How To Become A Certified Property Valuer In Australia?

Do you possess good judgment skills and strong attention to detail? If yes, a career in property valuation could be perfect for you.

 
A property valuer evaluates the value of residential and commercial land, commercial equipment, property, household goods, antiques, and art objects to determine their market value for sale, insurance rebuilding or rental.

To become a property valuer in Australia, you must earn a university degree in property valuation. Alternatively, you can complete a VET qualification in property services specialising in valuation.

Qualified valuers can apply for membership in the Australian Property Institute or Australian Valuers Institute to become Certified Practising Valuers.

In this blog, you will learn how to become a certified, accredited, licensed property valuer in Australia, the courses you must study, qualifications, skills, salary, and more.

1. What Is Property Evaluation?

A property valuation is a comprehensive report generally carried out before the sale of the property to discover its estimated sale value.

According to the International Valuation Standards Council, a property valuation is between buyers and sellers after proper marketing and where the involved parties have acted prudently, knowledgeably, and without compulsion.

The final property sale price can be different from the valuation report due to changing emotions of people that may impact negotiations.

2. Why Do I Need Property Evaluation?

A property valuation clarifies the property's market value, which benefits the buyer and the seller.

Offering a detailed analysis of the property's weaknesses prevents a buyer from paying more than its actual worth.

In terms of a seller, detailed knowledge of the property value helps a seller identify which renovations will help increase its value.

3. When Do I Need A Property Valuation?

 You need a Property valuation under the following circumstances:

• When a mortgage lending institution like a bank or financer requests it, the valuation report provides confidence to banks that the security value of the movable or immovable asset covers the loan. It assures them they can recover any overdue loan amount owed on the asset when the buyer fails to pay the mortgage.

• Lenders use different assessment methods, such as in-house valuers, desktop-based assessments, internal algorithms, or outsourcing to autonomous, independent valuation companies.

• Another scenario to conduct property valuation is for family law mediation, taxation compliance, financial reporting, and determination of the compensation amount given to property owners to acquire the land.

4. What Are The Uses Of Property Valuations?

Valuations are required and beneficial for a variety of reasons:

• Specify limits for buying and selling properties

• Specify a rental amount for rental purchase and sale

• Financial reporting

• Financial dealings related to mortgage

• Settlements of the property of a deceased person

• Settlement of divorce proceedings 

• Rating and taxation assessments (GST)

• Analyse property portfolio

Under the Retail Leases Act 2003, property valuations are also required to determine retail rental issues in disagreements, such as the valuation report acting as prime evidence to present before the Victorian Civil and Administrative Tribunal or a court.

5. What Are The Cost And Time Requirements To Do A Property Valuation?

The property valuation cost depends on the value and size of the property. The charges incurred to carry out the valuation differ from one property valuer to another. In most cases, the valuations cost between $300 and $600.

Ideally, a property valuer takes 2 to 3 days to present the standard three-page valuation report from the date of their visit.

6. Who Are Property Valuers?

Property valuers specialise in a specific type of valuation based on their experience and knowledge, such as residential, commercial, industrial moveable or immovable property.

Independent third parties conduct extensive research to generate tailored valuation reports for many clients, such as lending institutions, vendors, commercial and private investors, insurers, bank buyers, property owners, and local authorities.

They provide an estimated value of land, property, art objects, jewellery, and commercial machinery (in dollars) for their buying, selling, or insuring purposes based on factors such as:

• Age

• Size

• Manufacturer

• Rarity

• Condition

• Quality

• Location

• Regional legislation

• Market demand and supply

• Availability of commutation services, community facilities, and parking (in the case of real estate)

By being licensed, they are legally accountable for the information they provide to their clients.

Property Valuers can also be Assessors who evaluate properties for government tax purposes using computer-aided appraisal systems and mass appraisal techniques. 

Property valuer spends most of their time writing reports. 

Clients judge their competence on the thoroughness and quality of a report. They have good contacts with people and sometimes need to travel to provide services to different clients.

7. What Does A Property Valuer Do In Australia?

A licensed property valuer performs the following tasks and duties in Australia:

• Estimate real estate or property values for rental or sale purposes.

