Course overview
This course will provide students with the knowledge necessary to undertake valuations of properties in accordance with specific statutory requirements. Valuations for rating and taxing purposes including rating and taxing value bases, legal definitions and case law, valuation principles and practice, valuation method and ratio studies; automated valuation models; compulsory acquisition including statutory requirements, compensation principles and practice, reinstatement, value of land taken, special value to owner, severance, injurious affection, disturbance, solatium, easements and goodwill; insurance valuations including basis of settlement, contract options, limit of liability, valuation methods, principles and practice; valuations for financial reporting purposes including accounting standards, fair value, valuation methods, principles and practice and expert witnesses.
Course learning outcomes
- Apply international best practice to develop automated valuation models and evaluate the accuracy and uniformity of assessed values.
- Demonstrate the practical application of compulsory land acquisition concepts in the determination of compensation amounts.
- Apply Insurance Valuation concepts to determine the limit of liability in building insurance contracts.
- Apply valuation reporting standards to estimate the fair value of land and buildings.
- Explain the role of the valuer as an expert witness.
- Demonstrate UniSA Business Enterprise Skills in the context of the Property discipline: i) Problem Solving (advanced level); and ii) Written Communication (advanced level).