Overview

This book explains how property valuation is undertaken for the purposes of taxing land and determining compensation for compulsory acquisition in Australia, known as statutory valuation, together with how property valuation is undertaken for financial reporting purposes or regulatory valuation. Through an analysis of relevant concepts of value, statutes, standards and valuation methods, this book provides the framework within which statutory valuation is undertaken, being an easy guide to follow to the complex and often arcane world of statutory valuation and the globally applicable requirements of regulatory valuation. For statutory valuation for taxation purposes, the role of mass appraisal valuation approaches for land valuation is considered together with the future role of automated valuation models and the impact of climate change (through increased incidence of bushfires and floods) and systemic shocks such as the COVID-19 pandemic. For statutory valuation for compulsory acquisition compensation purposes, key concepts are considered, with a detailed review of compensation for market value, special value, severance, injurious affection and betterment/worsement. Complex and detailed legislation and case law for the payment of disturbance compensation and indigenous cultural loss compensation are reviewed and applied together with consideration of compensation for non-freehold interests such as leaseholds, easements, strata and substratum. For regulatory valuation purposes, the interrelated roles of international accounting standards and international valuation standards together with international financial reporting standards are considered, together with an outline of the relevant valuation methods for the assessment of fair value for financial reporting purposes. An essential textbook for students undertaking property valuation courses at undergraduate and postgraduate levels, this book is also a useful reference for practitioners in banking, accounting, law and other professions dealing with property taxation, compulsory acquisition and financial reporting.

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9781032616926

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David Parker is an internationally recognised real estate industry expert and highly regarded real estate academic, being a consultant, adviser, mediator and expert witness in property and valuation matters (www.davidparker.com.au). Dr Parker is Visiting Professor at the Henley Business School, University of Reading and Visiting Fellow at the University of Ulster. He is Acting Commissioner of the Land and Environment Court of New South Wales and Sessional Senior Member of the ACT Civil and Administrative Tribunal, being the former Valuer General of New South Wales and inaugural Professor of Property at the University of South Australia. With over 40 years’ experience in property funds management, real estate investment trusts, valuation standards and statutory valuation, Dr Parker previously held senior executive positions with Schroders Property Fund and ANZ Funds Management. Holding a BSc, MComm, MPhil, MBA and PhD degrees, Dr Parker is a Fellow of the Royal Institution of Chartered Surveyors, the Australian Institute of Company Directors, the Australian Property Institute and the Australian Institute of Management and a Senior Fellow of the Financial Services Institute of Australasia. He is a member of the Society of Property Researchers, the American Real Estate and Urban Economics Association and the European, American and Pacific Rim Real Estate Societies. Author of Introduction to Property Valuation in Australia (2024) and editor of Principles and Practice of Property Valuation in Australia (2022) and The Routledge REITS Research Handbook (2018), Dr Parker is also the author of International Valuation Standards: A Guide to the Valuation of Real Property Assets (2016) and Global Real Estate Investment Trusts: People, Process and Management (2011). Dr Parker has published numerous papers in academic and industry journals and is a regular conference presenter around the world, being an Editorial Board Member for the highly ranked Journal of Property Research and Journal of Property Investment and Finance. David Parker may be contacted by email at davidparker@davidparker.com.au.

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