• Estimate the value of buildings and land before their redevelopment.

• Estimate the reconstruction cost of land for insurance purposes.

• Help clients, including private businesses and governmental officials, manage land assets by advising them about land rights and productive uses.

• Study financial documents, legal documents, and information related to the nearby community to determine the precise value of land or property.

• Study the market to predict future land demand trends and usage trends.

• Work with commercial property developers to maintain updated files on existing property and land values.

• Provide valuation reports as evidence to help in arbitration and mediation.

• Use the appropriate evaluation method for property valuation and submit written assessments of their findings to sellers or buyers.

• Verify legal information of immovable properties in government records.

8. What Tools And Technologies Do Property Valuers Use?

• To work as a property valuer, you must be proficient in working with digital cameras, computers, and other office equipment to assess the condition and quality of assets.

• Valuers also use industry-specific journals, market reports, and reference books to assess common types of assets.

• You may also need to drive vehicles to visit properties or clients and perform on-site evaluations.

• A property valuer may also wear appropriate safety equipment and accessories based on the type of on-site activities.

9. What Skills Are Essential To Become A Property Valuer?

Aspiring property valuers should have the following skills:

• Good character and reputation

• Reasonable numerical ability 

• Good observational skills 

• Good communication skills

• Sound decision-making skills

• Effective report-writing skills

• Analytical approach and critical thinking 

• Able to build strong relationships

• Able to do in-depth research

• Good time management skills

10. Qualifications To Become A Property Valuer In Australia

A university degree in property valuation or relevant training is beneficial to gain experience with the types of assets you want to offer valuation services. It will also enhance your job prospects.

Here are the simple steps to get qualified for a property valuer job in Australia.

• 17 years and above

• Senior Secondary Certificate in English and mathematics

• Complete an undergraduate Bachelor's degree in Property Valuation/ Bachelor of Property and Real Estate.

Alternatively, undertake a Vocational Education Training qualification in property valuation.

Several training institutions in Australia offer certificate or diploma property valuer courses in Australia to gain foundational knowledge and skills in this field.

11. Steps To Become A Property Valuer In Australia

You need to obtain a certification to work as a property valuer in Australia. Knowledge of the proper steps to gain a qualification and industrial experience will make it easier to become a licensed property valuer in Australia.

Follow these steps in sequence to learn how to become a registered valuer in Australia:

• Step 1: Starting as a real estate agent is an excellent way to enter this industry. Certificate IV in Property Services (Real Estate) provides a basic understanding of all the facets of the real estate and property industry, including valuation, sales, and property management. 

• Step 2: To become legally qualified to work as a Property Valuer in industrial, residential, and commercial spaces, you must complete a Bachelor of Property and Real Estate. 

• Step 3: To become a Certified Practicing Valuer (CPV), you must complete an accredited qualification and fulfil the academic entry requirements to become a member of the Australian Property Institute.

Accreditation requires an approved university-level qualification in property, along with two years of professional experience.

12. Degree Courses And Certifications To Become A Licensed Property Valuer in Australia

Bachelor of Commerce (Property Development and Valuation) - Curtin University 

This is the only university-level undergraduate degree course in Western Australia approved for Certified Practicing Valuer accreditation.

Certificate IV in Property Services (Real Estate)

The following training schools/centres in Australia offer this course:

NSW TAFE

Property valuer course NSW is a must-have nationally recognised training qualification to begin or progress in their real estate career.

The qualification teaches about the legal framework behind the Australian real estate industry. It imparts the necessary skills for real estate sales and property management.

Bachelor of Property and Real Estate

This degree course prepares all aspiring real-estate graduates to make a career in financial management, property valuation, property development, business principles of law and accounting, and a broad range of property-related jobs.

Accredited by the Australian Property Institute and the Royal Institution of Chartered Surveyors, the qualification fulfils the requirement of the growing property industry.

The two leading universities in Australia offer this course:

• Deakin University

• Griffith University

Bachelor of Property Valuation

This three years degree course prepares a student to work as a property valuer in the housing, commercial and government sectors in Australia and worldwide.

