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Changing Dynamics: Pastoral and Remote Property Assessment in Australia
Conference paper   Open access   Peer reviewed

Changing Dynamics: Pastoral and Remote Property Assessment in Australia

Michael Hefferan
Proceedings of the 21st Pacific-Rim Real Estate Society Conference, pp.1-8
Pacific-Rim Real Estate Society (PRRES) Conference, 21st (Kuala Lumpur, Malaysia, 18-Jan-2015–21-Jan-2015)
Pacific Rim Real Estate Society (P R R E S)
2015
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Abstract

Building Other Economics Business and Management pastoral sector changing market valuation approach valuers general valuer education Australia
Historically both the pastoral industry in Australia and the valuation of its property resources were fairly predictable. 'Carrying capacities' and 'beast area values' were generally agreed, land and stock management was often fairly rudimentary, and almost all stock were sold and processed onshore. In recent decades however, the sector has changed dramatically, with much more sophisticated land and stock management and with the industry as a whole more focussed on the live export trade. This has affected the whole nature of production and, with that, changes in productivity and value of land resources. Correspondingly, as with all property sectors, there is an ongoing need for the assessment of asset value for a range of purposes including taxation, rental determinations, finance, sales and acquisition, corporate reporting and others. During recent decades too, the manner in which these valuations have been carried out both by government and private sector professionals has also evolved considerably. These included changes in the number and location of valuers available to carry out this specialist work and how that group is being supported with new databases providing improved geographic, market, production and scientific information. Whereas theories and methodologies of these types of assessments remain fundamentally sound, their application must now be cognisant of the changed economic and market realities. This paper summarises the current and emerging challenges and opportunities for the accurate assessment of property values in this sector across Australia. It follows on from reviews of relevant literature, from meetings held in Darwin, Northern Territory in mid-2014 with all Australian and New Zealand Valuers General and key stakeholder interviews from public and private valuation practitioners. It concludes that there are unique issues that relate to the carrying out of such assessments in the contemporary environment. It also identifies some specific actions that government (through the Valuers General), accredited universities and the wider valuation profession can undertake to ensure that this professional service which is vital to the sector continues to be provided in a competent and professional way in the future.

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