Valuation of property – suitably qualified person

Section 36A – Power to require valuation or other evidence

Preamble

The Valuers Act 2003, which required persons practising as property valuers in NSW to be registered, has been repealed, effective 1 March 2016.

As a consequence, section 36A of the First Home Owner Grant (New Homes) Act 2000 (the Act) has been amended to remove references to registered valuers and replace them with references to suitably qualified valuers.

This ruling sets out who the Chief Commissioner considers is ‘suitably qualified’ to provide a valuation of property or consideration for the purpose of section 36A.

Ruling

Effective from 1 March 2016, section 36A(1) of the Act states:

For the purposes of determining the total value of a transaction, the Chief Commissioner may do any one or more of the following:

• require, by written notice, an applicant (or former applicant) for a first home owner grant to provide to the Chief Commissioner any evidence of the value of the property or consideration that the Chief Commissioner considers appropriate,
• have a valuation made of any property or consideration by a person the Chief Commissioner is satisfied is suitably qualified to provide evidence of the value of property or consideration,
• adopt any available valuation made of the property or consideration by a person the Chief Commissioner is satisfied is suitably qualified to provide evidence of the value of  property or consideration.

Suitably qualified person

For the purpose of section 36A, the following persons are considered suitably qualified to provide evidence of the value of property or consideration:

• a member of the Australian Valuers Institute (other than an associate or student member), or
• a member of the Australian Property Institute (other than a student or provisional member), who has acquired membership in connection with his or her occupation as a valuer, or
• a member of the Royal Institution of Chartered Surveyors who holds the designation "Chartered Valuer" or "Chartered Valuation Surveyor".

A valuation made by any other person would need to be considered on a case by case basis by the Chief Commissioner.