Property Assignment

Word Count: 1’500 words (see more notes below).

Context: This assignment builds on the information discussed in the classes. The aim of the assignment is for each student to gain knowledge about their local residential (housing) property market and how to examine properties within their local market. This is an individual assignment, please read the instructions carefully. On completion of the assignment, you will have prepared a property website that’s much alike real-world sites.

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There are three (3) separate tasks to be undertaken in this assignment as listed below.

  1. LocalMarket Data:
    1a. Writing: Discuss your surrounding housing market (the area around the properties.)
    For example, where are the shops? are they clustered or not? what/where are the transport options (PT and private), workplaces, schools, the city-center and other significant local landmarks?
    What other unique aspects about the local area are significant and may affect property values?
    E.g.: average income of residents, significant economic landmarks, beaches, traffic levels, status, universities, topography, specific schools, etc.
    Describe the general housing style. Include the general era/age, density and layout, condition, etc.
    Include other data such as the Council name and size, the topography, climate, etc.
    This is an objective and descriptive report, not a sales report. Rather than ‘talk-up’ the local area, the key here is to give an accurate and detailed description of the area. For this section, it may help to consider describing the area as though you are describing it to someone from out-of-town and who is asking what the area is like. Describe it to them in detail.
    The use here of tables, graphs, etc., is very beneficial.
    Write in the 3rd person. (Do not use the word ‘I’)

    1b. Map: In this section of your report include a map of the area with key local features pinned.
    Be sure to also include elements of the local market/area that would be particularly appealing to short-term-stay guests. E.g., train station, major sports ground, beach, parks, easy city-access, foodie districts, concert venues, etc.
    You may choose to include interactive IT tools in this map section also.
    Be sure the map is large enough to read (including main street names) and that it is labelled clearly.
  2. Identify 2 residential properties in this area: one house (free-standing) and one unit/apartment.

Note: For the unit you select, the property must have the potential to generate income as a short-term stay property. E.g.: via ‘Airbnb’, ‘stayz’ etc.
2.1 Discuss the professional and judicious process you took in locating, inspecting, and selecting each property. This means to explain, in professional tones, why you chose the properties you chose. What were the parameters that helped you select them? How did you find them? This task is short but important.

2.2Describe each property including the land and the building. (See the discussion board for a tip on land.) Include 3-5 photos of each property, including front view/street view and a key feature. Include any other relevant information, such as over-shadowing by neighbouring properties.
A mention of planning/Zoning/Overlays is optional for A-1 (as this will be done in A-2).

This task (task 2) appears to be simple, so consider different ways to add additional value to your work.
Consider your presentation and visual style as there are many ways to add value.
See the ‘Visual guide’ PPT in the unit site for visual value-add tips.
Look at realestate.com.au and domain.com for other style/presentation and layout ideas.
The use here of tables, graphs, etc., is very beneficial.
2.3Briefly state why the unit (apartment) could successfully be rented for ‘short stays’.
E.g.: perhaps it has secure parking, is close to a train station, has a great view, has safe access from the street, and/or is close to a popular beach or city-center.
2.4Include a locational map, including key local amenities and your 2 residential properties too.
If appropriate, you may use the same map from Task 1, now with your properties added also.
NOTE: this Task also is not a sales-pitch (you don’t need to ‘talk up’ the properties.) Be descriptive.

  1. How typical are your property market and properties?
    (a) Compare your property market area with the Australian residential property market over-all.
    Prepare and fill a table of comparative information, using the template below.
    (b) Make a short statement to summarise the table.
Mean price; house and unit.Median price; house and unit.Distance in KMs from CBDAverage household incomeDwelling styleGeneral age (era) of properties:Other.
E.g.: debt levels
AustraliaHouse:
Unit:
House:
Unit:
N/AHouse:
Unit:
N/A
Your property market areaHouse:
Unit:
House:
Unit:
House:
Unit:
House:
Unit:

Financialinformation: this section of the template is for your notes only, it’s not a task for A-1.
Write any financial information you may see as you research A-1. Financial info will be useful for A-2, such as sale prices of properties, annual rentals, annual yield/return/ROIs, estimated reasonable occupancy rate (%) for the short-term stay options, etc. Look for any data that compares potential annual property income as a long-term (permanent) rental to short-stay rental.

These tasks align to the learning outcomes listed below, and which you will be assessed against.

  • A-1 is essentially the first ½ of a fuller report. Please keep to the tasks above and avoid the temptation to do detailed financial valuation work in A-1.
  • Your selected properties must not be properties that you live in, you own or are listed in property portfolios connected to your work.
  • Your selected properties must not be properties you have used for any other academic assessment. If any of content is the same or very similar to any other assignment, it will be deemed self-plagiarism.
  • Please do not include section 32 statements or use work templates/standardized reports.
  • Please do not communicate with real estate agents or valuers involved in the properties you have selected.
  • Your report should contain tables, images, graphs (where appropriate.) The property industry is a visual and professional industry, so we look for reports of this here also.
  • If you have studied this unit before, use different properties in this trimester.
  • Keep your TurnItIn score under 25%.

Assessment criteria:

Unit learning outcomes from this assignment (ULO 1, 2 and 3).

This assignment has been designed to develop your understanding of property markets and submarkets and to develop your property writing skills. By completing this assignment at a high standard, you will be able to:

  1. Understand, explain, and apply property research/valuation fundamentals including value principles and concepts, methods of valuation and market data.
  2. Prepare an industry style website, and
  3. Identify, locate, evaluate, and synthesize information about markets and sub-markets.
    The following list of potentially useful links is provided simply to assist you in your research in understanding property markets and sub-markets both spatially and via land use. It is not comprehensive and is only intended to guide your thinking and research.

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