16331 Specialised Valuation
Warning: The information on this page is indicative. The subject outline for a
particular session, location and mode of offering is the authoritative source
of all information about the subject for that offering. Required texts, recommended texts and references in particular are likely to change. Students will be provided with a subject outline once they enrol in the subject.
Subject handbook information prior to 2025 is available in the Archives.
Credit points: 6 cp
Subject level:
Undergraduate
Result type: Grade and marksRequisite(s): 16234 Property Valuation
These requisites may not apply to students in certain courses. See access conditions.
Description
This subject involves an in-depth study relating to a diverse range of specialised property types and the underpinning factors which lead to the creation of value in the types. The subject also considers special purpose valuations relating to strata and community title, stratum subdivision, heritage property, hypothetical development, financial reporting, and prestige properties.
Subject learning objectives (SLOs)
On successful completion of this subject, students should be able to:
| 1. | Identify the characteristics of a specialised property and apply relevant assumptions critical to the determination of market value |
|---|---|
| 2. | Discuss appropriate research techniques and valuation methodologies relevant to various classes of specialised property / required to complete a variety of special purpose valuations |
| 3. | Demonstrate the capacity to comprehensively research and report on a class of specialised property |
| 4. | Demonstrate the ability to calculate and apply theoretical knowledge and valuation methodology to complete a variety of special purpose valuations to industry standard |
| 5. | Demonstrate the ability to effectively communicate via a written report that presents in a professional manner and provides all content required. |
| 6. | Critically evaluate research and prepare valuation reports relating to specialised property / special purpose valuations |
Contribution to the development of graduate attributes
The term CAPRI is used for the five Design, Architecture and Building faculty graduate attribute categories where:
C = communication and groupwork
A = attitudes and values
P = practical and professional
R = research and critique
I = innovation and creativity
Course intended learning outcomes (CILOs) are linked to these categories using codes (e.g. C-!, A-3, P-4, etc).
Teaching and learning strategies
The learning activities in this subject involve a variety of lectures and workshops incorporating a variety of specialist topics. Students will analyse, prepare, present, and value various specialist use properties.
LECTURES
The lecture series involves delivery of specific knowledge associated with theory underpinning this subject. Lectures employ the use of property data bases and electronic resources that align the subject’s overarching themes, activities and learning methods. Emphasis will be placed on independent student prereading of lecture material to facilitate greater understanding of each lecture topic area.
WORKSHOPS
Workshops link subject content theory and application. Workshop discussion supports the lecture series and allows students to experience immediate feedback, facilitating valid opportunities to reflect on their learning in real-time.
ONLINE RESOURCES
There are a number of online resources used to support the learning objectives of this subject. These are located on Canvas. A detailed overview of subject material and information on associated tasks and assessment items are included in the online subject documents. Also online are essential and recommended readings. Significantly, the readings support both lecture series by providing students with an overview of theory associated with the evolving body of knowledge related to specialist use properties. Emphasis will be placed on independent student prereading of lecture material to facilitate greater understanding of each lecture topic.
ASSESSMENT
Content knowledge in this subject is assessed in the form of written reports and a formal examination. Such assessments test high level critique and analysis skill as well as the application of theoretical and mathematical knowledge to complete a variety of valuation concepts.
FEEDBACK
Students will have several opportunities to receive feedback during the subject. The feedback provided will vary in form, purpose and in its degree of formality:
Formative feedback will be provided during the learning process, typically provided verbally during workshop sessions. It is designed to help students improve their performance in time for the submission of an assessment item. Students are required to respond constructively to the feedback provided in workshop sessions and lectures. This involves critically reflecting on discussion of subject content. Formative feedback may also, on occasion, be provided by other students. It is delivered informally, either in conversation during a tutorial or in the course of discussion at the scale of the whole class. It is the student’s responsibility to record any feedback given during meetings or workshop sessions.
Summative feedback is provided in written form with all assessed work. Summative feedback focuses on assessment outcomes. It is used to indicate how successfully a student has performed in terms of specific assessment criteria.
