Property Assignment

Property Assignment
Assignment 1 (A-1)Real-Estate Market Report and Property Analysis Past assignment to use for new assignment Local market data Braybrook, 3019 is a suburb in Melbourne Victoria. There are several shopping centres where the Central West Shopping Centre, Braybrook Shopping Centre, and HomeCo Shopping Centre are located. Since most people like shopping within the nearest shopping centres within the location, they mainly attend Central West Shopping Centre as it is the nearest shopping centre and it offers a variety of commodities, which makes customers have an easy time when purchasing particular commodities. Despite the area having several shopping centres, most shopping centres are not clustered. Since the shops are not clustered, each shop within the location can set its price, thus reducing competition of the businesses within the location. The road is the primary means of transport where most people within the location transport by private means of transport. This is essential as most people within the location can travel at any time they would like. (Arunachalam, 2017) Most of the residents who live at Braybrook, 3019 VIC Australia, do not work within the estate but must work within the city. This is where they are required to use private means of transport to get to work on time, thus working comfortably at a particular schedule. Within the suburb there are several bus stops residents can take for public transport and the surrounding suburbs of Tottenham and Sunshine both have a train station which residents can also use. Within the suburb, there are various schools, including Dinjerra Primary School, Rosamond School, Braybrook Secondary College and Caroline Chisholm Catholic College. With all these schools within the local area, students can learn well, making them reputable people of the society. The location of the Shopping Centres are in the core of the suburb which makes it so many people can go to various locations to do various activities, thus making the residents use them when they are not busy. Most shopping centres act as landmarks as most people living in Braybrook know where they are located easily and readily. The estate has several unique factors such as schools, security, suitable topography, and most people living within the area are financially stable. Since there are several schools within the location, most people living within the location are likely to be educated, thus contributing positively to the location. Since there are several shopping centres within the location, most people will prefer living there as it will be very convenient for them to purchase various commodities from the shopping centres. Most of the houses located within Braybrook, 3019 VIC Australia, are located individually, giving residents ample space for doing activities they would like. Secondly, some houses are not densely populated, which allows the owners to do a lot of activities such as parking their vehicles and other activities. The conditions of most of the houses within the location are good as maintenance teams inspect the houses regularly to ensure they are in good condition. (Phibbs, 2008) When focusing on the topography of the location, the area has a suitable topography that is essential for exercising by the location’s residents. The topography is suitable, with good roads that allow the residents to drive from their homes at any time. The environment’s climate is considerable as there is sunshine during the day and it rains in various seasons, making the residents of the location enjoy a wide range of climatic conditions within the environment. Maps The main area known within the location is RecWest Braybrook, a sports complex facility where many sporting facilities are offered. This sports complex facility is one of the main recognized facilities within the environment as various people go there to watch various matches while other people go to play depending on the event they are participating in. There is also a Derrimut 24:7 Gym located in Braybrook, which also allows residents to have a facility to use for exercise and health purposes. In and around Braybrook, there are several parks and beaches such as Braybrook Park, Williamstown beach, and Altona beach, one of the typical beaches within the location. The beaches are essential to the residents as most residents visit there whenever they are not active at work. Apart from beaches and parks, there are several foodie’s facilities within the environment, including the Mr. Brooks Stonegrill & Bar and Blue Bamboo Restaurant & Cafe, where the residents of the location might go to enjoy their lunch. Residential properties in the area. In Braybrook, 3019 VIC Australia, the primary residential property is multifamily residential houses. The multifamily residential areas are indicated as tall Houses that are free-standing and have several rooms.  Most of these residential facilities have several rooms, which indicates they can accommodate many people. Furthermore, most of them have parking environments where residents can part their vehicles when they are not in use. Residential property link The residential property is indicated as a single unit. This unit can be used as an Airbnb as Airbnb operates as an online marketplace that offers various activities such as lodgings, tourism activities, primary homestays, and others. I believe that the residential house is composed of 1 bed room and a big living room that accommodate multiple guests who might have visited the area for vacation. Residential unit link Both the House and the unit can be distinguished from other facilities in the area and they are built completely different from other buildings that are in the area. This makes it easier for the facilities to be easily identified by a new person in the environment thus making him/her to use the services offered in the facility. If the residential areas are similar to other buildings, it can be hard for new guests to spot them thus making it hard for them to be used depending on their primary purpose.   Professional and judicious process of locating, inspecting and selecting each property. When selecting the property in the area, I had to search for the person responsible for all the facilities. If it is the multifamily residential area, I had to communicate with the facility’s owner or worker, who would begin asking me about the reason I wanted to inspect a particular commodity. To prevent him from asking many questions, I would also tell him I am searching for a house to live in. Before I live in the house; I have to look for the services he/she is providing me with. The person in charge of the house had to take me to visit the residents by doing this. When searching for the following residential facility, Airbnb, I had to visit the facility where I suggested that I was a tourist and wanted to sleep at the facility. I accessed this facility using an online platform where I searched for Airbnb facilities, and I was able to find one facility within Braybrook, 3019 VIC Australia. After using Google maps, they located the facility and visited there. This is where I verified that this was the Airbnb facility. Verifying the facility was essential as when I visit Braybrook, 3019 VIC Australia as a tourist, I will be able to find the best place to sleep. Description of the property, including the land and the building The main properties of the local area include the buildings and the land of the estate. The buildings of the local area were built and planned in a similar manner making the local area resemble an estate. Most of the shadows of the buildings are seen to overlay the land depending on the time of the day. The land is another property that is seen in the facility. Most of the land is green in color, a sign of vegetation. Roads in the location are tarmacked, making the road usable at all seasons. (Saugeres, 2008) Why the unit House is likely to be rented. The 1 bedroom House located at Braybrook, 3019 VIC Australia, is set aside for privacy purposes as most of them are set aside, and it is hard for one neighbour to know what the other person might be doing. Furthermore, most buildings have a good parking space that ensures security for the vehicles parked on the premises. Lastly, most houses are arranged on how it is easy for them to access the streets, which is a competitive advantage of houses within the premises. With these advantages, a person is likely to choose the house over other houses as it has more benefits. Furthermore, depending with the locations of the buildings and how they are made, they are seen to have more benefits compared to other buildings that are in the same area thus making citizens to prefer living on them. Comparison of the property within the Australian residential property market. A family residential house in my place costs around $554,693. On the other hand, the exact house costs around $806,817. When comparing my residential area and the Australian residential area, the Australian residential area is twice as expensive compared to where I live. Mean price; house and unit. Median price; house and unit. Distance in KMs from CBD Average household income Dwelling style General age (era) of properties: OtherE.g., debt levels Australia House: $842,849Unit: $589,465 House: $1,030,760Unit: $769,224 N/A $124,048 House: ApartmentUnit: Single-family N/A Your property market area House: $571,005 Unit: $305,417 House: $727,069Unit: $531,367 N/A $89,911 House: ApartmentUnit: Single-family House: 4 yearsUnit: 6 years Reference Saberi, M., Wu, H., Amoh-Gyimah, R., Smith, J., & Arunachalam, D. (2017). Measuring housing and transportation affordability: A case study of Melbourne, Australia. Journal of transport geography, 65, 134-146. Hulse, K., & Saugeres, L. (2008). Housing insecurity and precarious living: an Australian exploration. Seelig, T., Milligan, V., & Phibbs, P. (2008). Reconceptualizing housing need in the context of 21st century Australian housing policy.
Property Assignment
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,   (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, Deakin Business School is accredited by AACSB.