After months of extensive advocacy from the Property Council the Queensland Government last week announced that the Land Valuation Amendment Bill 2023 will not be progressed until further consultation is undertaken and statutory guidelines finalised.
As part of further consultation on the Bill the Valuer-General is establishing a Technical Advisory Panel drawing on valuation experts from the private and public sector.
This panel will meet regularly over the next six months to support the development of guidelines to provide consistency on technical statutory valuation matters.
The Property Council repeatedly raised concerns on key aspects of the Bill including:
- A right for the Valuer-General (VG) to make binding statutory guidelines about matters relating to valuation of land
- Removal of the current provision that the added value of Agreements to Lease encumbered to a parcel of land when it is sold is secluded from Site Value
- Changes to the manner Deductions for Site Improvements are, with Deductions being required to be made by an approved form but not as an objection ground
- The removal of the requirement the VG offer an Independently Chaired Conference (ICC) where the Site Value is greater than $5,000,000
- Changing the definition of a lot and a parcel
- Expansion of the disclosure requirements for parties prior to start of an objection conference
- Changes requiring agents to disclose material which may relate to another client.
Meaningful consultation is the cornerstone of good policy and the Property Council has welcomed the move to establish a Technical Advisory Panel.