MMP111 Introduction to Property

MMP111 Introduction to Property Trimester 3 2024

Assessment Task 3

Australian Residential Property Market Report Individual

DUE DATE: Friday, February 7, 2025, by 8:00 pm (Melbourne time)

RELEASE DATE: Friday, January 24, 2025, from 5:00 pm (Melbourne time)

PERCENTAGE OF FINAL GRADE: 40%

WORD COUNT: 1400 (minimum 1300)

Description

Purpose

The aim of this assessment is for each student to demonstrate their knowledge of;
a) property as an asset,
b) the residential housing market in their states capital city or Melbourne if you are not in Australia, and
c) a typical (common) house found in a suburb of that city.

Context/Scenario

How to approach this task?

Consider that you are explaining/describing your states capital city property market to someone from a foreign country. They would like a broad understanding of your citys key characteristics and fundamentals. Theyre keen to understand the property market there and its current condition in 2024.

Specific Requirements

Important Notes

Write and submit your answers/report in a new Word document (Do NOT use this document as your submission document.)

Be sure to check the marking rubric. The Discussion Board may have useful Q&A also.
Your TII Score for this A-3 should be very low, aim for under 10% (excluding refs.)
In this task you are required to demonstrate your knowledge of key topic areas of MMP111.
Use your own words as much as possible. Show your own understanding of the topics,
not simply cut & paste commentary/data from others into your report. Rather than answering each question below, you should try forming a coherent narrative that is informative and easy to understand.
The word count is low; use tables, graphs, images to assist with the word count and add value to your report. Note tables, graphs, and images do not count toward the total word limit.

Step 1

In preparing your report, begin with a cover-page. A good cover-page sets the tone for your submission; ensure its professional, with image, key info, date, your name, your states name, etc. Try to include an image of the Town Hall or GPO of your city.
After the Cover Page, next is the Executive Summary (which is on Page 2, but is written last.)
No TOCs, Introduction or Conclusion are needed in this report.

Step 2

Write an Apx 300-words (+ tables, images, graphics) of each of these following topics.

Topic 1. Property and value:

1.1) List and explain the key property value contribution factors for residential property in your states capital city. (If you are not in Australia, please write about Melbourne.) Write about the value factors of the whole city, not just of a house. I.e.: write about jobs, climate, tertiary education, air quality, city density, safety, beauty, amenity, etc. (Tip: think through the 4 factors of value as you determine the contribution factors.)
1.2) How is your citys property value spread across the city geographically? This may be linked to heritage and the growth of the city over time. Also, consider water views, access to public transport, CBD location, land-lot sizes, prestige, safety, amenity, other, etc.
1.3) Single residential property: explain (and justify) where houses/townhouses are on their property clock. Make and include a property clock image. You can find this property clock from our seminars/lectures or from online sources. Edit it if necessary.
1.4) multi-residential property: explain (and justify) where apartments/units/flats are on their property clock. Make and include a 2^nd property clock image.

Topic 2. Property sales-transactions, tax, finance.

This question is about your/a suburb (or small property market) in your capital city.
This section is about just 1 suburb (or small property market) not the whole city.

2.1) Describe the typical free-standing house in your chosen suburb. (Style, type, size, age, etc.)
2.2) What is the average selling price for a typical house within your suburb?
(Search for the price of the typical house, not the price of the whole broader housing market.)
2.3) How does this suburbs average selling price (ASP) compare to the whole-city ASP?
What are the main reasons for the difference? (Location? Quality? Size? Prestige? Etc.)
2.4) How does the suburbs average selling price compare to the average Australian weekly household income?
State the suburbs average loan repayment amount vs average income and explain what it means.
Consider affordability.
2.5) How much would a bank/lender be likely to lend to a buyer of that house (LVR), and at what interest rate?
2.6) What transactional and annual taxes would be payable upon purchasing/owning a home like that?
2.7) What is the effect of those property taxes on the property market generally?
Are they fair? Why/why not?

Topic 3. Property from the perspective of wealth holding and income generation.

