Property Valuers

Property Valuers

In Australia, rules and ethics around property valuations are managed by the Australia Institute of Valuers (AUIV), which merged with the Property Institute in 2000. The AUIV maintains its own rules and code of ethics.

What is a property valuer?

A registered property valuer is a qualified professional who assesses the value of land and/or buildings. A valuer’s report may be used to determine a sale or purchase price, mortgage finance or be used for insurance purposes. 

In general, banks will only accept valuations from registered property valuers. 

What will a property valuer look at when assessing a property’s value?

*The general condition of the interior and exterior

*The dimensions of the property (the building and section)

*The age of the house and any renovations completed

*The type of construction and materials used

*The site and any potential issues or risks such as flooding, drainage or erosion

*The surrounding area and environment, including factors such as density of the neighbourhood, zoning and future zoning

*The locality of amenities including schools, shopping facilities and public transport

*The title, LIM and anything of note on either document

*Market analysis including recent sales and values of comparable properties in the vicinity

Professional property valuers generally provide the following types of reports for both residential and commercial properties:

*Pre-sale and pre-purchase valuations

*Insurance valuations

*Asset and chattel valuations

*Market rental reports and valuations

*Yield and rent review advice and reports

*Depreciation assessments

*Redevelopment assessments

*Subdivision advice and valuations

*Asset re-evaluations

*Lettable area assessments

*Refinancing valuations

What are the benefits of engaging a property valuer?

A qualified and experienced property valuer will be able to provide an accurate assessment of a property’s value based on research, site visits and inspections of the building. The report a valuer provides can be invaluable in decision-making processes around the sale or purchase of a property, the value of a lease, the cost of a proposed project compared to expected revenue, as well as for the compilation of insurance policies that accurately reflect the current value of a property. 

Other professional you may be interested in: Builders, Property Developers, Architects, Engineers, Consultants.