702-115 Introduction to Property

This subject aims to give students a basic understanding of the property market and the role property plays in a modern economy. It comprises the concept of real property and improvements to and on land; property and the economy; a broad overview of property markets and sub-markets; an introduction to investment and yield; basic financial mathmatics and time value of money; stages of property development and the stakeholders; urban economics and geography.

On completion of the subject students should be able to:

• Place property in the context of the built environment, urban planning, the investment environment, design and construction.

• Appreciate the concept of real property and improvements on land.

• Gain a broad understanding of property markets and sub-markets.

• Be aware of the legal and economic aspects of property.

• Appreciate the basic concepts of investment, yield and the time value of money including the essentials of basic financial mathematics and the six functions.

• Appreciate the role of planning and the planning process in property development.

• Understand the stages of property development, life cycle and ownership of buildings.

• Recognise the importance of urban economics and geography in the growth of cities and urban areas.

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

• Communication.

• Teamwork.

• Analytical skills.

• Problem solving skills.

One three-hour examination (60%) and assignments totalling no more than 2000 words (40%). A minimum mark of 40% has to be achieved in the examination in order to pass the subject.

• 702115, Study Guide & Reader. Annual publication.
• Australian Property Institute, The Valuation of Real Estate. Australian Property Institute, Canberra, 2007.