Getting your property valued
Learn how the acquiring authority will assess the market value of your property and how to get your own independent valuation.
The acquiring authority will get an independent valuer to inspect your property. This will happen at an early stage of the acquisition process.
The valuer will work out the market value of your property. They will also determine any other types of compensation you are due under the Land Acquisition (Just Terms Compensation) Act 1991.
How your property is valued
The valuer will determine the market value of your property.
Market value is the amount that you would get for the property if you sold it on the open market, if the proposed project or public purpose did not exist. It considers:
- the size of your property
- the location
- the quality of improvements
- recent sales in the area
- pest and building inspections.
The valuation report
The valuer will prepare a valuation report. This report will be available to both you and the acquiring authority. See what the valuation report should contain.
Getting your own valuation
We recommend you have your own valuation carried out by an independent valuer.
It is important you know that the market value of your property has been independently assessed in line with market conditions.
There are a number of details the valuation report must contain.
When you have your own valuation report, your acquisition support team will arrange an exchange of reports between the valuers.
If there are differences between the valuations, your acquisition support team will arrange a meeting between the valuers. You and your legal representatives are welcome to attend these meetings.
The aim of the meeting is to reach a mutually acceptable agreement with you, your valuer, your acquisition manager and the acquiring authority’s valuer.
By getting an independent valuation early, negotiations can begin quickly and you’ll have more time to find a new property.
See types of compensation for information on how partial acquisition valuations are made.
Compensation for valuation fees
Discuss valuation costs with the acquiring authority before you engage your own valuer.
When the acquisition is settled, the acquiring authority will pay the agreed valuation fees, as long as:
- the valuer is appropriately qualified
- the valuation report contains the required information
- the valuer discusses their valuation report with the acquiring authority’s valuer.
If you need to engage other services, such as accountants, town planners or surveyors, it is recommended that you first get written agreement from the acquiring authority that it will pay these costs.
Your valuer must have one of the following qualifications:
- full member of the Australian Valuers Institute (not an associate or student member)
- full member of the Australian Property Institute (not a student or provisional member), obtained because of their occupation as a valuer
- full member of the Royal Institution of Chartered Surveyors as a chartered valuer.
Find a qualified valuer
These organisations can give you independent advice on finding a qualified valuer.