Content (topics)
- Framework for specialised property research
- Specialised Property Valuation Methodologies: International standards, API&NZ Standards
- Goodwill, Super Profit and Business Valuation Considerations
- Valuing land using hypothetical development
- Owners Corporation valuations
- Prestige residential property analysis and theoretical valuation considerations
- Heritage Property; Hypothetical valuation calculations
- Depreciation and summation of improvements and various valuation calculations
Assessment
Assessment task 1: Valuation Report 1
| Intent: | To correctly prepare a valuation report and apply valuation theory and practice in the valuation of a property | ||||||||||||||||||||
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| Objective(s): | This task addresses the following subject learning objectives: 1, 3, 4 and 5 This task also addresses the following course intended learning outcomes that are linked with a code to indicate one of the five CAPRI graduate attribute categories (e.g. C.1, A.3, P.4, etc.): .1, .1 and .2 | ||||||||||||||||||||
| Type: | Report | ||||||||||||||||||||
| Groupwork: | Individual | ||||||||||||||||||||
| Weight: | 20% | ||||||||||||||||||||
| Criteria: | To demonstrate the capacity to prepare a valuation report meeting the requirements of the API Valuation and Property Standards of Australia, applicable to a building for insurance purpose. | ||||||||||||||||||||
| Criteria linkages: |
SLOs: subject learning objectives CILOs: course intended learning outcomes |
Assessment task 2: Valuation Report 2
| Intent: | To correctly prepare a valuation report and apply valuation theory and practice in the valuation of property which is used as a specialised site. | ||||||||||||||||||||||||
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| Objective(s): | This task addresses the following subject learning objectives: 1, 3, 4, 5 and 6 This task also addresses the following course intended learning outcomes that are linked with a code to indicate one of the five CAPRI graduate attribute categories (e.g. C.1, A.3, P.4, etc.): .1, .1 and .2 | ||||||||||||||||||||||||
| Type: | Report | ||||||||||||||||||||||||
| Groupwork: | Individual | ||||||||||||||||||||||||
| Weight: | 30% | ||||||||||||||||||||||||
| Criteria: | To demonstrate the capacity to prepare a valuation report meeting the requirements of the API Valuation and Property Standards of Australia, applicable to the class of specialised property. | ||||||||||||||||||||||||
| Criteria linkages: |
SLOs: subject learning objectives CILOs: course intended learning outcomes |
Assessment task 3: Exam
| Intent: | To demonstrate the ability to apply theoretical and mathematical knowledge to complete a variety of valuation concepts. | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Objective(s): | This task addresses the following subject learning objectives: 1, 2 and 4 This task also addresses the following course intended learning outcomes that are linked with a code to indicate one of the five CAPRI graduate attribute categories (e.g. C.1, A.3, P.4, etc.): .1 and .1 | ||||||||||||||||
| Type: | Examination | ||||||||||||||||
| Groupwork: | Individual | ||||||||||||||||
| Weight: | 50% | ||||||||||||||||
| Criteria: | 1. Demonstrate the ability to apply theoretical knowledge to complete a variety of special purpose valuations to industry standard and the API Valuation and Property Standards of Australia. 2. Apply mathematical and theoretical concepts using specialised valuation methods such as the capitalisation and summation valuation; hypothetical development, goodwill and super-profits; prestige properties, highest and best use. | ||||||||||||||||
| Criteria linkages: |
SLOs: subject learning objectives CILOs: course intended learning outcomes |
Minimum requirements
The DAB attendance policy requires students to attend no less than 80% of formal teaching sessions (lectures and tutorials) for each class they are enrolled in to remain eligible for assessment.
Required texts
Readings from various items available on Canvas.
Recommended texts
Specialist Valuations in Australia and New Zealand (1996): Theory and Practice, 1st edn, Australian Institute of Valuers and Land Economists, Deakin, ACT.
Valuation Principles and Practice (2015), Australian Institute of Valuers and Land Economists, Deakin ACT
Rawlinsons Australian Building Construction Guide
References
Refer to the "Modules" section of Canvas for supplementary class readings and notes.