A valuation is an assessment of the market value of a property, at a specific date and in accordance with relevant legislation and legal precedent.
Property values are determined by analysis of market sales and rental evidence, which is then applied to the data on each particular property.
Data is compiled on each property over time, through inspection, building and planning permits and other public sources.
The valuer builds a profile of value levels for each different area/property type by analysis of recent sales and leasings.
This information is then applied to individual properties, taking into account the different characteristics of each property.
Sales information is available to the council (under property sales law, councils must be notified of property sales).
Data on property rentals and expenses is obtained from owners and tenants.
Valuers also have powers to obtain additional information.
This generally is done through request but a valuer can enter onto any property “at any reasonable time” and may request any information that will help make a true and correct valuation.
This may be done, for example, where an internal property inspection is needed to provide sufficient information to ensure an accurate valuation.
Normally, however, the inspection is arranged with the owner/occupier of the property.