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Use A Registered Valuer, Property Institute Urges

MEDIA RELEASE

Wednesday January 17 2000

USE A REGISTERED VALUER, PROPERTY INSTITUTE URGES PEOPLE INVOLVED IN RURAL LAND DEALS

The New Zealand Property Institute today urged parties to rural land deals to make sure that they use a registered valuer. This follows reports of some rural land appreciating by around 40% over the last year. Rising farm prices have prompted a Federated Farmers warning to farm buyers not to put themselves in financial difficulties by bidding up the prices paid for rural land. Property Institute CEO, Conor English, said today, "With such a buoyant market, getting it wrong can cost buyers or sellers dearly. A buyer could pay far too much, or sellers receive too little.

"Given that the average farm is worth hundreds of thousands of dollars, both buyers and sellers would be well advised to spend a few hundred dollars to use the expert independent skills of a New Zealand Property Institute Registered Valuer.

" Transactions involving rural property are large. It wouldn't be hard to recover the small investment in an independent valuation. In fact some might say you would be nuts not to get one," Mr English concluded.

Contact: Conor English, CEO, NZ Property Institute - 04 385 8436, 025 410 786

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