USB142 Residential Valuation
To view more information for this unit, select Unit Outline from the list below. Please note the teaching period for which the Unit Outline is relevant.
| Unit code: | USB142 |
|---|---|
| Antirequisite(s): | UDB140, USB140 |
| Credit points: | 12 |
| Timetable | Details in HiQ, if available |
| Availabilities |
|
| CSP student contribution | $2,124 |
| Pre-2021 CSP student contribution | $1,663 The pre-2021 commonwealth supported place (CSP) contribution amount only applies to students enrolled in a course prior to 2021. To learn more, visit our Understanding your fees page. |
| Domestic tuition unit fee | $3,204 |
| International unit fee | $4,512 |
Unit Outline: Semester 1 2025, Gardens Point, Internal
| Unit code: | USB142 |
|---|---|
| Credit points: | 12 |
| Anti-requisite: | UDB140, USB140 |
| Coordinator: | Jason Chia | jc.chia@qut.edu.au |
Overview
Residential Valuation is an introductory unit in the Property Economics degree and provides the foundation skills and knowledge that will be the basis for the study of future units in property areas such as valuation, property development and property market analysis.
Learning Outcomes
On successful completion of this unit you will be able to:
- Identify the nature of property, including native title tenure, the residential property market and concepts of value
- Apply academic skills and professional standards relevant to property valuation.
- Critically analyse the inter-relationships between the built environment, construction and development processes.
- Demonstrate professional standards in written communication.
- Demonstrate an effective contribution to team work outcomes in group assignment
Content
Learning outcomes will be achieved through coverage of the following topics:
- Property and the economy
- The property professions
- Property acquisition and legal interests in property and property types
- Valuation reports
- Definitions of value and highest and best use
- Data Sources and inspection procedures
- Direct comparison valuation method
- Valuation and Sales analysis reconciliation
- Summation valuation method
- Professional standards and ethics
- Valuation software/technology
- Introduction to other valuation methods
Learning Approaches
This unit engages you in your learning through a theory-to-practice approach, with a large proportion of the unit made up of practical application of basic theoretical concepts. This unit will involve lectures, tutorials and directed private study. Lectures will convey the essential theoretical background to the unit. Tutorials activities will help you understand and apply the key concepts via more practical application. You will also be expected to undertake directed private study and read the nominated readings to supplement the lectures and tutorials.
Lectures
Weekly lectures will be the primary method of teaching for this unit. Lecture material will generally be available for you to download from the Canvas site each week. You may also be expected to complete required reading prior to lectures. During the lecture, we will work through the lecture material covering the important aspects of each week's work including both theory and practical aspects. Lectures will be two (2) hours in duration.
Tutorials
Tutorials are designed to help you gain a better understanding of the theoretical principles through practical application and game play. Tutorials are also an important avenue for students to seek formative feedback from lecturers/tutors. There are two tutorial-type sessions, which you must register for:
- One (1) hour tutorial running in Weeks 2, 4, 5, 6, 8, 9, 11 and 12.
- A two (2) hour tutorial held in Week 3.
Feedback on Learning and Assessment
Feedback in this unit is provided in the following ways:
- Marking rubrics will be provided to show the expectations for each assessment item.
- Marking rubrics with comments will be returned to you via the online submission portal.
- Lecture / tutorial sessions are available for individual feedback prior to the completion of assessments.
- Generic comments will be provided via QUT Canvas and in class.
This unit will engage practising professionals to provide professional written feedback throughout the whole unit.
Assessment
Overview
The assessment in this unit aims to support your achievement of the learning outcomes and has been designed to provide the opportunity for you to perform real world tasks and develop skills in working with professional teams. The assessment has been designed in order to allow you to:
- receive feedback on your learning as you progress toward the development of knowledge, understanding, skills and attitudes (formative assessment);
- demonstrate your learning in order to achieve a final grade (summative assessment)
Students may be required to attend campus or an assessment centre for the purposes of assessment, regardless of the attendance mode for the unit.
Unit Grading Scheme
7- point scale
Assessment Tasks
Assessment: Initial Valuation Report
Acting as property valuer, you will use property economics theory in preliminary valuation tasks to support your main task to conduct residential property values for a property investor or bank. The workbook tasks will be based on your introductory knowledge of property concepts, the role of property professionals and residential valuation processes.
This assignment is eligible for the 48-hour late submission period and assignment extensions.
Assessment: Online Quiz
Problem based questions covering topics 1 to 6.
Assessment: Market Valuation
Acting as property valuer, you will write a full market valuation report according to the Australian professional industry standard for mortgage security purposes of a residential property.
This assignment is eligible for the 48-hour late submission period and assignment extensions.
