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The purpose of the assignment is to carry out an inspection and valuation of a residential property. The basic format of this assignment and report also forms the basis for other valuation based units in the degree / major / minor you are undertaking.
 
The residential property has to be either a:
 
• Free standing house, or
 
• Detached villa or townhouse with a definable land area.
 
The purpose of the valuation is a market valuation for mortgage security purposes and requires you to complete a full valuation report (not a pro forma report) in accordance with API standards and guidelines, most notably the latest edition of the Australia and New Zealand Valuation and Property Standards. Consequently, your report should be presented using word processing software and include information on, but not necessarily limited to, the following:
 
• Valuation Summary
• Introduction
• Instructions
• Land & Title Details
• Encumbrances
• Location
• Site Description & Services
• Town Planning
• Highest and Best Use
• Statutory Valuation & Charges
• Improvements
• Environmental Issues
• Basis for Valuation
• Tenancy Details (if applicable)
• Economic/Market Review/Summary
• Valuation Rationale or Approach
• Valuation
• Qualifications and Disclaimers
• Appropriate annexures (including the sales schedule, valuation calculations for the summation method, field notes)
 
Where possible you are required to undertake those searches necessary for completing your valuation of this property, including but not necessarily limited to Title, Site, Planning, Market and other features. You are required to ascertain prevailing market conditions and analyse the recent sales as part of your research and preparation of your report. Sharing of sales and rental information with other students within the class is encouraged; however your individual final report has to be your own work. It is essential that you include all workings and detail your analysis of the sales evidence and utilise the direct comparison valuation approach as your primary valuation method and the summation approach as your secondary (check) valuation method.
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