The Land Transactions Policy mandates that public entities must obtain, and use, valuations from the Valuer-General Victoria (VGV) when seeking to:
- sell an interest in land
- purchase an interest in land
- pay compensation in respect of a compulsory acquisition or 'loss on sale'
- grant or acquire a leasehold interest in land.
An 'estimate of value', as opposed to a certified formal valuation, must not be used for the sale, purchase or compulsory acquisition of land. Health Services may use an 'estimate of value' to inform its decision making with respect to a particular land transaction. 'Estimates of value' may be sought directly from the Valuation Services Panel.
The currency of a valuation report is often three months after the date of valuation. VGV must be consulted prior to an offer being made where the valuation advice is outside the period of currency. On request, VGV will determine if the valuation advice is still current or a review and update of the advice is necessary.
|Transaction Type||Valuation Required|
|Inter-agency transactions and transactions with Council/ Commonwealth||It is mandatory to obtain one VGV valuation|
|Non-government transactions of land with a likely value of less than $750,000 (ex GST)||It is mandatory to obtain one VGV valuation|
|Non-government transactions of land with a likely value that is equal to or greater than $750,000 (ex GST)||It is mandatory to obtain two valuations, being: