Challenges Confronting Property Valuation Practitioners in Australasia

Abstract

Valuation is becom ing a global profession particularly wit h the recognition ofvarious designation s internationall y.Th e issues facing valuers in one country are impacting on valuation professionals in other countries. Thi s chapter provides an Australasian perspective of the issues confronting valuers in that region. The findings indicate that man y of the issues are interconn ected. Th ere are enor mous pressures for valuer s to produce more wor k but in less time and to meet increasingly complex and stringent standards of professional practice. This is in addition to comp etition for valuation work from related professions, both nationally and internationa lly. Fee redu ction s to compete for work have becom e the norm. further. a failure to keep abreast of indu stry change s 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 (1' 1) cover. Th e chapter concludes with suggestion s for dealing with the challenges outl ined herein .