Murdesk Investments v Roads Corporation [2006] VSC 363 Compensation for compulsory acquisition of part of land Before and after value – – Pointe Gourde principle Hypothetical zoning Hypothetical availability of services – – – Highest and best use Comparable sales Enhancement Severance Expert – – – – evidence Land Acquisition and Compensation Act 1986, ss.40, 41, 43. – Perpetual Trustee Company Ltd & Anor v Valuer-General, Trust Company of Australia Ltd & Anor v Valuer-General [2006] SASC 216 REAL PROPERTY VALUATION OF LAND - STATUTORY VALUES CAPITAL VALUE – – Appeal against assessment by Valuer-General of the capital value of land definition – of "capital value" meaning of "unencumbered" whether allowance must be made – – for a let-up period in determining "capital value". ISPT Pty Ltd v Melbourne City Council & Anor [2008] VSCA 180 VALUATION OF LAND Application for leave to appeal decision of Victorian Civil – and Administrative Tribunal Role of the Tribunal Whether expert tribunal – – – Whether Tribunal pieced together own valuation. VALUATION OF LAND Highest and best use Whether single precise use or – – combination of uses. VALUATION OF LAND Comparable Improved and unimproved sales Vacant – – – land sales Weight to be given to valuer’s evidence. – Challenger Property Asset Management Pty Ltd & Anor v Stonnington City Council & Anor [2011] VSC 184 VALUATION OF LAND Meaning of value” Meaning of improved – “site – “capital value” and whether to let” deduction required and best use” “vacant – “highest – Falconer principle sales of other properties and their relevance as comparable sales – or on other bases Valuation of Land Act 1960 (Vic). – REAL PROPERTY Meaning of fee simple in possession lease an – – “Whether encumbrance”.
Murdesk Investments v Roads Corporation [2006] VSC 363 Compensation for compulsory acquisition of part of land – Before and after value – Pointe Gourde principle – Hypothetical zoning – Hypothetical availability of services – Highest and best use – Comparable sales – Enhancement – Severance – Expert evidence – Land Acquisition and Compensation Act 1986, ss.40, 41, 43. Perpetual Trustee Company Ltd & Anor v Valuer-General, Trust Company of Australia Ltd & Anor v Valuer-General [2006] SASC 216 REAL PROPERTY – VALUATION OF LAND - STATUTORY VALUES – CAPITAL VALUE Appeal against assessment by Valuer-General of the capital value of land – definition of "capital value" – meaning of "unencumbered" – whether allowance must be made for a let-up period in determining "capital value". ISPT Pty Ltd v Melbourne City Council & Anor [2008] VSCA 180 VALUATION OF LAND – Application for leave to appeal decision of Victorian Civil and Administrative Tribunal – Role of the Tribunal – Whether expert tribunal – Whether Tribunal pieced together own valuation. VALUATION OF LAND – Highest and best use – Whether single precise use or combination of uses. VALUATION OF LAND – Comparable – Improved and unimproved sales – Vacant land sales – Weight to be given to valuer’s evidence. Challenger Property Asset Management Pty Ltd & Anor v Stonnington City Council & Anor [2011] VSC 184 VALUATION OF LAND – Meaning of “site value” – Meaning of “capital improved value” and whether “vacant to let” deduction required – “highest and best use” – Falconer principle – sales of other properties and their relevance as comparable sales or on other bases – Valuation of Land Act 1960 (Vic). REAL PROPERTY – Meaning of fee simple in possession – “Whether lease an encumbrance”.
VGV_MGV_GeneralProvisions_August-2011_Accessible.docx