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The role

The Valuation Services Panel (VSP) provides independent advice to Valuer-General Victoria including professional services in allied disciplines such as:

  • town planning
  • engineering
  • business valuations
  • quantity surveying

Victorian Government agencies must send valuation requests to VGV as per the VGLM policy and guidelines.

The panel is managed by VGV and provides valuation services for property transactions and other property-related purposes.

Valuation requirements by value

The VSP follows benchmarks on when to conduct a valuation. These depend on the market value of the land, or the combined value of two or more properties/parcels/titles.

For less than $750,000:

  • one valuation is mandatory
  • VGV must make the valuation

For $750,000 or greater:

  • two valuations are mandatory, except where the transaction involves another state government agency

VGV will organise both valuations:

  • one will be certified by VGV
  • the VSP will organise the second  valuation which will go directly to the agency

Also, the Victorian Government Land Monitor will become involved if the property's value is greater than $750,000 (excl. GST).

Page last updated: 26/11/20