Victorian Consolidated Legislation

Valuation of Land Act 1960 - SECT 5A

Determining value of land

5A. Determining value of land



(1) Unless otherwise expressly provided where pursuant to the provisions of
any Act a court board tribunal valuer or other person is required to determine
the value of any land, every matter or thing which such court board tribunal
valuer or person considers relevant to such determination shall be taken into
account.

(2) In considering the weight to be given to the evidence of sales of other
lands when determining such value, regard shall be given to the time at which
such sales took place, the terms of such sales, the degree of comparability of
the lands in question and any other relevant circumstances.

(3) Without limiting the generality of the foregoing provisions of this
section when determining such value there shall, where it is relevant, be
taken into account-

   (a)  the use to which such land is being put at the relevant time, the
        highest and best use to which the land might reasonably be expected to
        be put at the relevant time and to any potential use;

   (b)  the effect of any Act, regulation, local law, planning scheme or other
        such instrument which affects or may affect the use or development of
        such land;



   (c)  the shape size topography soil quality situation and aspect of the
        land;

   (d)  the situation of the land in respect to natural resources and to
        transport and other facilities and amenities;



   (e)  the extent condition and suitability of any improvements on the land;
        and

   (f)  the actual and potential capacity of the land to yield a monetary
        return.

(4) For the purposes of subsection (3), where a water share has been
determined to be associated with any land that is specified in a water-use
licence or water-use registration under the Water Act 1989, that fact is
deemed to be relevant when determining the value of that land.

(5) In this section, water share, water-use licence and water-use registration
have the same meaning as in the Water Act 1989.

(6) Subsections (4) and (5) and this subsection expire on 1 July 2008.