Course Outline 2016
PROPERTY 211: PROPERTY VALUATION (15 POINTS)
Semester 1 (1163)
Course Prescription
As every property is unique, the valuation of property presents many challenges and has
a strong influence on the financial viability of both existing buildings and the
development process.
General models for valuing commercial property, industrial
property and land will be introduced.
Programme and Course Advice
Prerequisite: PROPERTY 102 or ACCTG 101
Corequisite: PROPERTY 251
Goals of the Course
The goals of this course are to provide students with an introduction to the techniques
employed when preparing a commercial investment based property valuation. It will also
provide background knowledge to enable sound and prudent decisions when dealing with
property.
Learning Outcomes
By the end of the course it is expected that the student will be able to:
1.
2.
3.
4.
5.
6.
understand and implement the key valuation approaches, principles & definitions
and explain how they relate to commercial property valuation;
understand the fundamentals driving the commercial investment market and
implement key investment valuation models;
understand commercial land valuation methods and have a general understanding
of a range of specialist valuation topics including; residual land valuation and
subdivisions, contaminated land & rating valuations;
describe the basic aspects of commercial investment property including key
principles and factors that influence value, tenure, location, resource management,
building design and structure;
understand major components of commercial lease clauses & building
measurements; and
understand a simple commercial valuation report and lending criteria.
Content Outline
Week
Week
Week
Week
Week
Week
1
2
3
4
5
6
Course Introduction and Valuation Principles, Concepts & Definitions
Key Valuation Approaches & Methodology
Investment Valuation Models – Time Value Concepts
Investment Valuation Models – Capitalisation Approach & Discounted Cashflow
Commercial Land Valuation – Key Methods & Influencing Factors
Valuation of Investment Property – Key Factors (tenure, zoning, location
management, Leases & Building Measurement. Assignment Instruction/ site
visit.
Week 7
Test/ Valuation of Investment Property
MID SEMESTER BREAK
Week 8
Week 9
Week
Week
Week
Week
10
11
12
13
Valuation of Investment Property
Valuation of an Industrial Property – Current Investment Market & Practical
examples including Mortgage/Lending criteria
Valuation of Industrial Property
Valuation of Industrial Property - Hand in Assignment
Specialist Valuation Topics – Residual Land Valuation & Subdivisions
Specialist Valuation Topics – Rating Valuations & Summary of Course
Learning and Teaching
The class will meet for three hours each week. Class time will be used for a combination of
lectures, examples and workshops. In additional to attending classes, students should be
prepared to spend about another six hours per week on activities related to this course.
These activities include carrying out the required readings, keeping up with the business
press regarding current issues of relevance to this course, a site visit, preparing for the test
and final exam.
Copies of relevant handouts are provided periodically throughout the Course. A summary of
lecture notes will also be available on the University Learning Management System (Post
lecture excluding some guest lectures). It is the responsibility of students to take all
necessary lecture notes in addition to the information provided electronically. Visual aids will
be used to reinforce lecture points. The lectures will not be recorded,
This course consists of a total of 39 hours of lectures, site visit and in-class
workshops. There is one lecture stream consisting of one 1 hour lecture and one 2 hour
lecture:


Wednesday
Thursday
3 to 5 pm
4 to 5 pm
The class size is medium.
Teaching Staff
Lecturer:
Richard Lawson, Registered Valuer, BProp, ANZIV, SPINZ
Office: TBA
Email: richard@gctvaluers.co.nz
Office Hours: appointment by email to lecturer
Learning Resources
There is one Required Reading Resource for this course being;
PROPERTY 211 Course Book which can be purchased from the Business School Bookshop,
Level 0, OGGB, and;
Financial Calculator: - All students will require a HP 10B II or HP 10B II+ financial
calculator for this paper.
There are a number of recommended books that students will need to be fully familiar
with. Copies are available in the library or available to be purchased from the University
Bookshop and other reputable academic retailers.
Recommended Reading:
Australia and New Zealand Valuation and Property Standards, October 2009 Edition –
2012 Reissue.
Guide for the Measurement of Rentable Areas (2013). Publisher: Property Council of
New Zealand and the Property Institute of New Zealand. Authors: same. No ISBN/ISSN
given.
Eric Shapiro, David Mackmin and Gary Sams (2013). Modern Methods of Valuation,
Routledge, London.
Property Valuation, Second Edition (2013). Publisher: Wiley – Blackwell.
Author: Peter Wyatt.
Property Valuation Techniques, Third Edition (2013). Publisher: Palgrave Macmillan.
Authors: David Isaac & John O’Leary.
Baum A & Crosby N. (2008). Third Edition, Property Investment Appraisal, Routledge,
London.
Whipple R.T.M (2006). Property Valuation & Analysis, Lawbook Co., NSW.
Fisher, Jeffrey & Martin, Robert (2004). Income Property Valuation, Dearborn Financial
Publishing Inc.
Fischer D. (2002). Property Valuation Methodology, Black Swan Press, Perth.
Assessment
Type
Weighting
Learning Outcomes
Addressed
Test – Week 7
Assignment – Week 11
Class Quizzes/
Workshops
Exam
15%
30%
5%
1 to 2
2 to 6
1 to 6
50%
1 to 6
(Note: The details set out in this handout are subject to change. Any changes will be
notified in lectures.)
Inclusive Learning
Students are urged to discuss privately any impairment-related requirements face-toface and/or in written form with the course convenor/lecturer and/or tutor.
Student Feedback
Since previous student feedback has been used to add additional delivery methods,
current students may be asked to complete formative mid-course evaluations and course
and teaching evaluations at the end of the course.
In the event of an unexpected disruption
We undertake to maintain the continuity and standard of teaching and learning in all your
courses throughout the year. If there are unexpected disruptions the University has
contingency plans to ensure that access to your course continues and your assessment is
fair, and not compromised. Some adjustments may need to be made in emergencies. In
the event of a disruption, the University and your course coordinators will make every
effort to provide you with up to date information via Canvas and the university web site.