Property Assignment – All figures in Australian Dollars – Properties must be in Braybrook, Melbourne Victoria 3019 – https://www.realestate.com.au/ must be used to find two other properties Property
Assignment 2 (A-2): Valuation Report Undertaking the Valuation of a Dwelling A-2 DUE DATE AND TIME: Monday, January 17th, 2022, 8pm WORD COUNT 2’500-word limit (+/- 10%,) plus references PERCENTAGE OF FINAL GRADE: 25 % HURDLE DETAILS: nil for A-2 Learning Outcome Details: Unit Learning Outcome (ULO) Graduate Learning Outcome (GLO) ULOs 2, 3.See the Unit Guide for further ULO details GLOs 1, 2. See the Unit Guide for further GLO details Instructions: This assignment follows on from the first assignment (A-1) and focuses on the market valuation of (just) the unit that you examined recently in A-1. The aim of the assignment is to gain knowledge about how to describe a property and undertake a basic valuation of a dwelling in a local residential property market. This is an individual assignment. The format is an industry standard, written, property report. Assignment tasks. There are four (4) separate tasks to be undertaken as listed below. Please use these tasks as headings in your assignment/report. Identify and describe the UNIT (apartment/flat). I.e.: describe the subject property.Describe in summary form the Unit that you examined in Assignment 1, internally and externally. Discuss the zoning, any overlays on the property, and any other relevant ‘planning’ matters. (See: www.land.vic.gov.au or similar sites in other states.) Discuss physical characteristics (land and building components/materials) and discuss the external factors affecting the property’s value. Use a table to show much of your data/info. You may re-use tables from A-1, with added details for A-2.This section is a summary of key points of A-1 and should be no more than 1/5th of your report in length.This section does not require many images. Maximum of 3 photos in this section, presented side-by-side.Images: we suggest: 1 x front view, 1 x internal view, 1 x aerial view. Find three (3) comparable/recently-sold properties: Conduct a search in the local marketplace and identify 3 properties that are comparable to your selected ‘subject’ dwelling (unit). Ensure that each property was sold within the last 6 months and that you have the sale date and the amount it was sold for. If need-be, for your 3 comparable properties, you may also choose a property that is currently listed on the market for sale (but not one that is due for auction soon.) Select comparable properties which have similar (but not exact) characteristics to the subject property (for example, the same/similar number of bedrooms, bathrooms, zoning, size, floor areas, etc.) Discuss (in professional terms) the process you took for finding and inspecting each comparable property and explain why you chose those three properties. This means to give a rationale for why you chose those particular ‘comparables’. Describe the 3 comparable properties in detail: Describe each comparable-sale property in detail, both the land and the building also. Refer to the condition of each property, its internal/external factors (including ‘services’ on site) and other factors/features that may affect, or contribute to, the property’s value, e.g., on a busy road, size of the land, restrictive zoning, over-shadowing, poor access, etc. Include any relevant external factors also (the ‘externalities’). Consider intangibles as well. Include a detailed and labelled map of the location and area (though not just a cut & paste aerial shot.) Add any other relevant information such as local amenities, train-lines, mines, large developments, employment centres, orientation, scale, distances, etc. All properties should be shown on the same map. Include a comparable table in this section to show the numeric data/info of the 3 comparable properties in a tidy visual way. Evaluation of the subject property: Estimate a market value for the subject property by comparing each of the 3 comparable properties to your subject property. 2 tables: these tables are taught in class.(a) Use a ranking-table analysis to demonstrate your comparisons. This table shows; inferior, similar, or superior. Use the traffic-light-system for this table.(b) Use an ‘adjustment’ table to demonstrate your comparisons with figures. See the class for details.It’s critical that your report includes an adjustment table.Using a separate short paragraph: comment on whether the;(a) land for each comparable is inferior, similar or superior in comparison to the subject(b) unit for each comparable is inferior, similar or superior in comparison to the subject (c) entire property (i.e. both unit & land together) for each comparable is inferior, similar or superior in comparison to the subject.By considering the comparison of characteristics (contribution values), provide a subjective opinion on the value (or small range of values) of the subject property. Note that this is a subjective opinion of the/your valuation of the subject property.Before completing these tasks, re-consider if your unit would be better to value as a long-term, or, as a short-term rental property. E.g., if your unit is close to a busy sports-stadium, you may find that short-term stay (for visiting sport fans) is a better option than a long-term rental option (due to the constant noise and traffic issues for permanent residents.) Your choice will help to analysis the value factors of the property. Give reasons to explain why you have chosen your long-term or short-term rental option to assist with your final valuation figure. (You may already have considered this in your adjustment table.) Resources: The following list of potentially useful links is provided to assist you in finding comparable sales. It is intended to guide your thinking and research. You can use any other information sources. Check the ‘Announcement’ tab on the MMP111 unit-site also to see the ‘PriceFinder’ registration link. The PriceFinder link is provided in the Welcome message. For international students, please also use your own local web sites and information sources: Check: realestate.com realestateview.com.au domain.com.au Airbnb.com.au stayz.com Australian-real-estate.net.au Helpful resources:1. The ‘Visual guide to report writing’ which includes many tips. Found in the Assignment 2 tab.2. The ‘Writing guide’ for reports. Found under the Assignment 2 tab.3. Deakin Harvard referencing guide. Found under the Assignment 2 tab.4. Seminars 4 & 5 give tips on referencing, report layout and how to write an Executive Summary.5. The classes/seminars explain how to do the comparison and adjustment tables. Property referencing:To reference in A-2, we suggest following this short guide below, for all web-site references. We choose this method for A-2 as it works best for property to have the (longish) URLs at the end of each reference. Good referencing is not only about getting the format right, the focus should also be on the quality and number of references used. For A-2, in-text referencing is needed also.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, Organization 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 it’s excessively long.) The second example, following the same guidelines:Author, Initials year, Title of webpage or document, Organization 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> Deakin Business School is accredited by AACSB.