CQUniversity Unit Profile
ECON19036 Property Economics
Property Economics
All details in this unit profile for ECON19036 have been officially approved by CQUniversity and represent a learning partnership between the University and you (our student).
The information will not be changed unless absolutely necessary and any change will be clearly indicated by an approved correction included in the profile.
Corrections
General Information

Overview

The purpose of this unit will be to introduce students to a range of economic principles relating to real estate and property issues. The unit will be organised in three main sections. The first section will involve an analysis of why economic, social and environmental problems occur, the second reviews some assessment tools that are available, and the third will involve an overview of urban and regional economic issues, with particular focus on the economics of infrastructure planning.

Details

Career Level: Undergraduate
Unit Level: Level 2
Credit Points: 6
Student Contribution Band: 10
Fraction of Full-Time Student Load: 0.125

Pre-requisites or Co-requisites

ECON11026

Important note: Students enrolled in a subsequent unit who failed their pre-requisite unit, should drop the subsequent unit before the census date or within 10 working days of Fail grade notification. Students who do not drop the unit in this timeframe cannot later drop the unit without academic and financial liability. See details in the Assessment Policy and Procedure (Higher Education Coursework).

Offerings For Term 1 - 2017

Distance

Attendance Requirements

All on-campus students are expected to attend scheduled classes – in some units, these classes are identified as a mandatory (pass/fail) component and attendance is compulsory. International students, on a student visa, must maintain a full time study load and meet both attendance and academic progress requirements in each study period (satisfactory attendance for International students is defined as maintaining at least an 80% attendance record).

Class and Assessment Overview

Recommended Student Time Commitment

Each 6-credit Undergraduate unit at CQUniversity requires an overall time commitment of an average of 12.5 hours of study per week, making a total of 150 hours for the unit.

Class Timetable

Bundaberg, Cairns, Emerald, Gladstone, Mackay, Rockhampton, Townsville
Adelaide, Brisbane, Melbourne, Perth, Sydney

Assessment Overview

1. Written Assessment
Weighting: 40%
2. Examination
Weighting: 60%

Assessment Grading

This is a graded unit: your overall grade will be calculated from the marks or grades for each assessment task, based on the relative weightings shown in the table above. You must obtain an overall mark for the unit of at least 50%, or an overall grade of ‘pass’ in order to pass the unit. If any ‘pass/fail’ tasks are shown in the table above they must also be completed successfully (‘pass’ grade). You must also meet any minimum mark requirements specified for a particular assessment task, as detailed in the ‘assessment task’ section (note that in some instances, the minimum mark for a task may be greater than 50%). Consult the University’s Grades and Results Policy for more details of interim results and final grades.

Previous Student Feedback

Feedback, Recommendations and Responses

Every unit is reviewed for enhancement each year. At the most recent review, the following staff and student feedback items were identified and recommendations were made.

Feedback from Student feedback

Feedback

Positive comments on moodle site format, communications and assessment contents

Recommendation

Continue with the current moodle site format and assessment items that addresses students' need and facilitates students' learning.

Action

Additional and recent literature provided to all students.

Feedback from Student feedback

Feedback

Consider to change the text book with Australian context and updating the study guide

Recommendation

Currently there is no text book with Australian context; however more Australian case studies to be given in the course moodle site. The study guide will be updated with new materials.

Action

Supplementary materials on Australian property market context were provided to all students

Feedback from Student feedback

Feedback

To increase the interaction on the online discussion forums

Recommendation

To attend the online discussion is voluntary for all students and course coordinator will provide more reminders to attend the forums.

Action

Mostly Q&A forums were used widely to discuss any issue

Feedback from Student feedback

Feedback

Consider better quality video recording

Recommendation

All recorded lectures will be checked and then to be edited or re-recorded.

Action

Additional lecture and tutorial videos added to the unit Moodle site.

Unit Learning Outcomes
On successful completion of this unit, you will be able to:
  1. identify how market mechanisms work to allocate resources, and how market demand and supply systems operate in real property markets;
  2. understand the development process, and how development proposals can be evaluated in economic terms;
  3. identify the economic arguments for planning controls and how these operate at different levels;
  4. develop an understanding of patterns of land use for different activities, including those in urban areas;
  5. identify how congestion and environmental problems are issues in urban planning and development, and how they may be addressed;
  6. identify the range of factors and government policies that drive housing markets;
  7. conceptualise different models of regional development and how these interact with markets for land resources;
  8. understand how governments impact on housing markets at both macro policy and micro policy levels;
  9. appreciate the potential for market-based instruments and other economic incentive mechanisms to be used in land resource markets.
Alignment of Learning Outcomes, Assessment and Graduate Attributes
N/A Level
Introductory Level
Intermediate Level
Graduate Level
Professional Level
Advanced Level