Academic Integrity
Academic integrity is a commitment to undertaking academic work and assessment in a manner that is ethical, fair, honest, respectful and accountable.
The Academic Integrity Policy sets out the range of conduct that can be a failure to maintain the standards of academic integrity. This includes, cheating in exams, plagiarism, self-plagiarism, collusion and contract cheating. It also includes providing fraudulent or altered documentation in support of an academic concession application, for example an assignment extension or a deferred exam.
You are encouraged to make use of QUT’s learning support services, resources and tools to assure the academic integrity of your assessment. This includes the use of text matching software that may be available to assist with self-assessing your academic integrity as part of the assessment submission process.
Breaching QUT’s Academic Integrity Policy or engaging in conduct that may defeat or compromise the purpose of assessment can lead to a finding of student misconduct (Code of Conduct – Student) and result in the imposition of penalties under the Management of Student Misconduct Policy, ranging from a grade reduction to exclusion from QUT.
Resources
1. Recommended Texts
Australian Property Institute (2015), The valuation of real estate: the Australian edition of the Appraisal of Real Estate, second edition, -Australian Property Institute, Canberra.
Australian Property Institute (2007), Valuation Principles and Practice - second edition, Australian Property Institute, Canberra.
Hefferan, M. 2016. Real property in Australia: Foundations and Applications. second edition. Mackenzie Green Research and Publishing, Queensland.
Millington, A.F. (2013), 5th edition, An Introduction to Property Valuation, Abingdon: Taylor and Francis.
Scarrett, D. (2014) 3rd edition, Property Valuation: The Five Methods, Florence: Taylor and Francis.
Whipple, R.T.M. (2006). Property Valuation and Analysis- second edition, Law Book Co
2. Industry Publications:
Australian Property Institute (latest edition),Australia and New Zealand Valuation and Property Standards, API, Canberra. (or online version).
Australian Property Institute (various), Australia and New Zealand Property Journal, Sydney.
REIA, API and PCA (current edition), Glossary of Property Terms.
RICSValuation - Global Standards (2019), or the RICS 'Red Book Global'.
3. References
References may be provided during the course of the semester.
4. Referencing & Assignment Writing
QUT cite|write is a set of resources to assist the development of citing, referencing and academic writing skills. The resource consists of two booklets (available from the QUT Bookshop) and a number of print-on-demand style guides and writing guides, located on website http://www.citewrite.qut.edu.au/.
Guides to assignment writing - Learn how to write in specific formats such as a literature review, annotated bibliography or thesis. Refer website located at http://www.library.qut.edu.au/learn/learnhow/ for information on Evaluating information, Writing a literature review, Writing a research proposal, Writing an annotated bibliography, Writing research reports and research papers, Writing theses and dissertations, Academic Honesty - How to Avoid Plagiarism, and Research methodologies.
If you have questions about doing an assignment, ask at the Library Help Desks, in person, by phone, email, web chat, and SMS.
5. Other Resources
You are required to visit and use the Unit Canvas site: https://Canvas.qut.edu.au/ throughout the semester for access to: lecture material, assessment details, additional readings, announcements and other unit information that may be posted from time to time.
You are expected to have intermediate MSWord skills to succeed in this unit. QUT offers FREE Online IT Training Service available to all staff and students, and all you require is your QUT Access Username and Password. For more information on the Online IT Training please see the following links:
- http://www.itsg.qut.edu.au/students/gethelp/ittraining.jsp%20 or
- http://www.itservices.qut.edu.au/assistance/training/onlinetrain/
You are expected to read the financial press regularly to keep up to date with the practical application of property investment concepts and market activities. Hard copy editions of the Australian Financial Review and The Australian are available daily from the QUT Library. On-line versions are also available via various databases also available through the QUT Library (eg. Factiva).
You will be provided with password access for the current database systems employed by valuers and property professionals for residential property market information.
Risk Assessment Statement
There are no extraordinary risks associated with the classroom/lecture activities in this unit.
Course Learning Outcomes
This unit is designed to support your development of the following course/study area learning outcomes.UD05 Bachelor of Property Economics
- Apply theoretical knowledge and technical skills, including fundamentals of building construction and knowledge of legal, social, cultural, and technological contexts, required to manage property assets and investment portfolios; analyse property markets, the drivers of property value and the feasibility of development; and identify future funding and transaction processes.
Relates to: ULO1, ULO2, Initial Valuation Report, Online Quiz, Market Valuation - Think critically and innovatively to solve problems by applying methodologies and calculations to identify innovative solutions and sustainability strategies and evaluate the feasibility of property development and investment opportunities.