3.1) How can/do residences in this city provide wealth holding and income to homeowners and property investors?
Consider: asset-base, cash-flow, modified assets, different time-frames.
If possible, use figures/examples in your answer.
3.2) Is a typical house in your suburb (as described in topic 2 above) better as an investment property or a PPR (principal place of residence)?
Explain why.

Topic 4. What does the future of your capital city look like?

In terms of the strength of the economy, consumer taste, population growth, demographic trends, planning, potential for new development, etc. what can you foresee in the next decade for your city? Explain why.

Step 5. Write your Executive Summary (max 250 words). (5 marks.)
Your exec-summary must be a summary of the report, must summarize your work, key points, and findings. (No marks will be given if an Intro is written instead of an Exec-S.)

Additional Notes

Giving (brief) examples adds value to your answers. E.g., in the Question on Tax, write a specific tax name.
Graphs, tables, and images will add value to your report, especially if you ensure they are referred to and explained in your narrative.

The use of tables and graphs is encouraged, though they should mostly be NEW ones you have created yourself.

Some sourced tables/graphs can also be used if they are well explained and relevant.
Note: the use of tables, graphs etc. also help to manage the low word count.

Consider your presentation and visual style.
Check the Visual Guide PPT for preparation tips, as well the Writing Tip Sheet. Both are very helpful.

Grades: 4 x 7 (=28) marks for the 4 topics + 7 marks for presentation + 5 marks for the Executive Summary.
Turn-It-In (TII): using your own words in this task is important, TII scores (before refs) should be max 15%.
Questions about this A-3 can be asked via the Discussion Board till January 31 (5pm).
To be submitted via CloudDeakin. Go to the Dropbox on the Unit Site to submit. (Allow an hour to upload.)
Word count: 1,400 words (no appendices needed.) Well be a bit lenient also.
Submission writing style: Professional property industry style (same as A-2).
Referencing: Cite any assumptions, references and sources using the Harvard referencing system (or similar). In-text citations are not needed. There is also an easy reference guide below in this Doc.
If you make a table or graphic yourself, please be sure to state that, as it shows your good work.
Your report submission file name must include Unit Code, Year, Trimester, Assignment Number, and Your Name/ number.

Easy referencing for A-3:
Referencing is not a key focus of this report, but for refs you do, we suggest following this guide below.
We choose this method for as it works best for property to have the (longish) URLs at the end of each reference. Please be reminded also that good referencing is not only about getting the format right, but the focus should also be on the quality and number of references used.
Below are 2 links, one each from realestate.com and the other from PriceFinder. Here is the guideline about how you would reference each of them:

The first one, referenced as a webpage, follows this guideline:
Author, Initials year,Title of webpage or document, Organisation responsible for site, date retrieved, .

we would write:
Pricefinder, 2019, Property Report 71 Little Page Street Albert Park, Vic 3206, Pricefinder, retrieved 17 December 2019, < https://app.pricefinder.com.au/v4/app?page=property/PropertyLink&service=external&action=property&propertyid=5429600>

(Shortening a URL is acceptable also, in the case that its excessively long.)

The second example: following the same guideline:
Author, Initials year,Title of webpage or document, Organisation responsible for site, date retrieved, .

we would write:
Realestate.com.au, 2019, 31 Ennisvale Ave, Sandy Point, Vic 3959, realestate.com.au, retrieved 17 December 2019, < https://www.realestate.com.au/property-house-vic-sandy+point-130947118>

Please In-Text reference as follows, only needed for tables, as applicable, write either,
... (realestate.com.au 2021, Smith Street) ...
Or, (for example), according to realestate.com.au (2021, Smith Street) we found that...

Please list Photo/Image reference as follows: (Realestate.com.au 2021, Smith Street)
I have added the street name for clarity as there will be many references to realestate.com.au and this helps to identify which one it is.

Learning Outcomes

This task allows you to demonstrate your achievement towards the Unit Learning Outcomes (ULOs) which have been aligned to the Deakin Graduate Learning Outcomes (GLOs). Deakin GLOs describe the knowledge and capabilities graduates acquire and can demonstrate on completion of their course. This assessment task is an important tool in determining your achievement of the ULOs. If you do not demonstrate achievement of the ULOs you will not be successful in this unit. You are advised to familiarise yourself with these ULOs and GLOs as they will inform you on what you are expected to demonstrate for successful completion of this unit.

