Course Title: Urban Valuation

Part A: Course Overview

Course Title: Urban Valuation

Credit Points: 12

Course Code	Campus	Career	School	Learning Mode	Teaching Period(s)
OMGT2067	City Campus	Undergraduate	325H Property, Constr & Proj Mgt	Face-to-Face	Sem 1 2007, Sem 1 2008, Sem 1 2009, Sem 1 2010, Sem 1 2011

Course Coordinator: Matt Myers

Course Coordinator Phone: +61 3 9925 1726

Course Coordinator Email:matt.myers@rmit.edu.au

Course Coordinator Location: 8.8.33

Course Coordinator Availability: Monday's 3-5pm or by appointment

Pre-requisite Courses and Assumed Knowledge and Capabilities

OMGT1116 Residential Valuations
OMGT1129 Statutory Valuations

Course Description

This course covers both the theory and practical application of the valuation of commercial and industrial properties in an urban environment. This is undertaken on the basis of the presentation of theory and current professional issues in lectures and workshops in tutorials. It deals exclusively with the valuation of urban and some specialised properties, with particular emphasis on commercial and industrial property. You are expected to already have a thorough grounding in general valuation practice and principles through the pre-requisite courses. This course builds on that basic knowledge.

The course combines lectures by specialist valuers, workshops and field work to help students develop an understanding of the types of property, and the issues you will face in real life when valuing them. The course will provide the opportunity to practise valuation skills required in the field through the site inspections organised.  It will also provide you with a forum in which to develop your presentation and writing skills, in line with industry expectations. 

In addition to understanding the valuation techniques applied to various property types, the course requires you to consider what consitutes contemporary professional practice in the valuation profession.

Through commercial-standard presentation based on of fieldwork exercises the course requires you to critically examine the communication of property details in reports and presentation standards. 

Objectives/Learning Outcomes/Capability Development

This course deals with commmercial, industrial and some specialised properties. You are therefore required to demonstrate a detailed understanding of the material covered, as it forms an important cornerstone of professional practice. This course seeks to provide you with exposure to the valuation of non-residential urban properties and the issues that arise for a professional valuer.   This course also seeks to provide practical situations in the field for you to practice important valuation skills.

Graduates from the Bachelor of Applied Sicence (Valuations) satisfy the academic requirement for certification by the Australian Property Institute as Certified Practising Valuer.
This professional designation carries with it duties and obligations to the client as well as to the employer and the community at large. In addition to being subject to the Australian Property Institute’s Codes of Ethics and Professional Practice, the graduate is expected to exhibit many other qualities. These relate to immediate employability; creativity in problem solving; ability to work alone or in teams; ability to bring a property perspective to multi-disciplinary teams; the demonstration of an understanding of the political, economic and social context of property decision making and communication skills.

At the end of this course you are expected to:

1. be able to demonstrate a sound understanding of the theory, concepts and the practical application of valuation skills relating to commercial and industrial valuations;
2. demonstrate a capacity to undertake a defensible market analysis and valuation for a major industrial or commercial property;
3. be able to professionally communicate your findings in a commercial standard report, and to logically and professionally enunciate the theory of valuation underpinning your action; and
4. show a detailed appreciation of the valuation practice standards and the body of knowledge attaching to the valuation of complex urban properties.

Overview of Learning Activities

The course covers the theory and application to complete valuations of urban type commercial properties. The weekly 3-hour workshop teaching environment combines lectures and tutorials to provide an interactive hand-on practical learning environment, often through the practical exercise of working through various case studies and exercises. As workshops, students are expected to have already read the respective book chapters prior to attending class so as the application of the topics and be discussed and applied in various context. Also, the workshop environment will allow students to ask for group help / discussion on who the topic may relate to one’s individual research report.

Overview of Learning Resources

The course’s primary text is Fanning’s "Market analysis for real estate : concepts and applications in valuation and highest and best use", but student will still need to refer to other valuation texts used in other courses such as the API’s The Valuation of Real Estate or Valuation Principles and Practices (available from API’s office in Port Melbourne).

Overview of Assessment

Assessment will consist of inclass tests, a final exam, and written reports as discussed below.