Relates to: ULO3, Initial Valuation Report, Online Quiz, Market Valuation - Analyse data using current proprietary software and strategies to evaluate financial and property market trends to inform current and future property decisions.
Relates to: Initial Valuation Report, Market Valuation - Communicate and collaborate strategically in professional contexts with diverse stakeholders
Relates to: ULO4, ULO5, Market Valuation - Display professional, ethical judgment and initiative, adapt to social, economic, technological and environmental challenges, and lead and manage people with consideration for different cultural perspectives and priorities.
Relates to: ULO3, Initial Valuation Report, Market Valuation
Unit Outline: Semester 1 2025, Online
| Unit code: | USB142 |
|---|---|
| Credit points: | 12 |
| Anti-requisite: | UDB140, USB140 |
Overview
Residential Valuation is an introductory unit in the Property Economics degree and provides the foundation skills and knowledge that will be the basis for the study of future units in property areas such as valuation, property development and property market analysis.
Learning Outcomes
On successful completion of this unit you will be able to:
- Identify the nature of property, including native title tenure, the residential property market and concepts of value
- Apply academic skills and professional standards relevant to property valuation.
- Critically analyse the inter-relationships between the built environment, construction and development processes.
- Demonstrate professional standards in written communication.
- Demonstrate an effective contribution to team work outcomes in group assignment
Content
Learning outcomes will be achieved through coverage of the following topics:
- Property and the economy
- The property professions
- Property acquisition and legal interests in property and property types
- Valuation reports
- Definitions of value and highest and best use
- Data Sources and inspection procedures
- Direct comparison valuation method
- Valuation and Sales analysis reconciliation
- Summation valuation method
- Professional standards and ethics
- Valuation software/technology
- Introduction to other valuation methods
Learning Approaches
This unit engages you in your learning through a theory-to-practice approach, with a large proportion of the unit made up of practical application of basic theoretical concepts. This unit will involve lectures, tutorials and directed private study. Lectures will convey the essential theoretical background to the unit. Tutorials activities will help you understand and apply the key concepts via more practical application. You will also be expected to undertake directed private study and read the nominated readings to supplement the lectures and tutorials.
Lectures
Weekly lectures will be the primary method of teaching for this unit. Lecture material will generally be available for you to download from the Canvas site each week. You may also be expected to complete required reading prior to lectures. During the lecture, we will work through the lecture material covering the important aspects of each week's work including both theory and practical aspects. Lectures will be two (2) hours in duration.
Tutorials
Tutorials are designed to help you gain a better understanding of the theoretical principles through practical application and game play. Tutorials are also an important avenue for students to seek formative feedback from lecturers/tutors. There are two tutorial-type sessions, which you must register for:
- One (1) hour tutorial running in Weeks 2, 4, 5, 6, 8, 9, 11 and 12.
- A two (2) hour tutorial held in Week 3.
Feedback on Learning and Assessment
Feedback in this unit is provided in the following ways:
- Marking rubrics will be provided to show the expectations for each assessment item.
- Marking rubrics with comments will be returned to you via the online submission portal.
- Lecture / tutorial sessions are available for individual feedback prior to the completion of assessments.
- Generic comments will be provided via QUT Canvas and in class.
This unit will engage practising professionals to provide professional written feedback throughout the whole unit.
Assessment
Overview
The assessment in this unit aims to support your achievement of the learning outcomes and has been designed to provide the opportunity for you to perform real world tasks and develop skills in working with professional teams. The assessment has been designed in order to allow you to:
- receive feedback on your learning as you progress toward the development of knowledge, understanding, skills and attitudes (formative assessment);
- demonstrate your learning in order to achieve a final grade (summative assessment)
Students may be required to attend campus or an assessment centre for the purposes of assessment, regardless of the attendance mode for the unit.
Unit Grading Scheme
7- point scale
Assessment Tasks
Assessment: Initial Valuation Report
Acting as property valuer, you will use property economics theory in preliminary valuation tasks to support your main task to conduct residential property values for a property investor or bank. The workbook tasks will be based on your introductory knowledge of property concepts, the role of property professionals and residential valuation processes.
This assignment is eligible for the 48-hour late submission period and assignment extensions.
Assessment: Online Quiz
Problem based questions covering topics 1 to 6.
Assessment: Market Valuation
Acting as property valuer, you will write a full market valuation report according to the Australian professional industry standard for mortgage security purposes of a residential property.
This assignment is eligible for the 48-hour late submission period and assignment extensions.
Academic Integrity
Academic integrity is a commitment to undertaking academic work and assessment in a manner that is ethical, fair, honest, respectful and accountable.
