Overview
This is the capstone unit in property valuation. It incorporates the valuation of complex investment, specialised and development property . You will gain insights into current issues in property economics, and social, cultural, environmental and property rights factors that impact on the value of different property types. Advanced valuation approaches for income producing property are analysed, including advanced modelling and risk analysis associated with the expected returns.
Details
Pre-requisites or Co-requisites
Pre-requisites: PROP11001 and FINC19014
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
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).
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
Assessment Overview
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.
All University policies are available on the CQUniversity Policy site.
You may wish to view these policies:
- Grades and Results Policy
- Assessment Policy and Procedure (Higher Education Coursework)
- Review of Grade Procedure
- Student Academic Integrity Policy and Procedure
- Monitoring Academic Progress (MAP) Policy and Procedure – Domestic Students
- Monitoring Academic Progress (MAP) Policy and Procedure – International Students
- Student Refund and Credit Balance Policy and Procedure
- Student Feedback – Compliments and Complaints Policy and Procedure
- Information and Communications Technology Acceptable Use Policy and Procedure
This list is not an exhaustive list of all University policies. The full list of University policies are available on the CQUniversity Policy site.
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 survey
Links and resources need to be checked for accuracy and functionality to prevent inconvenience throughout the course.
Links to external sources are checked at the start of term, but frequently become outdated as term progresses. A revision of the course resources to rational links to external sources will be undertaken.
Links have been check and further rationalised.
Feedback from Student feedback survey
The first assessment does not support learning as there is no feedback which in turn does not offer any clarity of direction for the future of the course.
Review assessment strategy with a view to making the online tests summative and not formative.
Assessment strategy was simplified to two items with a resultant upward shift in the median grade.
- Apply advanced valuation methods to value complex or specialised property types.
- Articulate emerging issues in property economics.
- Critically evaluate the factors that impact on the value of property rights and assets.
- Effectively communicate with diverse stakeholders on complex or specialised property.
This unit is an element in the required content for accreditation for Certified Practicing Valuer with the Australian Property Institute.
Students will have the opportunity to pursue Estate Master professional accreditation as an extension to the core activities in this unit related to development analysis. Estate Master accreditation is a widely recognised industry standard within the Australian and international development industry and can benefit the career prospects of students. Accreditation is independent of the university, however students receive a special student package which includes extended student access to the software and a heavily discounted accreditation. Details of how to pursue accreditation will be found on the Moodle site for this unit.
Alignment of Assessment Tasks to Learning Outcomes
| Assessment Tasks | Learning Outcomes | |||
|---|---|---|---|---|
| 1 | 2 | 3 | 4 | |
| 1 - Written Assessment - 50% | ||||
| 2 - Examination - 50% | ||||
Alignment of Graduate Attributes to Learning Outcomes
| Graduate Attributes | Learning Outcomes | |||
|---|---|---|---|---|
| 1 | 2 | 3 | 4 | |
| 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 - 50% | ||||||||||
| 2 - Examination - 50% | ||||||||||
Textbooks
Valuation Principles & Practices
Edition: 2 (2014)
Authors: API
API
Deakin Deakin , ACT , Australia
Binding: Hardcover
Suburb Sales Search
Edition: http://www.corelogic.com.au/ (2015)
Authors: CoreLogic (RPData)
CoreLogic
Australia
Binding: Hardcover
Additional Textbook Information
API Valuation Principles and Practice is available direct from publisher (see: http://www.bookshop.api.org.au/collections/frontpage/products/valuation-principles-practices-2nd-edition). It contains coverage of many advanced valuation issues and includes sections on specialised valuation which combine to make it a useful text for the course and as a reference for professional practise.
The CoreLogic (RPData) Data Suburb Sales Report provides sales data which may be necessary for the major assignment. RPData is one of several private property data suppliers and data from another supplier will also be suitable for the assignment as they all tend to rely on the same ultimate data sources. Most property practises subscribe to either RPData or one of its competitors and many students will be able to access this data through arrangement with either employers or other practitioners with whom they have some relationship. CQUniversity has limited access to the service(covering Queensland and New South Wales only) which is available via the library (see Property Gateway for details). Do not pursue sales information until you have finalised the selection of a property for the major assignment and identified how it will be necessary in executing your project. Not all assignment tasks require this information.
The free suburb profile is a RPData service that may provide useful background contextual information for forming the market outlook for your assignment. In addition to this profile students should also explore other sources of market and economic commentary. As well as being useful to your assignment maintaining an interest in these commentaries will help you to keep abreast of the property markets for your future professional careers. Generally good quality market and economic outlook information is available at no cost from a variety of organisations who have interest in property, these include major property firms, banks, AMP society, the Reserve Banks of Australia and the Australian Bureau of Statistics.
IT Resources
- CQUniversity Student Email
- Internet
- Unit Website (Moodle)
- CF56 Property Program Gateway
- Core Logic RPData sales system
- EndNote Bibliographical application
- Estate Master DF Development feasibility analysis
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.
g.small@cqu.edu.au
Module/Topic
Property as investment
Chapter
6 (core) & 14 (extension)
Events and Submissions/Topic
Module/Topic
Property cash flow studies and rental valuations
Chapter
15 (core) & 11 (extension)
Events and Submissions/Topic
Module/Topic
Partial interests
Chapter
7
Events and Submissions/Topic
Module/Topic
Ground Rent Determination
Chapter
see Moodle for reading.
Events and Submissions/Topic
Module/Topic
Development valuations
Chapter
10
Events and Submissions/Topic
Module/Topic
Chapter
Events and Submissions/Topic
Module/Topic
Specialist valuations
Chapter
3 (core), 12,16 & 17 (extension)
Events and Submissions/Topic
Module/Topic
Investment valuation reports
Chapter
8
Events and Submissions/Topic
Module/Topic
Valuation of land affected by customary rights
Chapter
Readings
Events and Submissions/Topic
Module/Topic
Plant & Machinery Valuation
Chapter
Events and Submissions/Topic
Module/Topic
Emerging Factors in Property and Valuation
Chapter
Readings
Events and Submissions/Topic
Module/Topic
Professional practice and market analysis
Chapter
Readings
Events and Submissions/Topic
Module/Topic
Property and the Environment
Chapter
Readings
Events and Submissions/Topic
Module/Topic
Chapter
Events and Submissions/Topic
Module/Topic
Chapter
Events and Submissions/Topic
1 Written Assessment
This assignment consists of an advanced valuation project of the sort encountered in property economics practice. It will require valuation skills and the ability to creatively apply property economics theory to a practical problem in the property investment and/or development arena. The submission will consist of a consultancy report based on a valuation of an investment or specialist property.
Specific details will be found on Moodle.
File to be in a word processor format able to be opened by Microsoft Word (e.g. ".doc" format).
Week 9 Friday (12 May 2017) 11:45 pm AEST
Week 11 Friday (26 May 2017)
Your report will be graded according to its overall quality on the following criteria:
- presentation, structure, grammar, style, clarity of expression and brevity
- Property description elements
- Economic outlook
- Valuation approach and execution
- computations
- Ground Rent or DF modelling
- Practitioner contact
- Originality and insight
Rubrics for applying the above are outlined in detail within the assignment outline found in Moodle.
- Apply advanced valuation methods to value complex or specialised property types.
- Articulate emerging issues in property economics.
- Effectively communicate with diverse stakeholders on complex or specialised property.
- Communication
- Problem Solving
- Critical Thinking
- Information Literacy
- Information Technology Competence
- Cross Cultural Competence
- Ethical practice
Examination
Dictionary - non-electronic, concise, direct translation only (dictionary must not contain any notes or comments).
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?
