2014 Revaluation
Stage 4
Municipality:
Name of municipality
Valuer appointed under
Sec13DA of the VLA:
Name of valuation contractor (individual or company) and
person responsible for returning the valuation under Sec
13DA of the VLA.
Person responsible for the valuation submission (contact for
inquiries).
Ph:
Email:
01/01/2014
Valuer responsible for site/
submission:
Level of value date:
Date of submission:

The following SMGs are provided for certification at stage 4 of the 2014 Revaluation
SMG
Code
110
111
Date submission presented to council requesting
certification under Sec7A of the VLA.
Inspected
Yes or No
(or if part
provide
details)
No
SMG Description
Description of SMG
e.g. Properties in close proximity to water and whose
values are heavily influenced by view and street rate
adjustment factors.
Large region consisting of dwellings erected of behalf of
the Ministry of Housing in the 1980s and now in private
ownership.
Total number of assessments
No.
Assessments
1,000
1,500
2,500
Valuer-General Victoria
2014
Comments regarding the submission
 The stage 2 Audit Report has/has not been reviewed and checked and the amendments
specified in that report have/have not been made.
Provide commentary on decisions/changes made as a consequence of the stage 2 Audit
Report.
Comment on any issues that you wish to bring to the attention of the auditor, for example:
1. Several SMGs were not submitted for certification at stage 2 after discussions with the
council contract manager as there were significant changes to the Planning Scheme in
early 2013 and it was decided to see how the market would be affected by such
changes.
2. The SMGs in this submission have been created by the amalgamation of a number of
rural SMGs from stage 2. This was done after a review of the stage 2 data to better
reflect what is considered to be the main value drivers for the properties submitted.

The Standard Parcel Identifier (SPI) has/has not been provided as part of this submission.
The SPI is a mandatory data element at stage 5.
Market overview
 Below is a brief commentary of the market changes since stage 2:
Reference should be made to changes in market characteristics
i.e. land use changes (residential allotments being redeveloped), re-zonings etc.
Valuation methodology
 Where preliminary valuations (stage 2) were submitted, the valuation methodology used
to construct the valuations at stage 4 has not/ has varied from stage 2.
Comment on reason for change if any.
 Where preliminary valuations (stage 2) were not submitted the methodology to analyse
sales at stage 4 is set out below:
Only comment where no stage 2 submitted for audit.
 Assessments subject to Schedule 2 of the Subdivision Act 1988 are/ are not included in
the submission.
 Reference to the schedule has/ has not been considered in assessing the valuations
If affected describe how the schedule has influenced the valuation model.
Sales analysis
 The sale date range used for analysis is xx/xx/xxxx to xx/xx/xxxx
Comment on the reason why that date range was chosen.
 The date of the last sale is /is not within 30 days of the nominated preliminary date
It not, give substantive reasons why.
 XXX sales that fell within the ‘analysed sale date range’ were excluded from the analysis.
Provide reasons for exclusions.
Comments such ‘as high sale’ or ‘included chattels’ are required to be justified by
reference to information/ data that led to the conclusion to exclude the sale/s.
1
Stage 4 Template
Valuer-General Victoria
2014
 Reasons have/have not been provided within the attached spreadsheet for their exclusion.
The reason ‘high sale’ or ‘low sale’ without evidence of such is not considered sufficient
rationale for exclusion.
 All sales have/ have not been classified as per 2014 Specification guidelines.
All sales must classified as Simp, Svac, Trk, or Ex
 Outliers were/were not inspected and checked to improve data quality and account for any
non-market transactions.
Discuss the resultant change in data quality/SMG composition due to inspection
 The key sales analysed and used in the submission are
Address
Comment
Key land sale
Development site sold with permit for 6 units,
provides from analysis the added value of a
‘permit’
Land in farming zone but inside UGB
 Where preliminary valuations (stage 2) were submitted the methodology used to analyse
sales at stage 4 did/did not vary from stage 2.
 Where preliminary valuations (stage 2) were not submitted the methodology to analyse
sales at stage 4 is set out below;
Only comment where no stage 2 submitted for audit.
Principle site adjusters
 The principle value site adjusters /drivers derived from the analysis and their influence is
set out below
SMG
Code
110
111
Principle site adjusters derived
Water view (WV))
Street rate adjustment factors. (SRA)
Railway line (RL)
Planning overlay restricts ability to subdivide in
certain sections of SMG
Influence
+50% against base rate
- 35% against base rate
Zoning
 Current zonings/planning issues are/ are not reflected in the valuations as follows.
Additional Valuation Considerations
2
Stage 4 Template
Valuer-General Victoria
2014
Heritage Register
 The following properties/ no properties in the submission are listed on the Victorian
Heritage Register;
Assessment No
Council
Assessment No.
V.L.R No.
e.g. H01515
Address
Provide address of property
(as per Heritage Register)
Comments
Comment on what (if any)
influence the registration
had on the assessment of
the property.
Contaminated sites
 The following properties/no properties in the submission that are affected by
contamination issues; (GIS)
Assessment No.
No in EPA Register
(if applicable)
Council
Assessment No.
Address
Comments
Provide address of
property
Comment on what influence (if
any) the contamination had on
the methodology used to
assess the value of the
property.
 The listing(s) was/ was not considered in the valuation methodology applied to the
properties.
Fifteen year provision
 The following properties/no properties in the submission are valued with reference to the
‘15 year provision’ within the VLA;
Assessment no.
Address
Comments
Council
assessment no.
Provide address of property
Comment on how the 15 year provision
influences the valuation of the property
 The listing(s) was/ was not considered in the valuation methodology applied to the
properties
3
Stage 4 Template
Valuer-General Victoria
2014
Analysis of statistical results and conclusions
Tracking graph analysis