The Academic Integrity Policy sets out the range of conduct that can be a failure to maintain the standards of academic integrity. This includes, cheating in exams, plagiarism, self-plagiarism, collusion and contract cheating. It also includes providing fraudulent or altered documentation in support of an academic concession application, for example an assignment extension or a deferred exam.
You are encouraged to make use of QUT’s learning support services, resources and tools to assure the academic integrity of your assessment. This includes the use of text matching software that may be available to assist with self-assessing your academic integrity as part of the assessment submission process.
Breaching QUT’s Academic Integrity Policy or engaging in conduct that may defeat or compromise the purpose of assessment can lead to a finding of student misconduct (Code of Conduct – Student) and result in the imposition of penalties under the Management of Student Misconduct Policy, ranging from a grade reduction to exclusion from QUT.
Resources
1. Recommended Texts
Australian Property Institute (2015), The valuation of real estate: the Australian edition of the Appraisal of Real Estate, second edition, -Australian Property Institute, Canberra.
Australian Property Institute (2007), Valuation Principles and Practice - second edition, Australian Property Institute, Canberra.
Hefferan, M. 2016. Real property in Australia: Foundations and Applications. second edition. Mackenzie Green Research and Publishing, Queensland.
Millington, A.F. (2013), 5th edition, An Introduction to Property Valuation, Abingdon: Taylor and Francis.
Scarrett, D. (2014) 3rd edition, Property Valuation: The Five Methods, Florence: Taylor and Francis.
Whipple, R.T.M. (2006). Property Valuation and Analysis- second edition, Law Book Co
2. Industry Publications:
Australian Property Institute (latest edition),Australia and New Zealand Valuation and Property Standards, API, Canberra. (or online version).
Australian Property Institute (various), Australia and New Zealand Property Journal, Sydney.
REIA, API and PCA (current edition), Glossary of Property Terms.
RICSValuation - Global Standards (2019), or the RICS 'Red Book Global'.
3. References
References may be provided during the course of the semester.
4. Referencing & Assignment Writing
QUT cite|write is a set of resources to assist the development of citing, referencing and academic writing skills. The resource consists of two booklets (available from the QUT Bookshop) and a number of print-on-demand style guides and writing guides, located on website http://www.citewrite.qut.edu.au/.
Guides to assignment writing - Learn how to write in specific formats such as a literature review, annotated bibliography or thesis. Refer website located at http://www.library.qut.edu.au/learn/learnhow/ for information on Evaluating information, Writing a literature review, Writing a research proposal, Writing an annotated bibliography, Writing research reports and research papers, Writing theses and dissertations, Academic Honesty - How to Avoid Plagiarism, and Research methodologies.
If you have questions about doing an assignment, ask at the Library Help Desks, in person, by phone, email, web chat, and SMS.
5. Other Resources
You are required to visit and use the Unit Canvas site: https://Canvas.qut.edu.au/ throughout the semester for access to: lecture material, assessment details, additional readings, announcements and other unit information that may be posted from time to time.
You are expected to have intermediate MSWord skills to succeed in this unit. QUT offers FREE Online IT Training Service available to all staff and students, and all you require is your QUT Access Username and Password. For more information on the Online IT Training please see the following links:
- http://www.itsg.qut.edu.au/students/gethelp/ittraining.jsp%20 or
- http://www.itservices.qut.edu.au/assistance/training/onlinetrain/
You are expected to read the financial press regularly to keep up to date with the practical application of property investment concepts and market activities. Hard copy editions of the Australian Financial Review and The Australian are available daily from the QUT Library. On-line versions are also available via various databases also available through the QUT Library (eg. Factiva).
You will be provided with password access for the current database systems employed by valuers and property professionals for residential property market information.
Risk Assessment Statement
There are no extraordinary risks associated with the classroom/lecture activities in this unit.
Course Learning Outcomes
This unit is designed to support your development of the following course/study area learning outcomes.UD05 Bachelor of Property Economics
- Apply theoretical knowledge and technical skills, including fundamentals of building construction and knowledge of legal, social, cultural, and technological contexts, required to manage property assets and investment portfolios; analyse property markets, the drivers of property value and the feasibility of development; and identify future funding and transaction processes.
Relates to: ULO1, ULO2, Initial Valuation Report, Online Quiz, Market Valuation - Think critically and innovatively to solve problems by applying methodologies and calculations to identify innovative solutions and sustainability strategies and evaluate the feasibility of property development and investment opportunities.
Relates to: ULO3, Initial Valuation Report, Online Quiz, Market Valuation - Analyse data using current proprietary software and strategies to evaluate financial and property market trends to inform current and future property decisions.
