Completing Your Workbook Your submitted workbook should provide full and complete responses to the specified Task/s. Your workbook should employ a logical and coherent structure using headings to delineate the individual components of your work, and repeat the question where appropriate. You may opt to include figures, graphs, charts, and other diagrams in your answers. While such components are an efficient way of summarising information, it is important to refer to each table, chart or other diagram in the accompanying text to identify the significant points the item illustrates. You should refer to QUT Cite|Write (www.citewrite.qut.edu.au) as a first source should you have any questions about how to appropriately credit/reference others’ work, or for general advice on writing style. If after reviewing the QUT Cite|Write website you still need advice on such matters, please contact the Civil Engineering and Built Environment Library Liaison or a member of the unit teaching staff. Your submitted workbook may reference appropriate literature - peer-reviewed journal articles, technical texts, government reports, and other professional-level documents where appropriate. Please do not submit work based upon unreviewed web-based sources such as Wikipedia. Presentation Guidelines Unless otherwise specified you should follow these guidelines for your workbook submission unit: • Double sided print • Include your name, student number and word count on the title page • Minimum font size 12pt • Minimum margin size 2.5cm • Line spacing: single is acceptable These guidelines are not intended to reduce the presentation quality of your workbook. On the contrary, you are encouraged to present your report in a professional manner. WORKBOOK A (15%) Your responses to two of the Exercises 1-3 are to be submitted via turnitin by close of business (COB) Friday, Week 5. (A review of all exercise is recommended for the quiz in week 8) Please refer to the Introduction for further information on the completion, presentation and submission of your workbook responses. EXERCISE 1 – PROPERTY AND THE ECONOMY - Introduction The purpose of this workbook activity is to start being able to recognise the nature of property, the different property market sectors and how these will relate later in the unit to the concepts of value and valuation practice. This exercise is designed to extend your knowledge past the residential sector gained during the introductory lectures in weeks 1 and 2. Task In the first 2 weeks of lectures you learned about the importance of the property sector and its impact on the wider economy. The property sector is further broken up into a range of property sub-sectors for example (not complete): • Residential • Office • Retail • Industrial • Rural • Public property/infrastructure Your task is to research one of the non-residential sectors listed above and produce a schedule and brief report, with comment, which lists the characteristics and sub sectors for the chosen property sector. As a guide, items you should address (but not be limited to) include: description of use, location, sub-classifications, key characteristics etc. As an example, if one was to classify the tourism accommodation sector the following would be the various sub-sector headings: Property Type Hotel Motel Caravan Park Hostel End User Transit Destination/terminal Leisure Location CBD CBD Fringe Suburban Country Coastal Use Business Travel Tourism resort Size <12 rooms 13 to 20 rooms 20 to 50 rooms > 51 rooms Construction and Age Single level Double level Multilevel New Historic It is important to note that not all of the specific sectors and their subsequent sub-sectors will exactly follow the example above or the residential property sector shown in lectures. Resources The information required to complete this task is available from a wide variety of sources. You may find the following sources useful: • Property and valuation text books • Property Council of Australia (website and publications) • Real estate company websites (eg. Jones Lang Lasalle, CB Richard Ellis, Knight Frank, Savills, Colliers International etc) • Newspapers EXERCISE 2 – VALUE DRIVERS - Introduction This exercise carries on from the previous exercise but now focusses on the various factors that determine value in the residential property sector. The purpose of this workbook activity is to start being able to recognise the nature of property, the residential property market and concepts of value and the specific macro and micro factors that drive residential property values in various locations and sectors. This task will require you to apply the knowledge covered in lectures to a specific residential property application. Task Your task is to identify two freestanding residential houses located in the same street but not next to or opposite each other. These properties can be chosen in any suburb or town but it is preferable that they differ to some extent to gain the most from the task. You have the option of selecting the properties from a database such as Pricefinder (where photos and significant details of the property are provided). However, the preferred and most beneficial option is to physically identify two properties (one which can be later used in the valuation report assessment) and to carry out the task based on the physical observation of the two houses. Having identified and observed the houses externally only: • Describe the two houses with particular attention to size, estimated accommodation, condition, additional improvements (if visible from the street or using Nearmaps), the external appearance and presentation. • Determine the value drivers for the particular suburb or town • Determine the value drivers for the street in question • Identify the value drivers or value features that differentiate the two property and state in detail why you consider one house would be valued higher than the other   It is appropriate to use bullet points to define the various subsectors and value drivers but some brief explanation of how these subsectors fit into the overall sector is also important. There is no specific word limit for this exercise as this will depend in most cases on the property sector chosen. The main aim is to be able to fully define a sector and list the factors that determine the structure and value of that sector.