Property Analysis Studio

This subject has the following teaching availabilities in 2016:

170 Hours

The subjects listed below or equivalent.

AND

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

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 final year Bachelor of Environments capstone subject for the Property Major, undertaken in a studio environment, builds upon prior property subjects and consolidates understanding of business planning and objectives, site analysis, statutory planning analysis, property markets, market analysis, & marketability analysis, construction and other development costs, financial feasibility, sensitivity analysis, risk analysis, development funding, property valuation, the broader urban planning concept and requirement for sustainability in development.

Students, working in small groups are required to source and analyse potential property development sites, carry out high level feasibilities, choose an optimal business case, develop multiple design / development options for one site, carry out detailed site, market and marketability analyses, statutory planning, financial feasibility and risk analysis to determine whether a project should proceed beyond feasibility stage, with the assistance of Estate Master (TM) development feasibility software.

Studio-based exercises will:

• support the sourcing of a number of potential property development sites;
• carry out high level business cases to ascertain optimum site choice;
• carry out broad site and market research on multiple design / development options, including statutory planning advice and initial financial feasibility to ascertain optimum project;
• carry out detailed site analysis, statutory planning analysis, market and marketability analysis, construction cost and development cost estimates, program development, cash flow analysis and financial feasibility analysis using Estate Master (TM) development feasibility software;
• present as a team (orally and in writing) at critical project stages, outcomes of analysis and feasibility;
• advise on financial feasibility outcomes, sensitivity analysis and provide detailed risk analysis on proposals;
• demonstrate an understanding of issues involved in commercial property development and property development processes e.g. (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;
• 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 develop concepts that will impact upon the sustainability of the project, in the short and longer terms;
• Evaluate, organise, exchange and bring together associated issues that are related to market, valuation and property development appraisal.

Group Assessment Task: The Major Assessment Task: a staged preparation of a detailed feasibility report including oral presentations and three staged submissions due in Weeks 4, 7 and 12 (70%);
Breakdown:
-First assessable oral presentation graded as pass or fail: includes audit by Academic Skills Unit.
-Second assessable oral presentation (equivalent to 250 words per student); worth 15%.
-Third assessable oral presentation (equivalent to 250 words per student); worth 15%.
-Major Feasibility Report 3500 words equivalent per student 40%.

• Individual Assessment Task: Estate Master Property Development Software (250 words equivalent): Passing Certification Examination on software i.e. a mark of 80% or higher in Estate Master’s certification examination (15%);

• Individual Assessment Task: attendance and participation in studio sessions and learning sessions (3 hours per session, 2 sessions per week). Examples of participation include individual and group analysis of property related matters in preparation of feasibility study and oral presentations (10%);

• Individual Assessment Task: completion of 2 no 360 degree team assessments and 12 weekly team diaries (5%).

Note group assignments are undertaken on the basis of students forming groups of four (4) students.

Hurdle requirements: Completion of all pieces of assessment is a hurdle requirement. Note that minimum 90% attendance at studios and learning sessions is also a hurdle requirement

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.