Valuation of Land and Buildings (PROP30001)

Undergraduate level 3Points: 12.5On Campus (Parkville)

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Overview

Availability
Semester 1
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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.

Generic skills


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: 9 April 2025

Eligibility and requirements

Prerequisites

prerequisite

All of

Code Name Teaching period Credit Points
PROP10002 Introduction to Property
Semester 1 (On Campus - Parkville)
 12.5
BLAW10001 Principles of Business Law
Semester 1 (Online)
Semester 2 (Online)
 12.5
PROP20002 Design and Property Principles
Semester 1 (On Campus - Parkville)
 12.5

One of

Code Name Teaching period Credit Points
PROP20003 Design and Property Industry Studies
Semester 2 (On Campus - Parkville)
 12.5
ABPL20033 Architectural Technology
Semester 1 (On Campus - Parkville)
Semester 2 (On Campus - Parkville)
 12.5

• It is strongly recommended that ABPL30059 Property Case Studies be undertaken / studied concurrently with PROP30001 Valuation of Land and Buildings.

For B-DES Bachelor of Design students admitted pre 2022:

All of

Code Name Teaching period Credit Points
BLAW10001 Principles of Business Law
Semester 1 (Online)
Semester 2 (Online)
 12.5
PROP20002 Design and Property Principles
Semester 1 (On Campus - Parkville)
 12.5
PROP20003 Design and Property Industry Studies
Semester 2 (On Campus - Parkville)
 12.5

One of

Code Name Teaching period Credit Points
PROP10002 Introduction to Property
Semester 1 (On Campus - Parkville)
 12.5
MKTG10001 Principles of Marketing
Semester 1 (On Campus - Parkville)
Summer Term (On Campus - Parkville)
Semester 2 (On Campus - Parkville)
 12.5

For B-COM Students:

Admission into the B-COM Bachelor of Commerce

AND

All of

Code Name Teaching period Credit Points
PROP20002 Design and Property Principles
Semester 1 (On Campus - Parkville)
 12.5
PROP20003 Design and Property Industry Studies
Semester 2 (On Campus - Parkville)
 12.5

Corequisites

None

Non-allowed subjects

Code Name Teaching period Credit Points
ABPL20004 Principles of Property Valuation No longer available

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: 9 April 2025

Assessment

DescriptionTimingPercentage

One individual report, comprising a portfolio of assets for inspection

  • 1000 words
Week 620%

Group valuation report (individually assessed)

  • 1000 words
Week 1020%

Examination

  • 2 hours
Hurdle requirement: Students must achieve a mark of at least 40% on the final examination in order to pass the subject.		End of semester60%

Last updated: 9 April 2025

Dates & times

  • Semester 1
    Principal coordinatorHao Wu
    Mode of deliveryOn Campus (Parkville)
    Contact hours 1X2 hour lecture and 1X1 hour tutorial per week
    Total time commitment170 hours
    Teaching period26 February 2024 to 26 May 2024
    Last self-enrol date 8 March 2024
    Census date 3 April 2024
    Last date to withdraw without fail 3 May 2024
    Assessment period ends21 June 2024

    Semester 1 contact information

    Hao Wu (Subject Coordinator)

    haow@unimelb.edu.au

Time commitment details

170 hours

What do these dates mean

Visit this webpage to find out about these key dates, including how they impact on:

  • Your tuition fees, academic transcript and statements.
  • And for Commonwealth Supported students, your:
       -  Student Learning Entitlement. This applies to all students enrolled in a Commonwealth Supported Place (CSP).
     

    Subjects withdrawn after the census date (including up to the ‘last day to withdraw without fail’) count toward the Student Learning Entitlement.

Last updated: 9 April 2025

Further information

Last updated: 9 April 2025