Advanced Property Analysis

This subject has the following teaching availabilities in 2009:

702-353 (ABPL30010) - Statutory Valuation / 702-853 (ABPL00045) Statutory Valuation PG (or equivalent)

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

This subject aims to give students an understanding of the processes and issues relating to the transfer of freehold and leasehold interests in property with a commercial agency focus within the current legal and market context. The subject will be presented under three main themes:

1. Real estate agency structures - legislation and agency practice, licensing, codes of ethics, consumer protection;
2. The management of an agency practice including trust accounts; and,
3. Marketing and markets.

On completion of the subject students should be able to:

• Understand the role of the real estate agent in the Victorian property market context;
• detail the procedures involved in undertaking a sale by private treaty and by auction;
• be aware of the legal, financial, economic and managerial aspects of agency practice;
• access, interpret and communicate property market transaction data;
• appreciate the challenges faced when assessing the value of non-conventional property;
• be able to use a variety of market research techniques including statistical approaches and GIS;
• be able to apply the principles and techniques of property valuation using the three traditional approaches; and,
• have developed the necessary skills to undertake a small research project.

Four to five blackboard tests on LMS (15%); two assignments totalling no more than 3000 words (35%); one 3-hour examination (50%).

This subject is not available as a breadth subject.

• Analytical skills - an enquiring and analytical approach to the conduct of real estate agency and marketing practice
• Communication skills - an enhanced ability to communicate agency outcomes in written and oral presentations
• Problem solving skills - an increased body of knowledge associated with resolution of contemporary issues and practices in property markets and agency contexts
• Team working skills - an enhanced ability to generate and communicate property agency and marketing outcomes at an appropriate academic and professional standard