PROP19003 - Advanced Property Valuation
Term 1 - 2017


All details in this unit profile for PROP19003 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.

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

Career Level Undergraduate
Unit Level Level 3
Credit Points 6
Student Contribution Band 3A
Fraction of Full-Time Student Load 0.125

Pre-requisites or Co-requisites

Pre-requisites: PROP11001 and FINC19014

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).

Offerings

Term 1 - 2017
  • Distance

Website

This unit has a website, within the Moodle system, which is available two weeks before the start of term. It is important that you visit your Moodle site throughout the term. Go to Moodle

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 Task Weighting
1. Written Assessment 50%
2. Examination 50%

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 Procedures for more details of interim results and final grades.

All University policies are available on the IMPortal.

You may wish to view these policies:

  • Grades and Results Procedure
  • Assessment Policy and Procedure (Higher Education Coursework)
  • Review of Grade Procedure
  • Academic Misconduct Procedure
  • Monitoring Academic Progress (MAP) Policy and Procedure – Domestic Students
  • Monitoring Academic Progress (MAP) Policy and Procedure – International Students
  • Refund and Excess Payments (Credit Balances) Policy and Procedure
  • Student Feedback – Compliments and Complaints Policy and Procedure
  • Acceptable Use of Information and Communications Technology Facilities and Devices Policy and Procedure

This list is not an exhaustive list of all University policies. The full list of University policies are available on the IMPortal.

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 Source Recommendation
Links and resources need to be checked for accuracy and functionality to prevent inconvenience throughout the course. Student feedback survey 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.
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. Student feedback survey Review assessment strategy with a view to making the online tests summative and not formative.
On successful completion of this unit, you will be able to:
  1. Apply advanced valuation methods to value complex or specialised property types.
  2. Articulate emerging issues in property economics.
  3. Critically evaluate the factors that impact on the value of property rights and assets.
  4. 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  
2 - Examination    

Alignment of Graduate Attributes to Learning Outcomes

  • Introductory Level
  • Intermediate Level
  • Graduate Level
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

Alignment of Assessment Tasks to Graduate Attributes

  • Introductory Level
  • Intermediate Level
  • Graduate Level
Assessment Tasks Graduate Attributes
1 2 3 4 5 6 7 8
1 - Written Assessment  
2 - Examination  

Prescribed Textbooks

Valuation Principles & Practices
Author/s: API Year: 2014
Edition: 2 Publisher: API
City: Deakin State: ACT
Country: Australia
View textbooks at the CQUniversity Bookshop

Other Resources

These are not compulsory, but may assist you:
Suburb Sales Search
Author/s: CoreLogic (RPData) Year: 2015
Edition: http://www.corelogic.com.au/ Publisher: CoreLogic
Country: Australia
Other resources may be available at CQUniversity Library. Note:

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

You will need access to the following IT resources:
  • EndNote Bibliographical application
  • Core Logic RPData sales system
  • CF56 Property Program Gateway
  • CQUniversity Student Email
  • Internet
  • Unit Website (Moodle)
  • Estate Master DF Development feasibility analysis
All submissions for this unit must use the American Psychological Association (APA) referencing style (details can be obtained here). For further information, see the Assessment Tasks below.
Unit CoordinatorGarrick Small (g.small@cqu.edu.au)
Note: Check the Term-Specific section for any additional contact information provided by the teaching team
Week Begin Date Module/Topic Chapter Events and Submissions
Week 1 06-03-2017

Property as investment

6 (core) & 14 (extension)

Week 2 13-03-2017

Property cash flow studies and rental valuations

15 (core) & 11 (extension)

Week 3 20-03-2017

Partial interests

7

Week 4 27-03-2017

Ground Rent Determination

see Moodle for reading.

Week 5 03-04-2017

Development valuations

10

Vacation Week 10-04-2017
Week 6 17-04-2017

Specialist valuations

3 (core), 12,16 & 17 (extension)

Week 7 24-04-2017

Investment valuation reports

8

Week 8 01-05-2017

Valuation of land affected by customary rights

Readings

Week 9 08-05-2017

Plant & Machinery Valuation

(core) 19, (extension) 18
Advanced Valuation Project Due Friday (12 May 17) 11:45 PM AEST
Week 10 15-05-2017

Emerging Factors in Property and Valuation

Readings

Week 11 22-05-2017

Professional practice and market analysis

Readings

Week 12 29-05-2017

Property and the Environment

Readings

Review/Exam Week 05-06-2017
Exam Week 12-06-2017

1 Written Assessment

Assessment Title Advanced Valuation Project
Task Description

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).

Assessment Due Date Week 9 Friday (12-May-2017) 11:45 PM AEST
Return Date to Students Week 11 Friday (26-May-2017)
Weighting 50%
Assessment Criteria

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

  1. presentation, structure, grammar, style, clarity of expression and brevity
  2. Property description elements
  3. Economic outlook
  4. Valuation approach and execution
  5. computations
  6. Ground Rent or DF modelling
  7. Practitioner contact
  8. Originality and insight

Rubrics for applying the above are outlined in detail within the assignment outline found in Moodle.

Referencing Style American Psychological Association (APA)
Submission Online

All reports should be in word processor format that may be opened by Microsoft Word (e.g. '.doc' format). File size should be kept below 6mb. Photo resolution should be reuced as appropriate to meet file size targets.

Learning Outcomes Assessed
This section can be expanded to view the assessed learning outcomes

1. Apply advanced valuation methods to value complex or specialised property types.

2. Articulate emerging issues in property economics.

4. Effectively communicate with diverse stakeholders on complex or specialised property.

Graduate Attributes
This section can be expanded to view the assessed graduate attributes

1. Communication

2. Problem Solving

3. Critical Thinking

4. Information Literacy

6. Information Technology Competence

7. Cross Cultural Competence

8. Ethical practice



Examination

Outline Complete an examination
Date During the University examination period
Weighting 50%
Length 120 minutes
Details Dictionary - non-electronic, concise, direct translation only (dictionary must not contain any notes or comments).
Calculator - non-programmable, no text retrieval, silent only.
Closed Book
Learning Outcomes Assessed
This section can be expanded to view the assessed learning outcomes

2. Articulate emerging issues in property economics.

3. Critically evaluate the factors that impact on the value of property rights and assets.

Graduate Attributes
This section can be expanded to view the assessed graduate attributes

1. Communication

2. Problem Solving

3. Critical Thinking

4. Information Literacy

6. Information Technology Competence

7. Cross Cultural Competence

8. Ethical practice


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