Principles of Property Valuation

This subject has the following teaching availabilities in 2008:

For the purposes of considering request for Reasonable Adjustments under the Disability Standards for Education (Cwth 2005), and Student Support and Engagement Policy, academic requirements for this subject are articulated in the Subject Overview, Learning Outcomes, Assessment and Generic Skills sections of this entry.

It is University policy to take all reasonable steps to minimise the impact of disability upon academic study, and reasonable adjustments will be made to enhance a student's participation in the University's programs. Students who feel their disability may impact on meeting the requirements of this subject are encouraged to discuss this matter with a Faculty Student Adviser and Student Equity and Disability Support: http://services.unimelb.edu.au/disability

Building upon the broad understanding of the role of property in the built environment developed in Introduction to Property, Principles of Property Valuation focuses on the consolidation of these themes and their expansion into valuation theory and practice in the contemporary economy. More specifically, topics include: Value and market value; The property market; Methods of valuation; The valuation process; Factors influencing value; Direct comparison method; Data collection; Market and sales analysis; Procedures for determining and reporting value; Introduction to investment valuation methods; Direct capitalisation - valuation of a property leased at market rent.

On completion of the subject students should be able to:

• Understand the nature and role of the valuation profession, the property market and valuation methods.

• Develop skills, competencies and knowledge for selecting analysing and synthesizing material of relevance to the conduct of property valuation in academic and professional contexts.

• Access a comprehensive range of information sources, relevant to the valuation of property.

• Analyse and criticise relevant material in an appropriate manner, supported by reasoned argument and generate independent opinions of value.

• Prepare, arrange and present valuation reports at an appropriate standard for academic and professional purposes.

This subject is not available as a breadth subject.

On completion of the subject students should have developed the following skills and capabilities:

• Analytical skills - an enquiring and analytical approach to the conduct of property valuation.

• Problem solving skills - an increased quantum of knowledge of issues and practice relevant to the property market, profession, processes and valuation methods.

• Teamwork skills - an enhanced ability to use a wide range of traditional and cutting edge valuation tools and methods in a collegial setting.

• Communication skills - a greater facility to generate and communicate property valuation outcomes at an acceptable, introductory standard.