Available in 2022
Course code

ECON3009

Units

10 units

Level

3000 level

Course handbook

Description

Most business activity and people reside within urban physical regions, where their real estate markets are critical to economic efficiency, equity and wealth creation. Students gain an understanding of the economic forces that shape urban economies and their property markets. The introduction of the urban scale to student’s learning is grounded in their daily lived experience and bridges the gap between their micro and macro understanding of economics. Students will gain valuable insights into the operation of urban land and housing property markets, transport systems, and factors driving metropolitan and regional growth. The commercial, industrial and retail property markets are explored with examples drawn from the Lower Hunter Region. Student will also gain an appreciation of how local and state governance impacts their region through its land markets.


Availability

Newcastle City Precinct

  • Semester 2 - 2022

Learning outcomes

On successful completion of the course students will be able to:

1. pply economic theories to understand the operation of urban property economics, which influence the cost and uses of land, what is built, and how people live and work; and be able to apply these theories in context in Australia as well as overseas.

2. Analyse the roles of key stakeholders, motivations, and outcomes in urban property economics, and gain confidence in interacting with these players.

3. Evaluate the role of government, policy, and planning on urban property economics through a range of appropriate methodologies.

4. Apply their acquired knowledge of the private and public roles involved with property economics to specific and relevant local issues.

5. Transfer their economic competencies to other subject and employment areas, including the interpretation of policy and planning resources; the presentation of material, data interpretation, critical evaluation, essay writing, oral presentation and facilitation skills; and an ability to work in groups and individually.


Content

The content in this course includes the following:

  1. Macroeconomics of real estate markets
  2. Urban land use and pricing
  3. Transport systems
  4. Property development and Investment
  5. Housing markets
  6. Commercial/ industrial markets
  7. Retail real estate
  8. Economic growth and metropolitan real estate
  9. Local government, externalities, development regulation

Assumed knowledge

ECON1001 Microeconomics for Business Decisions or ECON1002 Macroeconomics in the Global Economy


Assessment items

Tutorial / Laboratory Exercises: Tutorial facilitation, commentary

Quiz: Mid semester quiz

Project: Team Project

Formal Examination: Final Exam


Contact hours

Newcastle City Precinct

Integrated Learning Session

Face to Face On Campus 2 hour(s) per Week for Full Term

Students are expected to complete 4 hours of guided learning via online preparation, lectures, interactive workshops, tutorials, discussion groups or self-directed learning and an additional 6 hours of independent study per week.

The University of Newcastle acknowledges the traditional custodians of the lands within our footprint areas: Awabakal, Darkinjung, Biripai, Worimi, Wonnarua, and Eora Nations. We also pay respect to the wisdom of our Elders past and present.