critically evaluate the role that planning and regulations play in the property markets;
• To examine sustainability in the context of the property sector.

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.