Relates to: Initial Valuation Report, Market Valuation - Communicate and collaborate strategically in professional contexts with diverse stakeholders
Relates to: ULO4, ULO5, Market Valuation - Display professional, ethical judgment and initiative, adapt to social, economic, technological and environmental challenges, and lead and manage people with consideration for different cultural perspectives and priorities.
Relates to: ULO3, Initial Valuation Report, Market Valuation
Unit Outline: Semester 2 2025, Gardens Point, Internal
| Unit code: | USB142 |
|---|---|
| Credit points: | 12 |
| Anti-requisite: | UDB140, USB140 |
| Coordinator: | Jason Chia | jc.chia@qut.edu.au |
Overview
Residential Valuation is an introductory unit in the Property Economics degree and provides the foundation skills and knowledge that will be the basis for the study of future units in property areas such as valuation, property development and property market analysis.
Learning Outcomes
On successful completion of this unit you will be able to:
- Identify the nature of property, including native title tenure, the residential property market and concepts of value
- Apply academic skills and professional standards relevant to property valuation.
- Critically analyse the inter-relationships between the built environment, construction and development processes.
- Demonstrate professional standards in written communication.
- Demonstrate an effective contribution to team work outcomes in group assignment
Content
Learning outcomes will be achieved through coverage of the following topics:
- Property and the economy
- The property professions
- Property acquisition and legal interests in property and property types
- Valuation reports
- Definitions of value and highest and best use
- Data Sources and inspection procedures
- Direct comparison valuation method
- Valuation and Sales analysis reconciliation
- Summation valuation method
- Professional standards and ethics
- Valuation software/technology
- Introduction to other valuation methods
Learning Approaches
This unit engages you in your learning through a theory-to-practice approach, with a large proportion of the unit made up of practical application of basic theoretical concepts. This unit will involve lectures, tutorials and directed private study. Lectures will convey the essential theoretical background to the unit. Tutorials activities will help you understand and apply the key concepts via more practical application. You will also be expected to undertake directed private study and read the nominated readings to supplement the lectures and tutorials.
Lectures
Weekly lectures will be the primary method of teaching for this unit. Lecture material will generally be available for you to download from the Canvas site each week. You may also be expected to complete required reading prior to lectures. During the lecture, we will work through the lecture material covering the important aspects of each week's work including both theory and practical aspects. Lectures will be two (2) hours in duration.
Tutorials
Tutorials are designed to help you gain a better understanding of the theoretical principles through practical application and game play. Tutorials are also an important avenue for students to seek formative feedback from lecturers/tutors. There are two tutorial-type sessions, which you must register for:
- One (1) hour tutorial running in Weeks 2, 4, 5, 6, 8, 9, 11 and 12.
- A two (2) hour tutorial held in Week 3.
Feedback on Learning and Assessment
Feedback in this unit is provided in the following ways:
- Marking rubrics will be provided to show the expectations for each assessment item.
- Marking rubrics with comments will be returned to you via the online submission portal.
- Lecture / tutorial sessions are available for individual feedback prior to the completion of assessments.
- Generic comments will be provided via QUT Canvas and in class.
This unit will engage practising professionals to provide professional written feedback throughout the whole unit.
Assessment
Overview
The assessment in this unit aims to support your achievement of the learning outcomes and has been designed to provide the opportunity for you to perform real world tasks and develop skills in working with professional teams. The assessment has been designed in order to allow you to:
- receive feedback on your learning as you progress toward the development of knowledge, understanding, skills and attitudes (formative assessment);
- demonstrate your learning in order to achieve a final grade (summative assessment)
Students may be required to attend campus or an assessment centre for the purposes of assessment, regardless of the attendance mode for the unit.
Unit Grading Scheme
7- point scale
Assessment Tasks
Assessment: Initial Valuation Report
Acting as property valuer, you will use property economics theory in preliminary valuation tasks to support your main task to conduct residential property values for a property investor or bank. The workbook tasks will be based on your introductory knowledge of property concepts, the role of property professionals and residential valuation processes.
This assignment is eligible for the 48-hour late submission period and assignment extensions.
Assessment: Online Quiz
Problem based questions covering topics 1 to 6.
Assessment: Market Valuation
Acting as property valuer, you will write a full market valuation report according to the Australian professional industry standard for mortgage security purposes of a residential property.
This assignment is eligible for the 48-hour late submission period and assignment extensions.
Academic Integrity
Academic integrity is a commitment to undertaking academic work and assessment in a manner that is ethical, fair, honest, respectful and accountable.
The Academic Integrity Policy sets out the range of conduct that can be a failure to maintain the standards of academic integrity. This includes, cheating in exams, plagiarism, self-plagiarism, collusion and contract cheating. It also includes providing fraudulent or altered documentation in support of an academic concession application, for example an assignment extension or a deferred exam.
