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Market Valuation with No Market – Valuing Properties with Little Evidence

Peter Young (Chairman of Robertson Young Telfer, Property Consultants and Valuers, Auckland, Hamilton, Wellington and Christchurch, New Zealand.)

Journal of Property Valuation and Investment

ISSN: 0960-2712

Article publication date: 1 September 1994

Abstract

Discusses the valuation “public sector assets” comprising public parks, infrastructural assets (roads, drains, water supply, etc.), hospitals, schools, universities and the like; and takes a passing look at the modern public sector accounting practices which appear to create a need for such valuations. The question about Cwhether or not accounting and valuation technicians and definitions which are applied to private sector profit making commercial organizations can be applied to public sector non‐profit making entities is also examined. Since, in most cases, there is no market for such assets does a valuation serve any useful purpose in any accounting, accountability or management framework? Indeed, are the utilities used by public sector organizations strictly “assets” as that term is normally understood? What “bundle of rights” attaches to such public facilities as parks and roads? To the entity responsible for the provision and maintenance of such “assets” are they not more in the nature of liabilities?

Keywords

Citation

Young, P. (1994), "Market Valuation with No Market – Valuing Properties with Little Evidence", Journal of Property Valuation and Investment, Vol. 12 No. 3, pp. 9-27. https://doi.org/10.1108/14635789410063896

Publisher

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MCB UP Ltd

Copyright © 1994, MCB UP Limited