The tracking graphs for individual SMGs were/ were not analysed and any obvious
outliers were reviewed to ensure data and valuation integrity.
Using the filtering tool analyse the various property types, value ranges, vacant land or
particular descriptors (age or construction type) to ensure integrity of data and provide
comment on any irregular ratios.
Sales ratio statistics analysis

Listed below are the sales ratio statistics and associated commentary for all SMGs in the
submission
Fill in each component of the table below and provide meaningful commentary/
justification with reference to whether the tolerances for Median Sales Ratio, Coefficient
of Dispersion and Price Related Differential have been met or not
Where the tolerances have not been met provide justifications or explanations in the
comments column.
SMG
code
No. of
sales
110
15
111
20
112
6
4
Median SR
0.9 to 1.0
.98
0.89
0.95
Tolerances
COD
PRD
<10.0
0.98 to 1.03
17.25
13.25
19.12
1.00
1.00
1.00
Comments
The COD is outside of tolerance due
to a high variability of sales ratios. I
have inspected each of these
properties and found the valuation
data held against them to be correct. I
have provided further comments
against each of the outliers in the
audit sheet.
The Median Sales Ratio statistic
shows the undervaluation of
properties within this submarket
group. The majority of sales occurred
four months prior to the construction
of the 2012 valuation. The more
recent sales have a sales ratio greater
than .92 and acknowledge a market
decline of approximately 10 per cent
over the past four months.
This is a rural SMG of 100
assessments. Four of the sales are
representative of the majority of the
assessments, while the other two
were bought by adjoining owners who
paid a premium to gain the land
Stage 4 Template
Valuer-General Victoria
2014
Value shift analysis

Listed below are the results of the analysis of the SMGs with reference to the SV and
CIV shifts for sale and non-sale properties

Tolerances for all SMGs are/ are not within 10% of each other.
Provide meaningful comments/ explanations in the comments column.
Tolerances
Difference between
Difference between
sale and non-sale
sale and non-sale CIV
SV shift <10 per
shift <10 per cent
cent
SMG
code
110
+5.2%
+12.7%
111
+8.0%
+15.9%
112
-3.9%
+5.6%
5
Comments
The majority of sales within the SMG are
vacant allotments, which have changed in
value to a greater extent compared to
improved properties.
The four sales were highly improved
properties with significant improvements.
The attributes that drive value in the SMG
are still relevant to sale and non-sale
properties.
Statistics indicate that the SMG is
comprised of properties with similar value
drivers.
Stage 4 Template
Valuer-General Victoria
2014
Added value of improvements

