Most people think that Valuations are an exact science and that the valuers all have similiar opinions. The media made out when attacking my companies that I was robbing people because they had a valuation below what we were selling it for. How can that be when valuers can not even agree on what a property is worth.

Here are some of the different valuations from valuers, please can someone tell me which one is correct, or are they merely opinions which is what I beleive. The media had everybody beleiving I was robbing people just because of a low valuation. We have these valuations on file.

Mermaid Waters Lot 40          

Corbetts                14/10/1998                  $205,000 

Herriots                 20/10/1998                  $210,000

Preston Rowe        22/10/1998                  $215,000

Taylor Byrne          21/10/1998                  $235,000

Who is correct, there is a $30,000 difference all made in the same month, which is 15% difference and this is before GST was added on?

High St Southport

Kohler Bird                    10/11/1999         $150,000

Eccleston Fraser             25/11/1999         $130,000-$135,000

PRP                               17/1/2000            $125,000

Which one is correct?

I can also point out a Valuation done by Eccleston Fraser at Carrara for a Gold Coast City Councillor for $147,000, he bought if for $149,900 from the developer while it was being sold through PRD Realty.

Yet when we sold the exact same property next door the Valuation dropped by $15,000 to $132,000 simply because our purchaser was from interstate rather than local. Upon speaking to the valuer he informed me that the valuation was lower because my "purchaser did not know the values". I agreed and said that I had "shown him a copy of your valuation for $147,000" so why did it change overnight? He then terminated the call after maintaining his valuation for $132,000 stands. 

Herron Todd white also valued a property for the developer to get $20,000,000 worth of development funding and they said the property should sell for $220,000 we started selling at $220,000 as per HTW valuation, they then dropped the valuation to $170,000 a $50,000 drop for only $200,000 worth of investment property finance. Was it because my company was selling or was it a mistake, either way it was totally unacceptable.

If the first valuation for $220,000 was wrong and a mistake as Mr Lacey the CEO of HTW told me it was, that means that a developer got $20 Million worth of funding wrongly,or possibly fraudulently.

If the second Valaution was wrong, which is what I maintain, the reason being is that you would think there would be more work and analysis put into a valuation for $20 Million rather than a $220,000 valuation, therefore the first one should have been correct. The pricing would certainly suggest this as the $220,000 Valuation would have cost between $200 and $400 whereas the Valauation for the $20 Million would have cost between $10,000 and $20,000. It is hard for me to beleive the first valuation was wrong when it cost 50 times as much, or am I just being cynical?

Other Valuers valued at the $220,000 selling price. The Valuers got to the stage that they would value properties for less if they new we were selling them, we caught on to that and took our name of the contract, they than went to the system of valueing lower if the purchasers were not local. What I want to know is how does a property change in value because of where the purchaser lives?