Purpose Improving valuation accuracy, especially for sale and acquisition purposes, remains one of the key targets of the global real estate research agenda. Among other recommendations, it has been argued that the use of technology-based advanced valuation methods can help to narrow the gap between asset valuations and actual sale prices. The purpose of this paper is to investigate the property valuation methods being adopted by Australian valuers and the factors influencing their level of awareness and adoption of the methods. Design/methodology/approach An online questionnaire survey was conducted to elicit information from valuers practising in Australia. They were asked to indicate their level of awareness and adoption of the different property valuation methods. Their response was analysed using frequency distribution, χ2 test and mean score ranking. Findings The results show that the traditional methods of valuation, namely, comparative, investment and residual, are the most adopted methods by the Australian valuers, while advanced valuation methods are seldom applied in practice. The results confirm that professional bodies, sector of practice and educational institutions are the three most important drivers of awareness and adoption of the advanced valuation methods. Practical implications There is a need for all the property valuation stakeholders to synergise and transform the property valuation practice in a bid to promote the awareness and adoption of advanced valuation methods, (e.g. hedonic pricing model, artificial neural network, expert system, fuzzy logic system, etc.) among valuers. These are all technology-based methods to improve the efficiency in the prediction process, and the valuer still needs to input reliable transaction data into the systems. Originality/value This study provides a fresh and most recent insight into the current property valuation methods adopted in practice by valuers practising in Australia. It identifies that the advanced valuation methods could supplement the traditional valuation methods to achieve good practice standard for improving the professional valuation practice in Australia so that the valuation profession can meet the industry’s expectations.

Bridging the gaps between property graduates’ attributes and industry expectations has been touted to be the key driver of sustainable development for the next generation of the workforce. This study investigated property-related knowledge and skills from the perspective of property employers and graduates in Australia in the digital age by (1) identifying the most and least important knowledge and skillsets in the property sector; (2) examining the strategies used to develop the required knowledge and skillsets; and (3) ascertaining if there are differences in the knowledge and skillsets perceived to be necessary between employers and graduates. A questionnaire survey was undertaken across property employers affiliated with the Royal Institution of Chartered Surveyors (RICS) and graduates of an Australian university. The results showed that problem solving and time management are the most important knowledge and skills for property employers and graduates, respectively. Notably, there were statistically significant differences in the perceived importance of course directors maintaining close communication with employers, real-life case study-based school assessment, the use of various course delivery methods, inviting guest speakers, and internship training while studying between employers and graduates. This finding implies that Australian property professionals are yet to fully embrace technology in the digital age.

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