Parrington Property Valuers

image With a professional background in valuations and real estate since 1972, Russell Parrington, Managing Director of Parrington Property Valuers, has a wealth of diverse experience in Victoria’s property industry.

He is passionate about providing independent, insightful, concise advice to his clients in his valuation reports. He draws upon the vast sales and rental information and its indicative trends from different sources such as auction results, local agents, local councils and economic commentators.

This unique synergy benefits his clients, assuring peace of mind and a degree of certainty in their property transactions. Russell believes professional advice can be required to help with a property negotiation or settle a dispute. It can be powerful and make a difference to the final outcome.

Russell is on the Presidents Panel of the Australian Property Institute, is an accredited REIV Sworn Valuer, and a Member of CPD Committee of Australian Property Institute.

Clients Include:

  • Solicitors
  • Investors/Landlords
  • Government Authorities
  • Body Corporate Managers
  • Buyers
  • Vendors
  • Accountants
  • Estate Agents

Definition of Market Value

The definition of “market value” contained in the International Valuation Standards clearly restates the principles for determining market value as set out by the High Court of Australia in Spencer v The Commonwealth of Australia on the 29 October 1907.

“To arrive at the value of the land at that date, we have, as I conceive, to suppose it sold then, not by means of a forced sale, but a voluntary bargaining between the plaintiff and a purchaser, willing to trade, but neither of them so anxious to do so that he would overlook any ordinary business consideration.  We must further suppose both to be perfectly acquainted with the land, and cognisant of all circumstances which might affect its value, either advantageously or prejudicially, including its situation, character, quality proximity to conveniences or inconveniences, its surrounding features, the then present demand for land, and the likelihood, as appearing to persons best capable of forming an opinion, of a rise or fall for what reason soever in the amount which one would otherwise be willing to fix as the value of the property.”

“Liability limited by a scheme approved under Professional Standards Legislation.”

API Member