Centrelink Property Valuations

[Wake]

Hi,

Not sure if this is in the right section, but hoping someone might know the answer.

How does Centrelink value property when determining assets held by a pensioner? A friend's mother owns a parcel of rural land (no dwelling on it) and she has just been advised that Centrelink has valued it at an amount that will mean she loses her pension. Her son believes the valuation far exceeds what the current market value is, based on his conversations with some local agents.

We had a brief conversation about how selling the land could possibly result in his mother living a more comfortable lifestyle than she currently does on the pension, but that is a different matter.

Does Centrelink use registered valuers, and if so, would they be obliged to provide comparible sales data etc?

Thanks

Wake

 

[Muz]

Centrelink

Hey there Wake,

The attached from the Centrelink website might answer your questions.

http://www.centrelink.gov.au/internet/internet.nsf/filestores/rt012_0701/$file/rt012_0701en.pdf

 

[Kiwi Investor]

Centrelink would probably use the Australian Valuation Office (or AVO), check www.avo.gov.au (I think). They are the provider of valuation services to the Federal Govt and agencies.

And yes they would all have to be Registered Valuers to undertake this work. There should also be a method of dispute if you dont agree with a valuation they undertake, but don't take that as gospel please. They may get around this as Centrelink are the 'client' if you like and not 'joe public'. A RE agents opinion of value would probably noy hold much weight in this situation. You may be best to get your own valuation report and submit it to Centrelink.

Hope this helps.