USB142 Fundamentals of Property Valuation

Unit Outline: Semester 2 2026, Gardens Point, Internal

Overview

This is an introductory unit in the Property Economics degree, introducing the fundamental concepts, theories and skills of property valuation, how these are applied by professional valuers and their impacts on decision making across the property profession.  Topics covered include: the role of property in the economy, the concepts of market value and highest and best use, property valuation methodologies and application, international valuation standards, industry-relevant digital practices and technologies and professional ethics.

Because of its fundamental nature, this unit is a prerequisite for more advanced units within the property economics study area, and content studied in this unit forms part of the knowledge and skills required for students seeking professional valuation accreditation.

Learning Outcomes

On successful completion of this unit you will be able to:

1. Identify the characteristics of property, property tenure types, foundational concepts of property value drivers and property valuation methodology, applied through a residential property market lens.
2. Apply knowledge, technical and academic skills, and professional standards relevant to property valuation.
3. Demonstrate written communication skills to effectively and professionally explain property information.
4. Analyse relevant economic, market and property data

Content

Learning Approaches

This unit engages your learning through a theory-to-practice approach, with real-world application of basic theoretical concepts applied through a residential property lens.

Lectures

Lectures will convey the essential aspects of each week's work including both theory and practical aspects. Lectures will be two (2) hours in duration. Lectures are delivered as blended synchronous activities between online and in person attendance.

Tutorials

Tutorials activities will help you understand and apply the key concepts via more practical application and game play. Separate in person and online tutorials will be offered for students. Tutorials are also an important avenue for students to seek formative feedback from lecturers/tutors.

There are two tutorial-type sessions, you must register for both:

• A one (1) hour tutorial running in Weeks 2 - 12, excluding Week 3.
• A two (2) hour tutorial held in Week 3.

You will also be expected to undertake directed private study and read the nominated readings to supplement the lectures and tutorials.

Feedback on Learning and Assessment

Students will receive feedback in various forms throughout the semester, which may include:

• Informal: worked examples, such as verbal feedback in class, personal consultation
• Formal: in writing, such as checklists (e.g. criteria sheets), written commentary
• Direct: to individual students, either in written form or in consultation
• Indirect: to whole class

Assessment

Overview

The assessment in this unit has been designed for you to learn and apply industry relevant digital practices and technologies, developing your career preparation and employability skills.  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: Fundamentals of Valuation Workbook

The workbook assessment is designed to evaluate your  understanding and application of the course material. It aims to provide a structured yet flexible way for you to demonstrate your learning through a series of guided activities, reflective exercises, problem-solving tasks, and/or applied responses.

This assignment is eligible for the 48-hour late submission period and assignment extensions.

Assessment: Residential Valuation Report

Acting as residential property valuer, you will write a full market valuation report for mortgage security purposes, in accordance with international valuation standards. This assessment will grow your skills in identifying and describing property value drivers, applying appropriate valuation methodology/ies and writing to professional standards.

This assignment is eligible for the 48-hour late submission period and assignment extensions.

Assessment: Property Valuation Fundamentals Exam

Summative assessment of your knowledge and application of the characteristics of property, property tenure types, foundational concepts of property value drivers and property valuation methodology, applied through a residential property market lens.

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

Resource Materials

Recommended text(s)

• Hefferan, M. 2016. Real property in Australia: Foundations and Applications. second edition. Mackenzie Green Research and Publishing, Queensland.
• Whipple, R.T.M. (2006). Property Valuation and Analysis- second edition, Law Book Co
• 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.
• 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.

Software

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 will be provided with password access for the current database systems employed by valuers and property professionals for residential property market information.

Other

Economic/Market Activity

You are expected to read the financial press regularly to keep up to date with the practical application of property valuation 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).

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/.

Risk Assessment Statement

There are no extraordinary risks associated with the classroom/lecture activities in this unit.

Course Learning Outcomes

UD05 Bachelor of Property Economics

1. Identify theoretical and technical knowledge of economic, legal, social, cultural, global, physical, technological and sustainable contexts required to value, manage and develop property assets and investment portfolios
   Relates to: ULO1, Fundamentals of Valuation Workbook, Residential Valuation Report, Property Valuation Fundamentals Exam
2. Apply theoretical and technical knowledge and skills, methods, calculations, property technologies, and sustainability strategies to evaluate the feasibility of property development opportunities, to identify finance options for property investments, and to enhance the performance of assets or investment portfolios
   Relates to: ULO2, Fundamentals of Valuation Workbook, Residential Valuation Report, Property Valuation Fundamentals Exam
3. Think critically and innovatively to solve authentic property problems.
   Relates to: Property Valuation Fundamentals Exam
4. Collect and analyse data using industry-standard proprietary software and strategies to evaluate financial and property market trends to inform current and future property decisions.
   Relates to: ULO2, ULO4, Fundamentals of Valuation Workbook, Residential Valuation Report
5. Communicate and negotiate with diverse, real-world audiences
   Relates to: ULO3, Residential Valuation Report