Property Analysis Studio

This subject has the following teaching availabilities in 2012:

150 hours

The subject listed below or equivalent.

Students undertaking this subject will be expected to be competent in the use of MS Excel software

For the purposes of considering requests for Reasonable Adjustments under the Disability Standards for Education (Cwth 2005), and Students Experiencing Academic Disadvantage Policy, academic requirements for this subject are articulated in the Subject Description, Subject Objectives, Generic Skills and Assessment Requirements of this entry.
The University is dedicated to provide support to those with special requirements. Further details on the disability support scheme can be found at the Disability Liaison Unit website: http://www.services.unimelb.edu.au/disability/

This final year Bachelor of Environments capstone subject for the property major builds and consolidates understanding of property markets, property valuation and urban planning concepts. Using an integrated project involving a series of studio-based exercises, students will investigate an urban development site and propose a suitable project that allows them to experience property development from concept to completion including the operational and investment phases. Details of supply and demand, market value and construction and finance costs will be explored and a property development proposal will be developed (given various resource constraints) with the assistance of softwares such as Estate MasterTM.

Studio-based exercises will:

• define and manage project parameters;
• translate urban planning requirements into a commercial proposal;
• develop project plans within resource constraints;
• model property appraisals that integrate time, cost, quality, introductory risk assessment, and property performance evaluation.

• Develop a complete property development plan for a given development site considering all the basic aspects of property markets.
• Demonstrate an understanding of issues involved in commercial property development and property development processes. (market analysis for selecting property development proposals; stakeholders and their requirements; property development concepts and underlying considerations; the developer’s equation and residual analysis; alternative development options; cost estimating and planning; management of consultant teams and communication requirements; introductory knowledge of property development and investment analysis techniques; and preparation of a systematic property development proposal in a competitive market environment).
• Understand the studio-based learning environment, working as groups, applying skills and communication in real case exercises. The teams will also able to evaluate the longer term investment performance of the completed project from the sustainable development perspective.
• Evaluate, organise, exchange and bring together associated issues that are related to market, valuation and property development appraisal.

Part 1 - Group Assessment: Major Assessment Task, a staged preparation of a feasibility report including three oral presentations and three staged submission; production of weekly team diary, participation in 360 degree team assessments. Due weeks 4, 6, 12, 70%

Froup feasibility report, 4000 words per student.

Oral presentation 1: a total of 15 minutes (for the group as a whole)

Oral presentation 2: a total of 20 minutes (for the group as a whole)

Oral presentation 3: a total of 25 minutes (for the group as a whole)

Part 2 - Individual Assessment: Achieving Certification for Estate Master Development Feasibility Software ie. 80% or higher in EM 'on-line' examination. Due week 11, 15%.

Part 3 - Individual Assessment: Attendance, and participation in all studio sessions including teamwork (2 sessions per week): Due weekly, 15%

This subject is not available as a breadth subject.

• Analytical skills: analysing property project criteria and parameters.
• Communication skills: an enhanced ability to communicate complex property projects through written and oral presentations.
• Problem solving skills: an increased body of knowledge associated with resolution of contemporary issues and practices in complex property projects.
• Team working skills: an enhanced ability to generate and communicate a range of relevant property project practices and procedures at an appropriate academic and professional standard.