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Legislative Assembly for the ACT: 1997 Week 6 Hansard (19 June) . . Page.. 1894 ..

(5) (a)

The method of sale for each property is set out in the table above. The term used is defined as follows:

Tenant - sold to the tenant for price supported by licensed valuer;

Auction - sold by nominated agent at auction;

Post Auction - sold by nominated agent after auction for price supported by

licensed valuer.

(5) (b)

The listed price of a post auction property is generally set at or above the valuation range depending on market feedback. This allows for flexibility in negotiation. Between 1 April 1997 and 12 May 1997 there were two instances in which properties were sold below the valuation range. Both properties remained unsold post auction for many weeks. The valuations of both properties were re-appraised by the Australian Valuation Office during this time, and the price reduced accordingly.

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