Valuing your valuer
In Australia, the term valuer is used to describe an appropriately qualified and licensed person who can undertake a valuation. Generally speaking, a valuer can only become qualified after taking an appropriate tertiary qualification (usually a four-year Bachelor Degree in Property); undertaking two years of fully supervised experience; and sitting an oral exam in front of a group of peers. In the states of NSW, Queensland, South Australia and Western Australia, the state government also licenses the activities of valuers.
In conducting a valuation, the valuer interprets a range of data, mainly based on market evidence, as well as taking into consideration a range of attributes unique to the property. These may include:
• Locational factors – is the property on a busy street?
• Does it have good vehicular access?
• Are the buildings in good condition, and if not how much will need to be spent on bringing them up to an acceptable standard?
• Is the property designed well?
• What level of accommodation does it offer?
• What is the standard of presentation and fit out?
• Other factors may relate to the property’s zoning and use. Is this the highest and best use of the land?