MMP 111 - Introduction to Property: Trimester 1, 2019
Context: This assignment builds on the information discussed in the classes (lectures.) The aim of the assignment is for each student to gain knowledge about their local residential property market and how to examine properties within their local market. This is an individual assignment, please read the instructions carefully. Approach: Each student should become familiar with the residential (housing) market in the vicinity of where they live. (This information will also be used in the next assignment in a summarised form.)
There are four (4) separate tasks to be undertaken in this assignment as listed below.
These 4 tasks should be used as section headings in your report.
1. Local Market Data: Discuss the current state of the surrounding housing market (which is the area of the properties.) For example, what is the direct distance to shops, to transport, to schools, to the centre of the city and to other significant local land-marks? What are other aspects about the local area which may affect values? (eg: average income of residents, economic land-marks, beaches, traffic levels, status, schools, etc)
In this section of your report (Task 1) include a map of the area with key local features pinned. Be sure to note elements of the local market/area that would be particularly appealing to short-term-stay guests.
eg; train station, major sports ground, beach, parks, easy city-access, foodie districts, concert venues, etc.
(An image of a key attraction of the local area could be used on your cover-page also.)
2. Identify 2 residential properties: one house (free-standing) and also one unit/apartment:
Note: For the house you select, the property must have the potential to generate income as a short-term stay property. Eg: via ‘Airbnb’, ‘stayz’ etc.
Discuss the professional and judicious process you took in locating and inspecting each property.
Describe each property including the land and also the building. (See the discussion board for a tip on the land.) Briefly state why the house could successfully be used for short-stays. Eg: it has secure parking, is close to a train station, has safe access from the street, is close to a popular beach or city-center, etc.
* Include photos (max of 4 photos) of each property; including front view, street view and a key feature,
* include a locational map, including key local amenities and your 2 residential properties also.
If appropriate, you may use the map from Task 1, now with your properties added.
Include any other relevant information (such as over-shadowing by neighbouring properties.)
This task is simple in essence so consider different ways to add additional value to your work here.
Consider your presentation and visual style. See the ‘Visual guide’ PPT in the ‘news’ tab of the unit site for report-making tips.
3. Financial information:
What is the current (estimated) sale price of each property?
What is the annual rental amount? What is the (annual) yield/return/ROI?
Compare the house’s potential annual income both as a long-term (permanent) and short-stay rental.
How did you find the sale price and rental information for the properties?
What method did you use to determine the yield? (Show your calculations.)
This section should be brief and simple; as detailed financial info will be done in Assignment 2.
4. Sources: State all information sources used, both within the text and also in the reference list.
These tasks align to the learning outcomes listed below, and which you will be assessed against.
Notes:
• This report A-1, is essentially the first ½ of a fuller report. Please keep to the tasks above and avoid the temptation to do detailed 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 and your assignment will not be marked.
• 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: a cover page, executive summary, table of contents, introduction and conclusion - as well as tables, images, graphs (where appropriate.) The property industry is both a visual and professional industry, so we look for reports of this nature.
• The Executive Summary is the most important part of this report and must be included.
It should contain a summary of each of the 4 tasks as well as a summary of the whole report.
An ideal length would be around ¾ of a page.
• Appendices: use referencing and extraction of key points in place of appendices.
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 report writing skills. By completing this assignment at a high standard you will be able to:
1. Understand, explain and apply property valuation fundamentals including value principles and concepts, methods of valuation and market data;
2. Prepare a well-developed written report for a client; and
3. Identify, locate, evaluate and synthesize information about markets and sub-
markets. Please read the marking criteria (rubric) to help guide you.
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 in itself and is only intended to guide your thinking and research.
www.realestate.com.au www.australian-real-estate.net.au www.realestateview.com.au www.domain.com.au
www.land.vic.gov.au
www.airbnb.com
Due date: The due date for this assignment A-1: 4pm Thursday April 4 2019.
To be submitted via CloudDeakin.
Go to the Dropbox on the Unit Site to submit. (Allow an hour to upload.)
Report length:
- Maximum 2,500 words (excluding appendices) and which includes ALL words (except appendices)
- Maximum of 20 pages (22 pages max if also including 2 pages of appendices.)
Report writing style: Professional property industry style. Refer to the Deakin report writing info online.
Referencing: Cite all assumptions, references and sources using the Harvard referencing system.
File type: Word or PDF (‘notes’ or ‘pages’ files cannot be opened by the system.)
Your report file name must include: Unit Code, Year, Trimester, Assignment Number, and Your Name/number.
Upload one document only.
Total file size to be 10MB max.
If unsure of report writing ideas, check the 2 report-writing tip-sheets in the Unit-Site under ‘news’.
See also: http://www.deakin.edu.au/students/studying/study-support/academic-skills/report-writing
Your report must include:
- A footer with relevant details.
- A Table of Contents (TOC) with section numbers down the left side and page numbers on the right side.
- cover page with your name/student ID, unit name/number, assignment name/number, date and image.
- figures to be presented in a table
Late submission:
In accordance with University’s policy, the following marking penalties will apply if you submit an assessment task after the due date without an approved extension: 5% will be deducted from available marks for each day up to five days, and work that is submitted more than five days after the due date will not be marked. You will receive 0% for the task. 'Day' means working day for paper submissions and calendar day for electronic submissions. The Unit Chair may refuse to accept a late submission where it is unreasonable or impracticable to assess the task after the due date. No extensions will be considered within 3 days of (prior to) the due date.
Extensions can only be approved by the Unit Chair. Extensions can be granted for documented serious illness (not within 3 days of when the assignment is due though) or for compassionate reasons under extenuating circumstances. The unit chair will also ask to see (by mail) how much work has been completed before granting an extension. Work or holiday reasons are NOT grounds for an extension – you are expected to manage these issues as part of your studies. You are strongly encouraged to start early and to continually backup your assignment as you progress. Computer crashes or corrupted files will not be accepted as valid reasons for an extension of any length. For further information about Special Consideration, visit
http://www.deakin.edu.au/students/assessments/special-consideration
Assessment Feedback:
Students who submit their work by the due date will receive their marks and feedback within 10 business (Uni) days of the due date.
Referencing:
You must correctly use the Harvard style of referencing in this assessment.
Academic Integrity, Plagiarism and Collusion
All reports will be automatically go through the Turn It In system when submitted.
Plagiarism and collusion constitute extremely serious breaches of academic integrity. They are forms of cheating, and severe penalties are associated with them, including cancellation of marks for a specific assignment, for a specific unit or even exclusion from the course. If you are ever in doubt about how to properly use and cite a source of information, consult your lecturer or the Study Support website.
http://www.deakin.edu.au/students/study-support/referencing
• Plagiarism occurs when a student passes off as the student’s own work, or copies without acknowledgement as to its authorship, the work of any other person or resubmits their own work from a previous assessment task.
• Collusion occurs when a student obtains the agreement of another person for a fraudulent purpose, with the intent of obtaining an advantage in submitting an assignment or other work.
Work submitted may be reproduced and/or communicated by the university for the purpose of assuring academic integrity of submissions. (http://www.deakin.edu.au/students/study-support/referencing/academic-integrity
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