You are encouraged to make use of QUT’s learning support services, resources and tools to assure the academic integrity of your assessment. This includes the use of text matching software that may be available to assist with self-assessing your academic integrity as part of the assessment submission process.
Breaching QUT’s Academic Integrity Policy or engaging in conduct that may defeat or compromise the purpose of assessment can lead to a finding of student misconduct (Code of Conduct – Student) and result in the imposition of penalties under the Management of Student Misconduct Policy, ranging from a grade reduction to exclusion from QUT.
Resources
1. Recommended Texts
Australian Property Institute (2015), The valuation of real estate: the Australian edition of the Appraisal of Real Estate, second edition, -Australian Property Institute, Canberra.
Australian Property Institute (2007), Valuation Principles and Practice - second edition, Australian Property Institute, Canberra.
Hefferan, M. 2016. Real property in Australia: Foundations and Applications. second edition. Mackenzie Green Research and Publishing, Queensland.
Millington, A.F. (2013), 5th edition, An Introduction to Property Valuation, Abingdon: Taylor and Francis.
Scarrett, D. (2014) 3rd edition, Property Valuation: The Five Methods, Florence: Taylor and Francis.
Whipple, R.T.M. (2006). Property Valuation and Analysis- second edition, Law Book Co
2. Industry Publications:
Australian Property Institute (latest edition),Australia and New Zealand Valuation and Property Standards, API, Canberra. (or online version).
Australian Property Institute (various), Australia and New Zealand Property Journal, Sydney.
REIA, API and PCA (current edition), Glossary of Property Terms.
RICSValuation - Global Standards (2019), or the RICS 'Red Book Global'.
3. References
References may be provided during the course of the semester.
4. Referencing & Assignment Writing
QUT cite|write is a set of resources to assist the development of citing, referencing and academic writing skills. The resource consists of two booklets (available from the QUT Bookshop) and a number of print-on-demand style guides and writing guides, located on website http://www.citewrite.qut.edu.au/.
Guides to assignment writing - Learn how to write in specific formats such as a literature review, annotated bibliography or thesis. Refer website located at http://www.library.qut.edu.au/learn/learnhow/ for information on Evaluating information, Writing a literature review, Writing a research proposal, Writing an annotated bibliography, Writing research reports and research papers, Writing theses and dissertations, Academic Honesty - How to Avoid Plagiarism, and Research methodologies.
If you have questions about doing an assignment, ask at the Library Help Desks, in person, by phone, email, web chat, and SMS.
5. Other Resources
You are required to visit and use the Unit Canvas site: https://Canvas.qut.edu.au/ throughout the semester for access to: lecture material, assessment details, additional readings, announcements and other unit information that may be posted from time to time.
You are expected to have intermediate MSWord skills to succeed in this unit. QUT offers FREE Online IT Training Service available to all staff and students, and all you require is your QUT Access Username and Password. For more information on the Online IT Training please see the following links:
- http://www.itsg.qut.edu.au/students/gethelp/ittraining.jsp%20 or
- http://www.itservices.qut.edu.au/assistance/training/onlinetrain/
You are expected to read the financial press regularly to keep up to date with the practical application of property investment concepts and market activities. Hard copy editions of the Australian Financial Review and The Australian are available daily from the QUT Library. On-line versions are also available via various databases also available through the QUT Library (eg. Factiva).
You will be provided with password access for the current database systems employed by valuers and property professionals for residential property market information.
Risk Assessment Statement
There are no extraordinary risks associated with the classroom/lecture activities in this unit.
Course Learning Outcomes
This unit is designed to support your development of the following course/study area learning outcomes.UD05 Bachelor of Property Economics
- Apply theoretical knowledge and technical skills, including fundamentals of building construction and knowledge of legal, social, cultural, and technological contexts, required to manage property assets and investment portfolios; analyse property markets, the drivers of property value and the feasibility of development; and identify future funding and transaction processes.
Relates to: ULO1, ULO2, Initial Valuation Report, Online Quiz, Market Valuation - Think critically and innovatively to solve problems by applying methodologies and calculations to identify innovative solutions and sustainability strategies and evaluate the feasibility of property development and investment opportunities.
Relates to: ULO3, Initial Valuation Report, Online Quiz, Market Valuation - Analyse data using current proprietary software and strategies to evaluate financial and property market trends to inform current and future property decisions.
Relates to: Initial Valuation Report, Market Valuation - Communicate and collaborate strategically in professional contexts with diverse stakeholders
Relates to: ULO4, ULO5, Market Valuation - Display professional, ethical judgment and initiative, adapt to social, economic, technological and environmental challenges, and lead and manage people with consideration for different cultural perspectives and priorities.
