Y9/10 Money & Markets

Field Trip

Students in Money and Markets (Year 9-10) have recently been learning about the Housing Market, including topics such as:

Reasons for moving out of home and issues to consider
The pros and cons of buying versus renting
How property values and rents vary across different suburbs of Melbourne
The costs associated with buying a home

Last week students participated in a field trip which involved walking around the local streets looking at a selection of properties either for sale or rent, or which have recently been sold. Prior to going out, students analysed the properties to get a feel for their key features and their relative prices.

Feedback from the students about the field trip

One thing I learnt on the field trip...

That houses in Beaumaris and Black Rock are very expensive
North-facing properties are often most desirable and this can be a valuable attribute for a house
Why corner blocks are very appealing to buyers and developers
The land itself is very expensive
That a north-facing house is typically one where the back of the property is facing north rather than the front
Real estate agents evaluate the size of the land and the rough price per square metre when estimating how much the house is worth
If a townhouse development is on a corner, one townhouse can front one street and the second townhouse can front the other street, giving them separate access points and more privacy
How a slight change in location can make a big difference in price – for example, being on a main road is often cheaper than being several houses down in a quiet side street
That one square metre of residential land in Beaumaris may be worth around $2500
That location and land size plays a more important role in a house's value than the house itself

What I enjoyed about the field trip...

It was great fun and it has substantially helped my approach to the subject
Physically seeing all the houses puts certain things in perspective
It allowed us to discuss and view the houses up close, as well as having a refreshing walk
It was good to see the houses in Beaumaris and Black Rock as I live in Mentone and don't go around Beaumaris
We expanded our knowledge on what makes prices differ between properties, including the way the house is facing or if it is on a busy street like Balcombe Rd
I learned that location can significantly change the cost of a property
Learning about the factors that can contribute to the price of a house will be really valuable when it’s time to buy or lease our first homes
Seeing the houses for sale/rent in person and getting a better feel for how their attributes vary
Learning what aspects of the house and the location make up the property's value, and how it would appeal to various buyers
I thought it was cool to be able to see the houses we had been looking at online in person and I think getting to see them in real life made it worthwhile
Seeing all the houses and strolling through the neighbourhood

Next time it would be great if we could…

See the inside of the houses and what the houses are like in more detail
See more houses or even auctions
Visit some houses for sale on Beach Rd to compare them to the other ones
Stop at the cafe for a coffee
Look at an open-house (inspection) while we were out
See houses near the beach because they are really expensive and have nice views

Students will have a chance to apply some of the property insights that they’ve gained in an upcoming PBL assessment task, in which they will be required to prepare a marketing campaign for the sale of a home.

Mr Heath Tregear

Teacher