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There are over 914,000 properties in our State, each requiring a Site Value and Capital Value (including a number of occupancy assessments e.g. an office building with many tenants). This is getting close to 1.85 million valuations determined by the Valuer-General every year and is constantly growing as our State continues to grow.
If you could physically inspect 10 properties per day, that would be 50 properties per week, or 2,600 per year – which is only 0.28% of all the property in the State! That would mean 352 valuers working round the clock – which is not only impossible, but not sensible or necessary.
Mass appraisal is the primary valuation methodology adopted in South Australia and across many parts of the world. Through the course of the year, Land Services SA collect data, undertake research and analysis with the aid of sales evidence and market reports on behalf of the Valuer-General.
Properties that are similar in nature, possibly due to locality, land size, property type, vintage, size of equivalent main area and use are grouped into sub-market groups.
The research and analysis is utilised to indicate how the market has performed relative to each of those sub-market groups. The result of such analysis is the adoption of an index which is applied to every property within that particular group. There are over 2,300 sub-market groups in South Australia and whilst some might have similar indices applied, each and every one is analysed separately.
Property valuations aim to reflect market value and are based on how the market has performed in the prior calendar year. The Date of Valuation is 1 January, valuations come into effect on 1 July each year.
Our Property Valuations - Understanding the Process fact sheet is available here for further information.