Relates to: ULO3, Initial Valuation Report, Market Valuation
Unit Outline: Semester 2 2025, Online
| Unit code: | USB142 |
|---|---|
| Credit points: | 12 |
| Anti-requisite: | UDB140, USB140 |
Overview
Residential Valuation is an introductory unit in the Property Economics degree and provides the foundation skills and knowledge that will be the basis for the study of future units in property areas such as valuation, property development and property market analysis.
Learning Outcomes
On successful completion of this unit you will be able to:
- Identify the nature of property, including native title tenure, the residential property market and concepts of value
- Apply academic skills and professional standards relevant to property valuation.
- Critically analyse the inter-relationships between the built environment, construction and development processes.
- Demonstrate professional standards in written communication.
- Demonstrate an effective contribution to team work outcomes in group assignment
Content
Learning outcomes will be achieved through coverage of the following topics:
- Property and the economy
- The property professions
- Property acquisition and legal interests in property and property types
- Valuation reports
- Definitions of value and highest and best use
- Data Sources and inspection procedures
- Direct comparison valuation method
- Valuation and Sales analysis reconciliation
- Summation valuation method
- Professional standards and ethics
- Valuation software/technology
- Introduction to other valuation methods
Learning Approaches
This unit engages you in your learning through a theory-to-practice approach, with a large proportion of the unit made up of practical application of basic theoretical concepts. This unit will involve lectures, tutorials and directed private study. Lectures will convey the essential theoretical background to the unit. Tutorials activities will help you understand and apply the key concepts via more practical application. You will also be expected to undertake directed private study and read the nominated readings to supplement the lectures and tutorials.
Lectures
Weekly lectures will be the primary method of teaching for this unit. Lecture material will generally be available for you to download from the Canvas site each week. You may also be expected to complete required reading prior to lectures. During the lecture, we will work through the lecture material covering the important aspects of each week's work including both theory and practical aspects. Lectures will be two (2) hours in duration.
Tutorials
Tutorials are designed to help you gain a better understanding of the theoretical principles through practical application and game play. Tutorials are also an important avenue for students to seek formative feedback from lecturers/tutors. There are two tutorial-type sessions, which you must register for:
- One (1) hour tutorial running in Weeks 2, 4, 5, 6, 8, 9, 11 and 12.
- A two (2) hour tutorial held in Week 3.
Feedback on Learning and Assessment
Feedback in this unit is provided in the following ways:
- Marking rubrics will be provided to show the expectations for each assessment item.
- Marking rubrics with comments will be returned to you via the online submission portal.
- Lecture / tutorial sessions are available for individual feedback prior to the completion of assessments.
- Generic comments will be provided via QUT Canvas and in class.
This unit will engage practising professionals to provide professional written feedback throughout the whole unit.
Assessment
Overview
The assessment in this unit aims to support your achievement of the learning outcomes and has been designed to provide the opportunity for you to perform real world tasks and develop skills in working with professional teams. The assessment has been designed in order to allow you to:
- receive feedback on your learning as you progress toward the development of knowledge, understanding, skills and attitudes (formative assessment);
- demonstrate your learning in order to achieve a final grade (summative assessment)
Students may be required to attend campus or an assessment centre for the purposes of assessment, regardless of the attendance mode for the unit.
Unit Grading Scheme
7- point scale
Assessment Tasks
Assessment: Initial Valuation Report
Acting as property valuer, you will use property economics theory in preliminary valuation tasks to support your main task to conduct residential property values for a property investor or bank. The workbook tasks will be based on your introductory knowledge of property concepts, the role of property professionals and residential valuation processes.
This assignment is eligible for the 48-hour late submission period and assignment extensions.
Assessment: Online Quiz
Problem based questions covering topics 1 to 6.
Assessment: Market Valuation
Acting as property valuer, you will write a full market valuation report according to the Australian professional industry standard for mortgage security purposes of a residential property.
This assignment is eligible for the 48-hour late submission period and assignment extensions.
Academic Integrity
Academic integrity is a commitment to undertaking academic work and assessment in a manner that is ethical, fair, honest, respectful and accountable.
The Academic Integrity Policy sets out the range of conduct that can be a failure to maintain the standards of academic integrity. This includes, cheating in exams, plagiarism, self-plagiarism, collusion and contract cheating. It also includes providing fraudulent or altered documentation in support of an academic concession application, for example an assignment extension or a deferred exam.