Listed below are the results of the analysis of the SMGs for sale and non-sale properties
between the 2012 and 2014 valuations with reference to the value change of the
improvements for assessments coded AVPCC 110 or AVPCC 117
When the change in values is significantly different between sale and non-sale
properties provide justification/ explanations.
This should include a commentary on why only sale properties have required descriptor
review.
SMG
Code
% change sale
properties
% change nonsale properties
110
-15
-13
111
+30
+1
+20
+12
112
6
Comments
The added value of improvements of
all assessments in the SMG has
decreased as the allotments, which
are large in size, are being sold for
redevelopment.
i.e. S.Vs have increased significantly
The sale properties were all former
‘Ministry’ properties which have been
significantly renovated, whilst the
remainder SMG remains public or low
value rental properties.
The SMG formed part of the
inspection program for the 2014 Reval
It was discovered that the data held
against the sale properties in several
cases required review.
Stage 4 Template
Valuer-General Victoria
2014
High sale properties
 The top 10 sale prices within the submission (after 1/1/2013) have been Identified and listed
AN
SMG
AN 145 001
AN 150 001
AN 155 001

Address
Sale Price
High Street Sometown
Low Road Sometown
High Street Sometown
Date
$1,500,000 20/04/2013
$2,000,000 30/06/2013
$1,700,000 08/08/2013
CIV12
$780,000
$1,800,000
$980,000
CIV14
$1,400,000
$1,900,000
$1,150,000
Sales
Tracking
Ratio
Ratio
.93
1.92
.95
1.11
.67
1.05
The following comments are provided as explanation where the valuations fall outside tolerances
Valuer to use table below provide explanation where the assessment’s
1. Sales ratio is less than .90
2. Tracking ratio is more than 15 points either side of the median tracking ratio of the SMG
Comment on the movement of these sales properties as compared to similar unsold properties.
AN
Address
AN 145 High Street Sometown
Exception
High Tracking Ratio (1.92)
AN 155 High Street Sometown
Low Sales Ratio (.67)
7
Valuers comment
Inspection of the sale found that area of main
dwelling & condition required amendment
Data held against adjoining assessments verified.
‘Out of line’ sale, purchaser acknowledged that the
property had a special interest
Sales of similar properties justify the levels applied.
Stage 4 Template
Valuer-General Victoria
2014
Valuation changes (%)

The % change (+or-) of individual assessments between the 2012 and 2014 valuations
(CIV and SV) have been / have not been reviewed.
Use the filtering tool in the output file review the valuation changes that are substantially
above or below the median change for each SMG.
Significant individual changes should be justified and a substantiative reason provided.
Exception reporting

Listed below are the exception tests required under Appendix F of the VBP 2014
Specification Guidelines
For the exception tests below, count the number of properties that have failed and
comment on how the errors or anomalies identified occurred and why they have not been
rectified. Do not include Header or Master Assessments in these tests.
Test
SV > CIV
Any SV=0, CIV=0 or NAV=0 or blank
Vacant land assessments with building
details
Vacant land with CIV/SV > 20%
Improved properties with SV=CIV
NAV <5% of CIV.
8
Count
Comments
Number Explanation as to why valuer has
submitted valuation with this error.
0
0
0
38
6
Retain AVPCC 131 in order to
maintain classification of Residential
Investment flat in data
Software problem with rounding, most
@4.99%. Will be rectified at stage 4.
Stage 4 Template
Valuer-General Victoria
2014
Valuation spreadsheet

All influencing factors have been/ have not been included in this submission.
All influencing factors must be shown in the valuation output file.
The Auditor must be able to reconcile your valuation calculations.

Additional columns that have been added to the Valuer General’s Stage 4 template
spreadsheet including an explanation of their effect on the valuation model are listed
below:
Provide the name of the column heading and an explanation of the Value driver and its
effect on the valuation matrix
Column
Heading
VIE
SFC
Explanation
View factor, based on a percentage < or > the base land rate of 600
square metres and applied by assessing the outlook across the
water/valley etc.
Street Factor Code based on a percentage < or > from High Street (the
base street rate).
Mapping

Mapping was/ was not created as per VBP output requirements for this submission.
If not provide an explanation as to why the output requirement was not met

The software program used to create the workspaces is XXXXXXXXX
Provide the name of the software used to create the maps

The person/ entity responsible for the creation of the maps is
e.g. council GIS staff, valuer, external consultant

Findings from the creation of the spatial mapping were used within the valuation process
as set out below
Discussion should include
how the maps were used spatially to identify properties falling outside tolerances
i.e. % increase/decrease and how/if the mapping was used to determine the inspection
program.
Signed
Responsible Officer
(Person responsible for valuations
and putting submission together)
9
Signed
Valuation Contractor
(Person appointed under Section 13DA1 of VLA)
Stage 4 Template