Australian Valuation Office closes after 113 years

The peak body for valuers in Australia, the Australian Property Institute (API), has announced it has begun working alongside former Australian Valuation Office (AVO) valuers and the Federal government following the closure today of the AVO and its branches throughout Australia.

Parliamentary Secretary to the Treasurer Steven Ciobo said the Australian Valuation Office will cease to provide services from June 30.¬†“A compelling case for the Commonwealth providing its own valuation services no longer exists, particularly given there is a highly competitive market of private sector providers,” Ciobo said in a statement on Friday.

The office has been delivering valuation services exclusively for the government since 1910, but has become unsustainable, with expected losses of up to AU$4 million this financial year. It has also been reported that a further AU$1 million would have been required to bring its IT equipment up to date.

API National President Tony Gorman said it was extremely sad news that after 113 years the AVO had been closed. However he said the API intends to work alongside valuers affected by the closure.

The API wishes to meet with the Federal government as a matter of urgency to work through how valuation work previously done by the AVO can be deployed throughout the valuation industry, thus creating employment opportunities for affected valuers.

It is believed that close to 200 staff members have been offered redundancy. Mr Gorman added that the API plans to consult with the Australian Services Union to look at how valuers could be assisted during this difficult period.

Mr Gorman encouraged former AVO valuers to contact the API divisional offices in each state for advice. Contact details at www.api.org.au.

Show More

News Room

If you have any news for the Real Estate industry - whether you are a professional or a supplier to the industry, please email us: newsroom@eliteagent.com