Undergoing the course, a student gains theoretical knowledge, supplemented by practical skills about:

• Residential, commercial, rural, and retail valuation 

• Types of property usage, building styles, heritage matters, and cultural land rights, 

• How regulation, legal precedents, and legislation in Australia are reinforcing property valuation practice.

Presently, the property valuation courses online are offered by the following Australian universities:

• RMIT University

• CQU University Australia

Certified Practicing Valuer Course – Australian Property Institute

A CPV certification legally permits a professional to work as a property valuer in Australia. The certification unlocks many employment opportunities and is considered a prerequisite by all vital financial institutions when hiring professionals for valuation services.

Those who meet the following criteria are eligible to take a certified valuer course:

• Completed an API CPV-accredited course

• Completed all required API Practical Valuation Training program

• Completed the API Admissions module to the mandatory level

• Accrued at least two years of experience in real estate property valuation in the past four years

Membership Programs at Australian Valuers Institute

The Valuers Training Institute provides students with the Certified Professional Development Points and Advanced Diploma of Property Valuation courses. 

The training courses entail learning feedback and support from experienced valuers who have in-depth knowledge about practical and theoretical elements of the property valuation industry.

Advanced Property Valuation Course is an official and recognised course by the Australian Valuers Institute. After completing the course, students can register as CPV with the Australian Valuers Institute.

The Valuers Training Institute offers several convenient and affordable online courses that students can access and learn at their pace. The institute provides different property valuation courses to students based on the four types of membership such as:

• Student Membership

• Associate Membership

• Certified Property Valuer

• Certified Business Valuer

• Certified Retail Valuer

13. How To Become A Property Valuer In Queensland?

After completing the relevant education, apply for valuer registration by following the two steps:

Step 1: Fill out the Application form for registration as a Valuer if:

You meet the below qualifications of the board:

• Good fame and character 

• A legally fit and proper person 

• Completed a board-approved degree/ post-graduate degree 

• Passed the board's examination (an interview and the presentation of 4 sample valuation reports in Queensland)

• Have practical experience of a minimum of 2 years under the direction of a Queensland registered valuer.

• A member of an approved institute with recognised certification.

After submitting your electronic registration application, the committee members will assess it for completeness and authenticity.

Step 2: Attend an Interview or Oral examination in the board's presence.

Based on your sample valuation reports and interview, the board will determine your competency to value property in Queensland.

Applicants should show their familiarity with the contents of the valuation reports and professional standards imposed by the Valuers Registration Act 1992 and Valuers Registration Regulation 2013.

Explain the methodology you have adopted and your understanding of techniques and principles of valuation.

Refer to the Registration Guidelines as a Valuer in Queensland before applying for registration.

14. How To Become A Property Valuer NSW?

To undertake valuation work in NSW, valuers should complete the approved course and register as a valuer with NSW Fair Trading.

Valuers can also apply for membership in the Australian Property Institute and the Australian Valuers Institute. By having a membership and other experience, you can become a Certified Practicing Valuer in NSW.

These institutes also offer student membership to eligible students. To become a non-real estate valuer, consider obtaining members of The Auctioneers and Valuers Association of Australia.

15. How To Become A Property Valuer In Victoria?

Victoria's property valuation profession works per the valuers' code of conduct. The process involves continuous data reviews and ongoing analysis of developments in the real estate market.

Conducting infrastructure development and municipal valuations in the city implies high demand for qualified valuers in private and government industries.

Students taking a course leading to a Bachelor of Property Valuation degree at RMIT University, Deakin University, and the University of Melbourne can apply for the trainer valuer program. This is to complete their degree and develop personal and professional skills as property valuers.

Other eligibility conditions to take the training course include the following:

• Permanent residents or citizens of Australia

• Able to occasionally work in regional Victoria

• Holding a valid Victorian driver's license

• Able to undertake a National Police Record Check

Valuers who meet the above criteria can apply for the training by submitting their Trainee Valuer Scheme application form, along with a resume and cover letter, to the Valuer-General Victoria.

