Land valuer fined $4,000 for failing to meet accepted industry standards
· Inaccurate valuations have implications for buyers, sellers and tax purposes
· Maintaining standards is vital in upholding community confidence in the industry
An Applecross land valuer has been reprimanded and fined $4,000 by the State Administrative Tribunal for failing to maintain basic industry standards when preparing estimates for four WA properties.
Graeme John MacEwanfaced disciplinary action by Consumer Protection after breaching the Licensed Valuers Code of Conduct by failing to consider sufficient relevant sales evidence or other information during his valuation, as well as failing to provide sufficient explanation in respect of assumptions made or methodologies used to form the estimate of value.
The valuations were carried out between February 2018 and May 2019 and related to land in Cannington, Bentley, Breton Bay (near Ledge Point) and Spalding (Geraldton), all owned by the same group of companies.
Mr MacEwan, who has held a land valuers’ licence for more than 40 years, did not carry out his work in accordance with the industry’s accepted principles and practices and, as a result, may have produced inaccurate estimates.
Commissioner for Consumer Protection Gary Newcombe said it is vital for valuations to be accurate.
“The credibility of the industry is at stake so established practices and acceptable standards need to be maintained at all times by licensed valuers to uphold the community’s confidence in the property industry,” Mr Newcombe said.
“Land price estimates that are either under-valued or over-valued can have serious financial implications for buyers and sellers, as well as for taxation purposes.
“Poor valuations are difficult to detect as unsuspecting clients usually accept them at face value, but anyone who has doubts about the accuracy of a valuation should contact Consumer Protection.
“Considering the length of time that Mr MacEwan has spent in the industry, there is no excuse for his sub-standard work and for not carrying out his duties in accordance with the Australian valuation industry’s accepted principles and practices.”
