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Is the valuer the barrier to identifying the value of sustainability?

Warren-Myers, Georgia 2013, Is the valuer the barrier to identifying the value of sustainability?, Journal of property investment and finance, vol. 31, no. 4, pp. 345-359, doi: 10.1108/JPIF-01-2013-0004.

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Title Is the valuer the barrier to identifying the value of sustainability?
Author(s) Warren-Myers, Georgia
Journal name Journal of property investment and finance
Volume number 31
Issue number 4
Start page 345
End page 359
Total pages 15
Publisher Emerald Group Publishing
Place of publication Bingley, England
Publication date 2013
ISSN 1463-578X
Keyword(s) valuation
Summary Purpose - Broad-scale investment in sustainability is limited due to the lack of evidence of the relationship between sustainability and the property’s market value. Although evidence is amassing and being analyzed through advanced modeling, this evidence is not being reflected in the valuation process. Valuers have a pivotal role in financial markets, in the reporting of asset values. Consequently, they are the current barrier in large-scale investment in sustainability, due to their lack of reporting or consideration of sustainability in the valuation process.

Design/methodology/approach - This research investigates, in the Australian context, whether valuers’ are incorporating sustainability as a consideration in the valuation process and their depth of reporting on it. Further, the research investigates whether valuers’ have the knowledge and skills to accurately report on sustainability in the valuation process. This research used an online survey to gather responses from valuers around Australia, using a combination of structured and semi-structured questions.

Findings - This paper has identified that valuers are identifying a value relationship between sustainability and market value, and clearly emphasizing that they are not the barrier to this relationship from a lack of inclusion in valuation practice. However, what this research has identified is that although valuers are acknowledging sustainability in their practice, they maybe inhibiting further investment in sustainability due to inaccurate or misjudged assessments of sustainability in valuations.

Practical implications - The research highlights the implications for the broader market and the valuation profession, as a result of the valuers’ current lack of knowledge, skills and ability to incorporate or consider sustainability in the valuation process. The potential for inaccurate knowledge regarding sustainability being incorporated in the valuation process is very high, and could potentially have litigious issues in the future.

Originality/value - The research has highlighted that although valuers are beginning to consider sustainability at some level in the valuation process, their current knowledge of sustainability and its implications to long term viability is limited and in some cases grossly inaccurate. Consequently, this research has identified there is an imperative requirement for investigation into appropriate, accurate knowledge development in the field of sustainability for the valuation profession.
Language eng
DOI 10.1108/JPIF-01-2013-0004
Field of Research 150403 Real Estate and Valuation Services
Socio Economic Objective 900203 Property Services (incl. Security)
HERDC Research category C1 Refereed article in a scholarly journal
Copyright notice ©2013, Emerald Group Publishing Limited
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Document type: Journal Article
Collection: School of Management and Marketing
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Created: Tue, 30 Apr 2013, 14:18:51 EST by Aysun Alpyurek

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