Challenges Confronting Property Valuation Practitioners in Australasia

Abstract

Valuation is becoming a global profession particularly with the recognition of various designations internationally. The issues facing valuers in one country are impacting on valuation professionals in other countries. This chapter provides an Australasian perspective of the issues confronting valuers in that region.

The findings indicate that many of the issues are interconnected. There are enormous pressures for valuers to produce more work but in less time and to meet increasingly complex and stringent standards of professional practice. This is in addition to competition for valuation work from related professions, both nationally and internationally. Fee reductions to compete for work have become the norm. Further, a failure to keep abreast of industry changes has led to falling standards of valuation practice with an associated increase in the number of claims made on professional indemnity insurance funds. Insurance companies are no longer prepared to underwrite valuers’ professional indemnity (PI) cover. The chapter concludes with suggestions for dealing with the challenges outlined herein.