A property valuation is the price at which a property would trade in a competitive open market. A depreciation schedule is different, as we work out how much the property would have cost to build on the year it was built i.e. an historical construction cost (capital works allowance). We then put a value on the individual plant and equipment elements in the property.
Unless they are otherwise qualified, valuers, real estate agents, accountants and solicitors generally have neither the relevant qualifications nor the experience to make such an estimate. (Tax Ruling 97/25 of the Income Tax Assessment Act (1997))