Task
For this assignment you have the option of working individually or in pairs. The purpose of the assignment is to carry out an inspection and valuation of a residential property. The basic format of this assignment and report also forms the basis for other valuation based units in the degree/major/minor you are undertaking.
The residential property has to be either a:
- Free standing house or
- Detached villa or townhouse with a definable land area,
In the past, students have used a property owned by their parents, relatives or a friend as some of the required information is easier to obtain on this basis. If you do not have access to a residential property that you can value, you will need to contact lecturing staff. However, the first option would be to team up with a class mate who does have access to a property.
The purpose of the valuation is a market valuation for mortgage security purposes and requires you to complete a full valuation report (not a pro forma report) in accordance with API standards and guidelines, most notably the latest edition of the Australia and New Zealand Valuation and Property Standards. Consequently, your report should be presented using word processing software and include information on, but not necessarily limited to, the following:
- Valuation Summary
- Introduction
- Instructions
- Land & Title Details
- Encumbrances
- Location
- Site Description & Services
- Town Planning
- Highest and Best Use
- Statutory Valuation & Charges
- Improvements
- Environmental Issues
- Basis for Valuation
- Tenancy Details (if applicable)
- Economic/Market Review/Summary
- Valuation Rationale or Approach
- Valuation
- Qualifications and Disclaimers
- Appropriate annexures (including the sales schedule, valuation calculations for the summation method, field notes
Where possible you are required to undertake those searches necessary for completing your valuation of this property, including but not necessarily limited to Title, Site, Planning, Market and other features. You are required to ascertain prevailing market conditions and analyse the recent sales as part of your research and preparation of your report. Sharing of sales and rental information with other students within the class is encouraged; however your group's or individual final report is to be your own work. It is essential that you include all workings and detail your analysis of the sales evidence and utilise the direct comparison valuation approach as your primary valuation method and the summation approach as your secondary (check) valuation method.
More particularly your direct comparison should have regard to a market continuum and a full sales analysis of all sales externally inspected and quoted in the report and a summary sales schedule. The property is to be valued as at the date you inspect the property.
Additional assignment details will be discussed in the formal lectures so if you can't attend lectures ensure that you review the blackboard notes and lecture recordings.
Criterion Referenced Assessment (CRA)
The assessment criteria defined in each assignment (known as Criterion Referenced Assessment or CRA) reflect the unit learning outcomes and what you are expected to learn from this unit. These CRAs are used to assess your work against a set of standards (or performance indicators) for each of the assessment criteria.
The CRA for this assignment is provided as a separate document on BlackBoard. You will be marked against this CRA. It is recommended you prior to submitting your assignment to ensure you aware how marks will be allocated.You are therefore encouraged to familiarise yourself with it to assess your own work prior to submission and thus develop your self-directed learning and critical thinking skills. It is also an important cross-checking step to ensure that you have fulfilled all the requirements of the assessment, thus ensuring you have the highest possibility of obtaining maximum possible marks.
The same result/mark will be awarded to each individual within the group, provided both parties state that an equal effort has been made.
You DON'T need to include a copy of this CRA with your assignments for this unit.
A full review of the overall assignments will be posted on Blackboard and students can request a meeting to obtain individual feedback.,
Presentation Guidelines
Unless otherwise specified you should follow these guidelines for all assignments submitted for this lecturer:
- Double sided print
- Include your name, student number and word count on the title page
- Minimum font size 12pt
- Minimum margin size 2.5cm
- Inclusion of the CRA is not necessary
These guidelines are not intended to reduce the presentation quality of your assignment. On the contrary, you are encouraged to present your report in a professional manner. You will note from the CRA that 5% of the total marks are allocated for report formatting and presentation.