58Valuing a relevant property

58  Valuing a relevant property

Ascertaining the value of a relevant property

 (1) This section applies where it is necessary for Housing Australia to ascertain the value of a property at a particular time because of:

 (a) a provision of the Act or this instrument; or

 (b) a term of an arrangement.

Example: It would be necessary to value a property where a participant wishes to make a voluntary repayment under section 43, because such a payment must reduce the Commonwealth share percentage by at least 5% of the value of the property, and the size of the payment required to meet that condition will depend on the value of the property at the relevant time (see section 25).

 (2) The value of the property is the value that Housing Australia is satisfied most closely represents the property’s market value, based on:

 (a) a valuation provided by an independent expert acceptable to Housing Australia who:

 (i) holds the authorisations (if any) that they are required by law to hold in order to provide valuations in the jurisdiction in which the relevant property is located; and

 (ii) if there are no such legal requirements for the relevant jurisdiction—is a valuer that Housing Australia considers has the appropriate experience and qualifications taking into account the legislative requirements in other jurisdictions; and

 (iii) operates on an arm’s‑length basis from the applicant or participant; and

 (b) any other valuation that Housing Australia considers it appropriate to take into account; and

 (c) any other matter that Housing Australia thinks is relevant.

Note: Subsection 13(2) requires Housing Australia to ensure that each arrangement contains such terms and conditions as are necessary to enable it to comply with the requirements of this instrument. As such, each arrangement will need to ensure that the valuation requirements under that arrangement reflect this section.