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This subject will allow students to gain an understanding of the development of cities, land use, land values, role of planning, property rights and property ownership within an economic context. Students will learn to apply principles of neoclassical and institutional economics to the dynamic interrelationship between the economy and the built environment of city. Students will learn about the role of governmental and other institutions: through an analysis of land and property market outcomes and through an economic critique of legislation affecting land and property markets. The subject also introduces students to emerging discourses on equitable and sustainable cities.
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 academic expectations, and of wellbeing support offered at the University of Melbourne.
Intended learning outcomes
Having completed this subject it is expected that the student be able to:
- Apply principles of economics to explain the development of cities and their built environment;
- Apply firm theory to explain the behaviour of economic agents (such as landlords, developers) in land and property markets;
- Apply the economic concepts of demand, supply, and market equilibrium to explain the outcomes for cities in terms of spatial location of economic activities, pattern of land uses and land values;
- Identify and interpret economic data relevant to land and property markets to test various hypotheses related to urban outcomes;
- Differentiate between the role of the market and government agencies in determining the outcomes for cities;
- Familiarise themselves with emerging discourses on equitable and sustainable cities;
- Explain land and property market outcomes using economic theories to both experts and non-experts;
- Demonstrate an understanding of the Joining Melbourne Modules, and the learning outcomes of these, in relation to this subject's content and learning activities.
Upon successful completion of this subject students will have had the opportunity to develop the following generic skills:
- Analytical skills - an enquiring and analytical approach to the determination of appropriate property economic decisions;
- Communication skills - an enhanced ability to communicate property market data through written and oral presentations;
- Problem solving skills - an increased body of knowledge associated with resolution of contemporary issues and practices in Property
Last updated: 7 September 2023