Alignment of Assessment Tasks to Learning Outcomes

Assessment Tasks Learning Outcomes
1 2 3 4 5 6 7 8 9
1 - Written Assessment - 40%
2 - Examination - 60%

Alignment of Graduate Attributes to Learning Outcomes

Graduate Attributes Learning Outcomes
1 2 3 4 5 6 7 8 9
1 - Communication
2 - Problem Solving
3 - Critical Thinking
4 - Information Literacy
5 - Team Work
6 - Information Technology Competence
7 - Cross Cultural Competence
8 - Ethical practice
9 - Social Innovation
10 - Aboriginal and Torres Strait Islander Cultures

Alignment of Assessment Tasks to Graduate Attributes

Assessment Tasks Graduate Attributes
1 2 3 4 5 6 7 8 9 10
1 - Written Assessment - 40%
2 - Examination - 60%
Textbooks and Resources

Textbooks

Prescribed

Real Estate Economics

Edition: First (2011)
Authors: Ernie Jowsey
Palgrave Macmillan
Hampshire Hampshire , England , UK
ISBN: 9780230233201
Binding: Paperback

Additional Textbook Information

This book has covered most lectures in this unit. Additional and also supplementary unit materials have been given in the unit Moodle site.

IT Resources

You will need access to the following IT resources:
  • CQUniversity Student Email
  • Internet
  • Unit Website (Moodle)
Referencing Style

All submissions for this unit must use the referencing style: American Psychological Association 6th Edition (APA 6th edition)

For further information, see the Assessment Tasks.

Teaching Contacts
Delwar Akbar Unit Coordinator
d.akbar@cqu.edu.au
Schedule
Week 1 Begin Date: 06 Mar 2017

Module/Topic

Scope of economics and economic efficiency

Chapter

Chapters 1&2, Jowsey (2011)

Events and Submissions/Topic

Week 2 Begin Date: 13 Mar 2017

Module/Topic

The market mechanism for real property

Chapter

Chapters 3&4, Jowsey (2011)

Events and Submissions/Topic

Week 3 Begin Date: 20 Mar 2017

Module/Topic

The operation of real property markets

Chapter

Chapters 5&6, Jowsey (2011)

Events and Submissions/Topic

Week 4 Begin Date: 27 Mar 2017

Module/Topic

The development process

Chapter

Chapter 7, Jowsey (2011)

Events and Submissions/Topic

Week 5 Begin Date: 03 Apr 2017

Module/Topic

Cost benefit analysis of development projects

Chapter

Chapter 11, Jowsey (2011)

Events and Submissions/Topic

Vacation Week Begin Date: 10 Apr 2017

Module/Topic

Chapter

Events and Submissions/Topic

Week 6 Begin Date: 17 Apr 2017

Module/Topic

The economics of planning controls

Chapter

Chapter 12, Jowsey (2011)

Events and Submissions/Topic

Week 7 Begin Date: 24 Apr 2017

Module/Topic

The economics of the construction industry

Chapter

Chapter 13, Jowsey (2011)

Events and Submissions/Topic

Housing market and planning control analysis Due: Week 7 Friday (28 Apr 2017) 11:00 pm AEST
Week 8 Begin Date: 01 May 2017

Module/Topic

Sustainable development of the built environment

Chapter

Chapters 14 & 15, Jowsey (2011)

Events and Submissions/Topic

Week 9 Begin Date: 08 May 2017

Module/Topic

Regional real estate markets

Chapter

No set text

Events and Submissions/Topic

Week 10 Begin Date: 15 May 2017

Module/Topic

The impact of government policies

Chapter

Chapters 20, Jowsey (2011)

Events and Submissions/Topic

Week 11 Begin Date: 22 May 2017

Module/Topic

Taxation of real estate

Chapter

Chapter 22, Jowsey (2011)

Events and Submissions/Topic

Week 12 Begin Date: 29 May 2017

Module/Topic

Market based instruments

Chapter

No set text

Events and Submissions/Topic

Review/Exam Week Begin Date: 05 Jun 2017

Module/Topic

Chapter

Events and Submissions/Topic

Exam Week Begin Date: 12 Jun 2017

Module/Topic

Chapter

Events and Submissions/Topic

Assessment Tasks

1 Written Assessment

Assessment Title
Housing market and planning control analysis

Task Description

Four tasks have been set up for this assignment; three of them are related to housing market analysis and one of them is related to planning controls in Australian cities. See details in the unit Moodle site.