Under this scheme, a trainee will study and work simultaneously to complete the industry requirements:

• Study full-time for approx. three years

• Complete at least 15 weeks of job placement as organised by Valuer-General Victoria once a year

Successful completion of the training program will make valuers eligible for permanent employment in the Victorian public service, which includes:

• Full-time job with Valuer-General Victoria 

• Two years of monitored work experience

After gaining work experience, valuers can apply for the API Certified Practising Valuer position in Victoria.

16. How To Become A Registered Valuer In WA?

A property valuer in Western Australia must obtain a land valuers license from the Department of Mines, Industry Regulation and Safety to work legally in Western Australia.

Candidates in the below categories can apply for a land valuers work permit in WA.

• Member of API

• Having a prescribed degree, or a certificate, along with practical experience 

• Have held a license with the previous five years

For information related to the permissible qualifications, check the application requirements.

In addition to the above requirements, a valuer should be legally fit and of good conduct. Applicants must also provide two independent business referees who can confirm their good reputation and character. Of them, at least one has to be a licensed land valuer.

As a part of the license application, all applicants must mandatorily provide an Australian police check that is less than three months old.

To satisfy the above eligibility conditions, applicants must duly fill out the application form and submit it along with the necessary documents and fees in person or by email. 

17. Working Conditions For A Valuer In Australia

Each day of a property valuer is unique and varied. A typical day comprises performing property inspections, frequent client interaction, market value estimation, market research, and report writing for several purposes. 

They spend a lot of time writing reports as their competence is judged based on a report's diligence, accuracy, and quality.

Property valuers generally work in offices, private homes, commercial and residential properties, museums, vacant land, industrial worksites, art galleries, jewellery stores, antique shops, and auction rooms.

They have flexible working conditions and work standard business hours. The profession allows them to work remotely (on the road or from home).

However, property valuers must frequently travel to meet clients at home or at their valuation sites (within or outside the state) to evaluate property or items for valuation. Sometimes they may even need to visit clients on weekends and evenings.

18. Employment Opportunities For a Property Valuer In Australia

A career in valuation prepares you to embark on an exciting professional journey in property. Private sector companies or government departments generally employ property valuers. They can also work independently as a self-employed valuer.

Top recruiters in the private sector include valuation firms, real estate businesses, auction houses, financial establishments, insurance companies, and building societies.

Trainees or freshly hired valuers spend time on property management and real estate sales.

Valuers who have completed Certificate IV in Property Services (Real Estate) can work in the following positions after securing a work permit.

• Body Corporate Manager

• Buyer's Agent

• Real estate agent

• Auctioneer

• Property Manager

• Salesperson

• Business Broker

• Support Staff Member

A graduate who holds a Bachelor of Property Valuation degree is ready to explore a wide range of career opportunities, including:

• Property Valuer

• Property Advisor

• Asset Manager

• Property Developer

• Property Manager

• Owners Corporation Manager

• Land economist

19. What Is The Job Outlook For Property Valuers In Australia?

Valuations form the foundation of the balance sheet of every company. Property valuation strengthens the property industry, enabling property transactions, finance, and development.

Short-term demand for property valuation goes hand in hand with fluctuations or growth in the real estate market. In contrast, population increases and economic expansion drives long-term demand.

In Australia, the employment of real estate assessors and property valuers will rise quickly. 

Looking at the expansion and growth potential of the real estate industry in Australia, there are always plenty of jobs available for all who desire to make a career in this dynamic field.

Increased use of mobile technology enables valuers to evaluate properties more efficiently, which will, in turn, result in increased productivity in the future.

20. What Can I Earn As A Property Valuer In Australia?

As per Glassdoor data, the property valuer job roles in Australia range from $54k to $112k.

The average hourly property valuer salary in Australia is $28 or the equivalent of $76,871 per year in Australia.

21. What Industry Bodies Regulate Property Valuation In Australia?

• Auctioneers and Valuers Association of Australia

• Australian Property Institute

• The Australian Valuers Institute

22. Conclusion

The real estate and property market are constantly changing and evolving. The continuous fluctuations in market trends make it an attractive and rewarding career option for people.

The relevant courses and networking are crucial to widening your thinking, building and nurturing work relationships, and encouraging word-of-mouth referrals. All this will help you make a successful career in property valuation in Australia.

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