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If your property has been acquired by the government or will be affected by a proposed project, then you may be eligible for compensation for any loss in value of the subject property. As such, an independent property valuation is required to provide a compensation property valuation to help determine any loss of value caused by the proposal or acquisition.
As outlined in the Land Acquisition Act 1969, the actual value of the property is required to determine any imposition the proposal has on the property’s value. As such, an independent property valuation aims to determine the fair market value of the property that reflects it’s worth if it were not impacted by the proposed project. This will offer an objective analysis on the subject property without agenda or bias.
Legislation states that only an independent certified valuer is required to undertake a property valuation to assess the fair market value. This is because certified valuers are legally qualified to perform a valuation that meets the regulatory requirements. An independent property valuation will take into account a variety of factors to ensure the fair market value is reached. To determine this value, a certified property valuation will include information such as:
At Adelaide Property Valuers Metro, we have a team of certified property valuers each with over 20 years’ experience who are highly regarded in the property industry. With rigorous training and professional practice through the Australian Property Institute (API), our property valuers can produce a valuation that meets the legislative requirements for compensation. As such, our team of property valuers can provide a comprehensive analysis on the subject property while meeting the specific requirements of the compensation procedures.
If your property has been acquired – wholly or partially – or will be affected by any government proposed project, a valuation can help determine any loss of value. As such, a certified property valuer is qualified to calculate the value of the property and determine any entitled compensation under the Land Acquisition Act 1969.
Compensation valuations can be complex process, so it’s important to seek out the services from a certified property valuer with extensive expertise in your local property market. If you require a valuation for compensation, reach out to our specialised team on (08) 7009 4446 or complete an online enquiry form.