Assessment Due Date

Week 7 Friday (28 Apr 2017) 11:00 pm AEST


Return Date to Students

Week 9 Friday (12 May 2017)


Weighting
40%

Assessment Criteria

Your assignment will be graded according to its overall quality on the following criteria:

  • Presentation, structure, grammar, style, clarity of expression and brevity
  • Appropriate methods and quality of analysis of figures/field data/information
  • Strength of structured argument/discussion to conclude each of the exercise

The various levels of pass will typically display the following:

P – Pass

Used for a mark in the range 49.5% – 64%.

Evident as: a sound level of presentation, with a basic structure, adequate grammar & writing style that fulfils the basic requirements of the assignment. The methods and analysis will provide a standard account of the findings and/or relevant issues. The conclusion will contain basic array of relevant argument/discussion about the findings.

C – Credit

Used for a mark in the range of 64.5% – 74%.

Evident as: a professional level of presentation with an easily readable structure, use of grammar and writing style that comfortably fulfils the requirements of the assignment. The methods and analysis will provide a sound account of the findings and/or relevant issues. The conclusion will contain competent array of relevant argument/discussion about the findings.

D – Distinction

Used for a mark in the range of 74.5% – 84%.

Evident as: a professional level of presentation with a polished structure, use of grammar and writing style that very competently fulfils the basic requirements of the assignment. The methods and analysis will provide a very good account of the findings and/or relevant issues. The conclusion will contain comprehensive array of relevant argument/discussion about the findings.

HD – High Distinction

Used for a mark in the range 84.5% – 100%.

Evident as: an outstanding and faultless level of presentation with a polished structure, use of grammar and writing style that shows an excellent understanding of knowledge, skills and application required for the assignment indicating keen interest and considerable capacity in all aspects. The methods and analysis will provide an excellent account of the findings and/or relevant issues. The conclusion will contain comprehensive array and of relevant argument/discussion about the findings, with relevant supporting evidence (if required).


Referencing Style

Submission
Online

Learning Outcomes Assessed
  • identify how market mechanisms work to allocate resources, and how market demand and supply systems operate in real property markets;
  • understand the development process, and how development proposals can be evaluated in economic terms;
  • identify the economic arguments for planning controls and how these operate at different levels;
  • develop an understanding of patterns of land use for different activities, including those in urban areas;
  • identify how congestion and environmental problems are issues in urban planning and development, and how they may be addressed;
  • identify the range of factors and government policies that drive housing markets;
  • conceptualise different models of regional development and how these interact with markets for land resources;
  • understand how governments impact on housing markets at both macro policy and micro policy levels;
  • appreciate the potential for market-based instruments and other economic incentive mechanisms to be used in land resource markets.


Graduate Attributes
  • Communication
  • Problem Solving
  • Critical Thinking
  • Information Literacy

Examination

Outline
Complete an invigilated examination

Date
During the examination period at a CQUniversity examination centre

Weighting
60%

Length
180 minutes

Exam Conditions
Closed Book

Materials
No calculators permitted
Dictionary - non-electronic, concise, direct translation only (dictionary must not contain any notes or comments).
Academic Integrity Statement

As a CQUniversity student you are expected to act honestly in all aspects of your academic work.

Any assessable work undertaken or submitted for review or assessment must be your own work. Assessable work is any type of work you do to meet the assessment requirements in the unit, including draft work submitted for review and feedback and final work to be assessed.

When you use the ideas, words or data of others in your assessment, you must thoroughly and clearly acknowledge the source of this information by using the correct referencing style for your unit. Using others’ work without proper acknowledgement may be considered a form of intellectual dishonesty.

Participating honestly, respectfully, responsibly, and fairly in your university study ensures the CQUniversity qualification you earn will be valued as a true indication of your individual academic achievement and will continue to receive the respect and recognition it deserves.

As a student, you are responsible for reading and following CQUniversity’s policies, including the Student Academic Integrity Policy and Procedure. This policy sets out CQUniversity’s expectations of you to act with integrity, examples of academic integrity breaches to avoid, the processes used to address alleged breaches of academic integrity, and potential penalties.

What is a breach of academic integrity?

A breach of academic integrity includes but is not limited to plagiarism, self-plagiarism, collusion, cheating, contract cheating, and academic misconduct. The Student Academic Integrity Policy and Procedure defines what these terms mean and gives examples.

Why is academic integrity important?

A breach of academic integrity may result in one or more penalties, including suspension or even expulsion from the University. It can also have negative implications for student visas and future enrolment at CQUniversity or elsewhere. Students who engage in contract cheating also risk being blackmailed by contract cheating services.

Where can I get assistance?

For academic advice and guidance, the Academic Learning Centre (ALC) can support you in becoming confident in completing assessments with integrity and of high standard.

What can you do to act with integrity?