ABSTRACT
Residential property valuation practice has been subject to significant change over the last three decades, through technology and challenges to previous paradigms. Technology is just a tool and tools will change. The purpose of the valuer is not confined to determining the value of a dwelling, they are also entrusted to assess why that particular dwelling in that unique location has that value at that point in time, under a particular set of sale conditions. Valuations are founded generally on two basic concepts, being market value and highest and best use. It is important that the valuer not only know these principles but why a deviation from these principles can lead to the valuer failing to meet their obligations under their instructions. The world of geocoding and spatial analysis is under constant change and is an area where the modern valuer can rapidly obtain an overview of the changing spatial dynamics that will impact on property value.
