There is in fact legal precedent for property valuers (or "surveyors" as they are called in the UK) being held financially liable at common law where they value a property negligently:-Smith v Eric S. Bush, and Harris v Wyre Forest District Council [1990] 1 AC 831 where a property valuer engaged by a building society valued a property for a…[Read more]

There is in fact legal precedent for property valuers (or "surveyors" as they are called in the UK) being held financially liable at common law where they value a property negligently:-Smith v Eric S. Bush, and Harris v Wyre Forest District Council [1990] 1 AC 831 where a property valuer engaged by a building society valued a property for a…[Read more]

xdrew wrote:
Bullmarket, the main issue you have seems to be with increased values heading to and over 1M.There seems to be some crazy idea, (and its not just you) that property CANT possibly be worth a million or more per person. Well, the reality is it can. There is a whole generation that has been brought up on the idea that a million dollars…[Read more]

Scott No Mates wrote:
Australian valuation standards are amongst the highest in the world backed up by the most stable system of registration of property titles and guaranteed by the Crown.

Re 'Australian Valuation Standards are the highest in the world'.  Check out the Valuers Board of QLD website below  Re " most stable system of r…[Read more]

Hi Here is some research infoCheck out the Valuers Board of QLD website http://www.valuersboard.qld.gov.au/complaints/ One of the decisions below states the valuer " failed to verify factual data that may affect the valuation and was negligent in your performance as a valuer and contravened a prescribed code of professional conduct. " Decisions of…[Read more]

Hi GuysHere is a report that might assist in understanding property growth in Australia . It is from Alan Oster Chief Economist NAB Ltd It is from an Economics Paper, Alan Oster presented at the Uni of WAWhat Determines House Prices: What the Australian Data Tells Us page 10In this section, we attempt to put a little more rigour into an…[Read more]

Thanks guys lots of theories here. Good stuffThis article might shed some light on real estate cyclesThe great 18 year real estate cycle – where are we know? http://www.australian-real-estate.net.au/investing/2010/11/15/the-great-18-year-real-estate-cycle-where-are-we-know/The most interesting thing they say is that every 18 years we can expect t…[Read more]

xdrew wrote:
There are of course the shonkys in the industry. Without mentioning names, and i think thats best .. there are various people who bring a bad name to the industry. But they are usually brought to bear on their false statements and are dismissed from any organisation that is reputable. And yes, the shonkys employ the corrupt valuer,…[Read more]

Perhaps I could offer another point of viewHaving observed the buying frenzy in Perth in 2006 as a buyers advocate, valuers approving just about anything and lenders accepting crazy short term growth it provided me with an insiders point of view. Occasionally when observing the market and observing other sales e.g. the property we were…[Read more]

Hi Guys my point is this:If there is not an acceptable valuation there is no deal and no sale. Even in a rising market, flat market or falling market an unacceptable valuation = no sale.Valuers are the deal breakers, as they have the responsibility and accountability to provide a satisfactory valuation. A sale subject to finance cannot be…[Read more]

I agree $340K is a big first step and the article does not indicate that they have paid off the house yetOf course they would need to furnish the house, have 1 or 2 vehicles, electronic goods, holiday budget, living expenses etc etc etc Just that hubbie working 75 hours per week which equates to 7 days per week – 11.5 hr days  – not sus…[Read more]

Thanks ScottI have done some research.There is no national legislation, no national regulation or licensing requirements, no national code of ethics and no national accreditation standards for valuers?Legislation, regulation, licensing and codes of ethics are state by state. Some states do not have relevant legislation, regulation, licensing or…[Read more]

Yes only concerned about residential sales data. That is sales that have occured. After every residential sale the details of that sale including address, sale price and other relevant information is recorded in an electronic database.Some State Governments provide excellent low cost, easy access online sales data services to the public whilst on…[Read more]

Are you kidding Scott Are private service providers not subject to Australian standards??They can publish any data they like?No accountability?We are not referring to accuracy about pricing for groceries that could range in value from $1 or $20 (which now require clear price labelling for consumers) OR  pricing for white goods that could range in…[Read more]

There may be some wisdom here from Jeremy Grantham. See The Australian Online article " Housing market a time bomb, says investment legend ", says investment legend " THE Australian and British housing markets are the last two bubbles left in the wake of the financial crisis, and it is only a matter of time before they crash, warns legendary US…[Read more]

Perhaps there are some cautionary notes in this article from The Australian Online Treasury warning on home price 'bubble'A Senior Treasury member has warned that the prospect of a sudden and dramatic drop in prices is "the elephant in the room" and should not be ignored by the federal government.cheersJohn

This graphical information describing Alt A and ARMS mortgage resets in 2011 and 2012 might inform

Hi I have an idea about selecting a LGA or suburb and analysing it?check out the Real Estate Investar report below – Australia's Cheapest Suburbs – Top 50 SuburbsWhat could be interesting is to select a location from the list and conduct a location analysisAre you interested?These locations could be future hot spots?Are you interested to find out…[Read more]

Hi RyanThanksOne forum I posted on did not allow any links and so I simply did not post commentsSo I take a polite approach to using links and ask permission first. If it is okay as per your comment I will use links when relevant.  Sometimes I find forum conversation is twoing and frowing of personal opinions. Can be lively, entertaining and…[Read more]

Hi  S HalesRe physical inspection of the suburb, street and property is important. However  I would conduct alot of due diligence and research before I inspected the property see Due dilgence At a minimum check out the sewer position, any road changes planned eg widening or bus stop outside front door etc and some other critical info before I i…[Read more]