Principles and Practice of Property Valuation in Australia PDF
Preview Principles and Practice of Property Valuation in Australia
Principles and Practice of Property Valuation in Australia This book provides a clear outline of the key principles underlying property valuation and the current techniques and issues in the practice of valuation for the major sectors of the Australian real estate market. Formerly titled Valuation Principles and Practice, this entirely new third edition comprises Australia’s leading advanced valuation textbook. The first part of the book, Principles of valuation, comprises chapters written by globally recognised academ- ics and specialists on the principles of law, economics, planning, policy and finance, all in the context of property valuation. The second part of the book, Practice of valuation, comprises chapters written by acknowledged expert valuers on the prac- tice of valuation for key property sectors including residential, retail, commercial, industrial, leisure and rural. Further, chapters also cover valuations for purposes including lending, insurance, rating, taxation and financial reporting. The most up-to-date valuation text for the Australian market, this book will appeal to both valuation practitioners and undergraduate/postgraduate students as well as to accountants, lawyers and professionals dealing with property valuation issues. Dr David Parker is an internationally recognised real estate industry expert and highly regarded real estate academic (www.davidparker.com.au), and editor of The Routledge REITs Research Handbook (2019). He is a regular contributor to property and valuation academic journals, a Visiting Professor at the Henley Business School, University of Reading and a Visiting Fellow at the University of Ulster. Principles and Practice of Property Valuation in Australia Third Edition Edited by David Parker Third edition published 2022 by Routledge 2 Park Square, Milton Park, Abingdon, Oxon, OX14 4RN and by Routledge 605 Third Avenue, New York, NY 10158 Routledge is an imprint of the Taylor & Francis Group, an informa business © 2022 selection and editorial matter, David Parker; individual chapters, the contributors The right of David Parker to be identified as the author of the editorial material, and of the authors for their individual chapters, has been asserted in accordance with sections 77 and 78 of the Copyright, Designs and Patents Act 1988. All rights reserved. No part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers. Trademark notice: Product or corporate names may be trademarks or registered trademarks, and are used only for identification and explanation without intent to infringe. First edition published by Australian Property Institute 1997 Second edition published by Australian Property Institute 2007 British Library Cataloguing-in-Publication Data A catalogue record for this book is available from the British Library Library of Congress Cataloging-in-Publication Data Names: Parker, David, 1961- editor. Title: Principles and practice of property valuation in Australia / edited by David Parker. Description: Third Edition. | New York City : Routledge, 2021. | “Second edition published by Australian Property Institute 2007.” | Includes bibliographical references and index. Identifiers: LCCN 2021013398 (print) | LCCN 2021013399 (ebook) | ISBN 9780367503406 (hardback) | ISBN 9780367503413 (paperback) | ISBN 9781003049555 (ebook) Subjects: LCSH: Valuation--Australia. | Real property--Valuation--Australia. Classification: LCC HD1036.5 .P75 2021 (print) | LCC HD1036.5 (ebook) | DDC 333.33/20994--dc23 LC record available at https://lccn.loc.gov/2021013398 LC ebook record available at https://lccn.loc.gov/2021013399 ISBN: 978-0-367-50340-6 (hbk) ISBN: 978-0-367-50341-3 (pbk) ISBN: 978-1-003-04955-5 (ebk) DOI: 10.1201/9781003049555 Typeset in Times by KnowledgeWorks Global Ltd. To my partner and my twin millennials. May the future with Ed recompense for that foregone. Contents List of figures ix List of tables x About the Author xi Foreword xii Preface xiv PART I Principles of valuation 1 1 Legal principles 3 GARRICK SMALL 2 Economic principles 15 COLIN LIZIERI 3 Planning principles 28 NIGEL FLANNIGAN 4 Policy principles 40 NICKI HUTLEY 5 Finance principles 49 DAVID REES 6 Valuation principles 65 DAVID PARKER PART II Practice of valuation 79 Section One: Valuation practice for conventional property sectors 7 Residential property valuation 81 DAMIAN KININMONTH viii Contents 8 Office property valuation 91 PETER DEMPSEY 9 Retail property valuation 109 BERNIE SWEENEY 10 Industrial property valuation 124 RYAN KORDA 11 Rural property valuation 133 Section Two: Valuation practice for specialist property sectors 12 Retirement and aged care property valuation 146 LOIS TOWART 13 Leisure property valuation 159 ROBERT MCINTOSH AND WESLEY MILSOM 14 Plant and equipment valuation 170 GREG ROWE AND ROY FARTHING 15 Business and intangible asset valuation 182 WAYNE LONERGAN Section Three: Valuation practice for specific purposes 16 Valuation for rental purposes 198 GREG PRESTON 17 Valuation for financial reporting purposes 211 RICHARD STEWART 18 Valuation for secured lending purposes 224 ROSS TURNER 19 Valuation for insurance purposes 235 CAMERON DUNSFORD, MARK KLENKE AND ASHLEY GRANT 20 Valuation for statutory purposes 249 DAVID PARKER Index 268 Figures 1.1 Foundations of property economics 6 2.1 Quadrant model of the commercial property market 16 2.2 Adjustment in occupier markets 22 2.3 Office starts and rents in the City of London 24 3.1 Fundamental components in urban planning 31 5.1 Development finance – the capital stack: sources and uses of finance 50 5.2 Returns to debt and equity as leverage rises 52 5.3 Two investments and portfolio performance 55 5.4 The risk-return trade-off 56 5.5 The Efficient Frontier 57 5.6 Australia CBD office market performance (1990–2017) 57 5.7 Smoothed vs. unsmoothed investment returns 59 5.8 The Security Market Line 60 5.9 The ASX A-REIT sector β (May 1993 – October 2020) 62 9.1 Retail property platform 112 9.2 Trade area map 113
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