PROPERTY 261 : Property Economics

Business and Economics

2021 Semester Two (1215) (15 POINTS)

Course Prescription

The supply and demand characteristics of urban developments have impacts on not only the price and availability of property, but on how we live and work. An understanding of development economics, urban policy, and land-use economics will provide students with knowledge of how the decisions of property professionals, policy makers, occupiers shape the built environment.

Course Overview

The course is designed for students that have elementary literacy in microeconomics (i.e. supply/demand curves) and a cursory knowledge of the macroeconomy (i.e. indicators like GDP used to describe economies). This course favours diagrammatic/conceptual models and historical experience over mathematical/statistical models. The few mathematical models in this course will be constrained to basic algebraic techniques. Knowledge of differential equations, calculus or matrix algebra is not required. Assessment in this course involves a written essay to demonstrate critical thinking, economic literacy and written communication skills. You are encouraged to attend free workshops put on by the University Library on written communication to prepare for this course.

Course Requirements

Prerequisite: 15 points from BUSNESS 115, ECON 101, 151, 152, 191, PROPERTY 102

Capabilities Developed in this Course

Capability 1: Disciplinary Knowledge and Practice
Capability 2: Critical Thinking
Capability 3: Solution Seeking
Capability 4: Communication and Engagement
Capability 6: Social and Environmental Responsibilities
Graduate Profile: Bachelor of Property

Learning Outcomes

By the end of this course, students will be able to:
  1. Apply urban and property economic theory to property issues using written communication (Capability 2 and 4.2)
  2. Apply economic theory in a wide range of spatial and property market contexts (Capability 2 and 3)
  3. Solve the problems in view of residential, industrial, and retail location theories (Capability 2 and 3)
  4. Evaluate the role of government and public policy in urban property markets (Capability 2 and 6)
  5. Understand and critically evaluate local urban property market analysis (Capability 1, 2, 4.2 and 4.3)

Assessments

Assessment Type Percentage Classification
Engagement activities 15% Individual Coursework
Coursework - Essay 15% Individual Coursework
Midterm Test 20% Individual Test
Final Exam 50% Individual Examination
Assessment Type Learning Outcome Addressed
1 2 3 4 5
Engagement activities
Coursework - Essay
Midterm Test
Final Exam

In order to pass this course, you MUST obtain at least 50% of the total marks awarded for the course. In addition, a minimum mark of 45% in the final examination is also expected.

Workload Expectations

This course is a standard 15 point course and students are expected to spend 10 hours per week involved in each 15 point course that they are enrolled in.

For this course, you can expect 2 hours of lectures, a 1 hour tutorial, 2-4 hours of reading and thinking about the content and 3 hours of work on assignments and/or test preparation.

Delivery Mode

Campus Experience

Attendance is expected at scheduled activities including tutorials/In-class quizzes to complete/receive credit for components of the course. Lectures will be available as recordings. Other learning activities including guest lecturers/seminars may not be available as recordings, subject to the preference of the guest speakers. The course will not include live online events including group discussions/tutorials. Attendance on campus is required for the test and exam. The activities for the course are scheduled as a standard weekly timetable.

Learning Resources

Suggested reading:
- Pirounakis, N. G. (2013). Real Estate Economics: A point-to-point handbook. Routledge. (Ebook is
available from the University Library)
- Brueckner, J. K. (2011). Lectures on urban economics. MIT Press. (Ebook is available from the
University Library)
- O'Sullivan, A. (2009). Urban economics. McGraw-Hill/Irwin.
(Hardcopy is available from the University Library)

Student Feedback

At the end of every semester students will be invited to give feedback on the course and teaching through a tool called SET or Qualtrics. The lecturers and course co-ordinators will consider all feedback and respond with summaries and actions.

Your feedback helps teachers to improve the course and its delivery for future students.

Class Representatives in each class can take feedback to the department and faculty staff-student consultative committees.

Digital Resources

Course materials are made available in a learning and collaboration tool called Canvas which also includes reading lists and lecture recordings (where available).

Please remember that the recording of any class on a personal device requires the permission of the instructor.

Academic Integrity

The University of Auckland will not tolerate cheating, or assisting others to cheat, and views cheating in coursework as a serious academic offence. The work that a student submits for grading must be the student's own work, reflecting their learning. Where work from other sources is used, it must be properly acknowledged and referenced. This requirement also applies to sources on the internet. A student's assessed work may be reviewed against online source material using computerised detection mechanisms.

Inclusive Learning

All students are asked to discuss any impairment related requirements privately, face to face and/or in written form with the course coordinator, lecturer or tutor.

Student Disability Services also provides support for students with a wide range of impairments, both visible and invisible, to succeed and excel at the University. For more information and contact details, please visit the Student Disability Services’ website http://disability.auckland.ac.nz

Special Circumstances

If your ability to complete assessed coursework is affected by illness or other personal circumstances outside of your control, contact a member of teaching staff as soon as possible before the assessment is due.

If your personal circumstances significantly affect your performance, or preparation, for an exam or eligible written test, refer to the University’s aegrotat or compassionate consideration page https://www.auckland.ac.nz/en/students/academic-information/exams-and-final-results/during-exams/aegrotat-and-compassionate-consideration.html.

This should be done as soon as possible and no later than seven days after the affected test or exam date.

Learning Continuity

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. You will be kept fully informed by your course co-ordinator, and if disruption occurs you should refer to the University Website for information about how to proceed.

Student Charter and Responsibilities

The Student Charter assumes and acknowledges that students are active participants in the learning process and that they have responsibilities to the institution and the international community of scholars. The University expects that students will act at all times in a way that demonstrates respect for the rights of other students and staff so that the learning environment is both safe and productive. For further information visit Student Charter https://www.auckland.ac.nz/en/students/forms-policies-and-guidelines/student-policies-and-guidelines/student-charter.html.

Disclaimer

Elements of this outline may be subject to change. The latest information about the course will be available for enrolled students in Canvas.

In this course you may be asked to submit your coursework assessments digitally. The University reserves the right to conduct scheduled tests and examinations for this course online or through the use of computers or other electronic devices. Where tests or examinations are conducted online remote invigilation arrangements may be used. The final decision on the completion mode for a test or examination, and remote invigilation arrangements where applicable, will be advised to students at least 10 days prior to the scheduled date of the assessment, or in the case of an examination when the examination timetable is published.

Published on 30/11/2020 11:39 p.m.