All transactions involving property purchased and/or improved with government funds are to be based on a sworn valuation from a valuer with at least five years professional experience in the State of Victoria and current membership in the Australian Property Institute Incorporated.
The Government Land Monitor requires two valuations for property estimated to be above $500,000 in value one of which must be obtained from the Office of the Valuer-General.
Human Services will obtain a valuation from the Office of the Valuer-General, regardless of estimated value, for all property transactions as follows :
Organisations may elect to obtain a valuation from either a commercial valuer or from the Office of the Valuer General.
Any difference in valuations obtained from commercial valuers and from the Office of the Valuer-General will be resolved at a valuers conference.
Submissions to the Office of the Valuer General are to be made through the Human Services Capital Management Branch.
Property value estimated to be less than $500,000 - 1 (one) valuation:
Property value estimated to be above $500,000 - 2 (two) valuations:
The valuer is to be instructed to determine the capital improved value to be used as the basis for making an offer to purchase. The valuation is to comprise:
The valuer is to be instructed also to determine a margin representing an upper limit to which the organisation may consider bidding at auction.
Property value estimated to be less than $500,000 - 1 (one) valuation:
Property value estimated to be above $500,000 - 2 (two) valuations :
The valuer is to be instructed to determine the capital improved value to be used as the reserve price for auction. The valuation is to comprise:
The valuation is to be used as the reserve price for auction. The valuer is to be instructed also to determine a margin representing a lower limit at which the organisation may consider negotiating a sale after auction if the property is passed-in.
The valuation is to provide a separate figure for land and for capital improvements.
Regardless of value - 1 (one) valuation:
The valuer is to be instructed to determine the capital improved value for the purpose of determining proportional financial interests in the property. The valuation is to comprise:
Capital improvements are not discounted for age and condition because valuations are intended to determine their in-use value.
Regardless of value - 1 (one) valuation:
The valuer is to be instructed to determine the capital improved value for the purpose of determining proportional financial interests in the property. The valuation is to comprise:
Capital improvements are discounted for age and condition because valuations are intended to determine their realisable value.