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What is a valuation?
A valuation is an assessment of the amount a property would sell for on a set date.
What valuers do
Property valuers assess the value of land, buildings and improvements, and plant and machinery.
They provide expert advice on matters under litigation and are recognised by courts as expert interpreters of the property market.
Valuers gather and analyse property information, such as sales, to determine the values of comparable properties.
The valuation process is complex, involving continual reviews of data and ongoing analysis of developments in the property market.
How valuations are used
Valuations are used for:
- setting limits for the sale and purchase of properties
- setting rental levels (lease)
- asset accounting and management (financial reporting)
- lending and associated financial dealings (mortgages)
- property settlements (divorce proceedings, deceased estates)
- property rating and taxation systems
- property portfolio analysis
- taxation assessments (GST)
- determining issues when there is a dispute (retail rental determinations under the Retail Leases Act 2003)
- providing expert evidence before the courts or Victorian Civil and Administrative Tribunal.
Information for postgraduate students
If you are studying to become a valuer, you can consider applying for the trainee valuer scheme.
Page last updated: 16/10/20