Valuation Variations Condemned

Press, Volume CII, Issue 30100, 6 April 1963, Page 13

Valuation Variations Condemned

(New ZeaU-nd Press Association)

WELLINGTON. April 5. It was not to the credit ot the valuing profession that widely-different valuations of the same land should so often be presented to the Land Valuation Court. Judge K G Archer told the Pan-Pacific real estate appraisal conference today ”Ln compensation cases differences amounting to several hundred per cent are distressingly common,” he said.

"The same land has been valued by experienced valuers at as little as £3OO per acre and as much as £3OOO per acre. “It is self-evident that in such a case one or both of the valuations must be completely fallacious and must be misleading rather than helpful to the Court ” Judge Archer said a more general adherence to the fundamental principles of valuation would do much to

raise the standard of valuation and eliminate excessive differences in the' conclusions I reached by valuers Too great reliance on theoretical considerations or , mathematical calculat ions might lead to a result which was grossly in excess of market value The ideal valuer was one who was solely engaged in valuation work, and had no other interest w-hieh might affect his impartiality. The association, so common

in New Zealand, of valuation and real-eelate agency did not tend to raise the status of valuers as such While both callings were closely concerned with the value of land, the functions of estate agent and valuer were not entirely compatible The estate agent was primarily a salesman: the valuer's duty was to make an honest valuation uninfluenced by the wishes of his client, be said.