You are encouraged to make use of QUT’s learning support services, resources and tools to assure the academic integrity of your assessment. This includes the use of text matching software that may be available to assist with self-assessing your academic integrity as part of the assessment submission process.
Breaching QUT’s Academic Integrity Policy or engaging in conduct that may defeat or compromise the purpose of assessment can lead to a finding of student misconduct (Code of Conduct – Student) and result in the imposition of penalties under the Management of Student Misconduct Policy, ranging from a grade reduction to exclusion from QUT.
Resources
1. Recommended Texts
Australian Property Institute (2015), The valuation of real estate: the Australian edition of the Appraisal of Real Estate, second edition, -Australian Property Institute, Canberra.
Australian Property Institute (2007), Valuation Principles and Practice - second edition, Australian Property Institute, Canberra.
Hefferan, M. 2016. Real property in Australia: Foundations and Applications. second edition. Mackenzie Green Research and Publishing, Queensland.
Millington, A.F. (2013), 5th edition, An Introduction to Property Valuation, Abingdon: Taylor and Francis.
Scarrett, D. (2014) 3rd edition, Property Valuation: The Five Methods, Florence: Taylor and Francis.
Whipple, R.T.M. (2006). Property Valuation and Analysis- second edition, Law Book Co
2. Industry Publications:
Australian Property Institute (latest edition),Australia and New Zealand Valuation and Property Standards, API, Canberra. (or online version).
Australian Property Institute (various), Australia and New Zealand Property Journal, Sydney.
REIA, API and PCA (current edition), Glossary of Property Terms.
RICSValuation - Global Standards (2019), or the RICS 'Red Book Global'.
3. References
References may be provided during the course of the semester.
4. Referencing & Assignment Writing
QUT cite|write is a set of resources to assist the development of citing, referencing and academic writing skills. The resource consists of two booklets (available from the QUT Bookshop) and a number of print-on-demand style guides and writing guides, located on website http://www.citewrite.qut.edu.au/.
Guides to assignment writing - Learn how to write in specific formats such as a literature review, annotated bibliography or thesis. Refer website located at http://www.library.qut.edu.au/learn/learnhow/ for information on Evaluating information, Writing a literature review, Writing a research proposal, Writing an annotated bibliography, Writing research reports and research papers, Writing theses and dissertations, Academic Honesty - How to Avoid Plagiarism, and Research methodologies.
If you have questions about doing an assignment, ask at the Library Help Desks, in person, by phone, email, web chat, and SMS.
5. Other Resources
You are required to visit and use the Unit Canvas site: https://Canvas.qut.edu.au/ throughout the semester for access to: lecture material, assessment details, additional readings, announcements and other unit information that may be posted from time to time.
You are expected to have intermediate MSWord skills to succeed in this unit. QUT offers FREE Online IT Training Service available to all staff and students, and all you require is your QUT Access Username and Password. For more information on the Online IT Training please see the following links:
- http://www.itsg.qut.edu.au/students/gethelp/ittraining.jsp%20 or
- http://www.itservices.qut.edu.au/assistance/training/onlinetrain/
You are expected to read the financial press regularly to keep up to date with the practical application of property investment concepts and market activities. Hard copy editions of the Australian Financial Review and The Australian are available daily from the QUT Library. On-line versions are also available via various databases also available through the QUT Library (eg. Factiva).
You will be provided with password access for the current database systems employed by valuers and property professionals for residential property market information.
Risk Assessment Statement
There are no extraordinary risks associated with the classroom/lecture activities in this unit.
Course Learning Outcomes
This unit is designed to support your development of the following course/study area learning outcomes.UD05 Bachelor of Property Economics
- Apply theoretical knowledge and technical skills, including fundamentals of building construction and knowledge of legal, social, cultural, and technological contexts, required to manage property assets and investment portfolios; analyse property markets, the drivers of property value and the feasibility of development; and identify future funding and transaction processes.
Relates to: ULO1, ULO2, Initial Valuation Report, Online Quiz, Market Valuation - Think critically and innovatively to solve problems by applying methodologies and calculations to identify innovative solutions and sustainability strategies and evaluate the feasibility of property development and investment opportunities.
Relates to: ULO3, Initial Valuation Report, Online Quiz, Market Valuation - Analyse data using current proprietary software and strategies to evaluate financial and property market trends to inform current and future property decisions.
Relates to: Initial Valuation Report, Market Valuation - Communicate and collaborate strategically in professional contexts with diverse stakeholders
Relates to: ULO4, ULO5, Market Valuation - Display professional, ethical judgment and initiative, adapt to social, economic, technological and environmental challenges, and lead and manage people with consideration for different cultural perspectives and priorities.
Relates to: ULO3, Initial Valuation Report, Market Valuation