ECON19036 - Property Economics
Term 1 - 2017


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.

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 3A
Fraction of Full-Time Student Load 0.125

Pre-requisites or Co-requisites

ECON11026

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 40%
2. Examination 60%

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
Positive comments on moodle site format, communications and assessment contents Student feedback Continue with the current moodle site format and assessment items that addresses students' need and facilitates students' learning.
Consider better quality video recording Student feedback All recorded lectures will be checked and then to be edited or re-recorded.
Consider to change the text book with Australian context and updating the study guide Student feedback 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.
To increase the interaction on the online discussion forums Student feedback To attend the online discussion is voluntary for all students and course coordinator will provide more reminders to attend the forums.
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 Assessment Tasks to Learning Outcomes

Assessment Tasks Learning Outcomes
1 2 3 4 5 6 7 8 9
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 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                  

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

Real Estate Economics
Author/s: Ernie Jowsey Year: 2011
Edition: First Publisher: Palgrave Macmillan
City: Hampshire State: England
Country: UK
View textbooks at the CQUniversity Bookshop
Note:

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)
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 CoordinatorDelwar Akbar (d.akbar@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

Scope of economics and economic efficiency

Chapters 1&2, Jowsey (2011)

Week 2 13-03-2017

The market mechanism for real property

Chapters 3&4, Jowsey (2011)

Week 3 20-03-2017

The operation of real property markets

Chapters 5&6, Jowsey (2011)

Week 4 27-03-2017

The development process

Chapter 7, Jowsey (2011)

Week 5 03-04-2017

Cost benefit analysis of development projects

Chapter 11, Jowsey (2011)

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

The economics of planning controls

Chapter 12, Jowsey (2011)

Week 7 24-04-2017

The economics of the construction industry

Chapter 13, Jowsey (2011)

Housing market and planning control analysis Due Friday (28 Apr 17) 11:00 PM AEST
Week 8 01-05-2017

Sustainable development of the built environment

Chapters 14 & 15, Jowsey (2011)

Week 9 08-05-2017

Regional real estate markets

No set text

Week 10 15-05-2017

The impact of government policies

Chapters 20, Jowsey (2011)

Week 11 22-05-2017

Taxation of real estate

Chapter 22, Jowsey (2011)

Week 12 29-05-2017

Market based instruments

No set text

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

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 American Psychological Association (APA)
Submission Online

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

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.

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

1. Communication

2. Problem Solving

3. Critical Thinking

4. Information Literacy



Examination

Outline Complete an examination
Date During the University examination period
Weighting 60%
Length 180 minutes
Details Dictionary - non-electronic, concise, direct translation only (dictionary must not contain any notes or comments).
No Calculators Permitted
Closed Book
Learning Outcomes Assessed
This section can be expanded to view the assessed learning outcomes

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.

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

2. Problem Solving

3. Critical Thinking


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