The learning outcomes that are aligned to this assessment task are:

Submission

You must submit your assignment in the Assignment Dropbox in the unit CloudDeakin site on or before the due date. When uploading your assignment, name your document using the following syntax: . For example, Jones_Barry_123456789_ABC123.doc.

Submitting a hard copy of this assignment is not required. You must keep a backup copy of every assignment you submit until the marked assignment has been returned to you. In the unlikely event that one of your assignments is misplaced you will need to submit your backup copy.

Any work you submit may be checked by electronic or other means for the purposes of detecting collusion and/or plagiarism and for authenticating work. You should aim for a Turnitin score below 10%.

When you submit an assignment through your CloudDeakin unit site, you will receive an email to your Deakin email address confirming that it has been submitted. You should check that you can see your assignment in the Submissions view of the Assignment Dropbox folder after upload and check for, and keep, the email receipt for the submission.

Marking and feedback

The marking rubric indicates the assessment criteria for this task. It is available in the CloudDeakin unit site in the Assessment folder, under Assessment Resources. Criteria act as a boundary around the task and help specify what assessors are looking for in your submission. The criteria are drawn from the ULOs and align with the GLOs. You should familiarise yourself with the assessment criteria before completing and submitting this task.

As this is the final assessment, feedback and your grade will be released on the trimester results release date.

Extensions

Extensions can only be granted for exceptional and/or unavoidable circumstances outside of your control. Requests for extensions must be made by 12 noon on the submission date using the online Extension Request form under the Assessment tab on the unit CloudDeakin site. All requests for extensions should be supported by appropriate evidence (e.g., a medical certificate in the case of ill health).

Applications for extensions after 12 noon on the submission date require University level special consideration and these applications must be must be submitted via StudentConnect in your DeakinSync site.

Late submission penalties

If you submit an assessment task after the due date without an approved extension or special consideration, 5% will be deducted from the available marks for each day after the due date up to seven days*. Work submitted more than seven days after the due date will not be marked and will receive 0% for the task. The Unit Chair may refuse to accept a late submission where it is unreasonable or impracticable to assess the task after the due date. *'Day' means calendar day for electronic submissions and working day for paper submissions.

An example of how the calculation of the late penalty based on an assignment being due on a Friday at 8:00pm is as follows:

• 1 day late: submitted after Friday 11:59pm and before Saturday 11:59pm 5% penalty.

• 2 days late: submitted after Saturday 11:59pm and before Sunday 11:59pm 10% penalty.

• 3 days late: submitted after Sunday 11:59pm and before Monday 11:59pm 15% penalty.

• 4 days late: submitted after Monday 11:59pm and before Tuesday 11:59pm 20% penalty.

• 5 days late: submitted after Tuesday 11:59pm and before Wednesday 11:59pm 25% penalty.

• 6 days late: submitted after Wednesday 11:59pm and before Thursday 11:59pm 30% penalty.

• 7 days late: submitted after Thursday 11:59pm and before Friday 11:59pm 35% penalty.

The Dropbox closes the Friday after 11:59pm AEST/AEDT time.

Support

The Division of Student Life provides a range of Study Support resources and services, available throughout the academic year, including Writing Mentor and Maths Mentor online drop ins and the SmartThinking 24 hour writing feedback service at this link. If you would prefer some more in depth and tailored support, make an appointment online with a Language and Learning Adviser.

Referencing and Academic Integrity

Deakin takes academic integrity very seriously. It is important that you (and if a group task, your group) complete your own work in every assessment task Any material used in this assignment that is not your original work must be acknowledged as such and appropriately referenced. You can find information about referencing (and avoiding breaching academic integrity) and other study support resources at the following website: http://www.deakin.edu.au/students/study-support

Your rights and responsibilities as a student

As a student you have both rights and responsibilities. Please refer to the document Your rights and responsibilities as a student in the Unit Guide & Information section in the Content area in the CloudDeakin unit site.