A registered valuer in Queensland is valuing a specialised property such as a church with no comparable sales data available. The most appropriate primary valuation method would be:
Correct Answer
B) The summation (cost) approach, estimating land value plus depreciated replacement cost of improvements
For specialised properties with limited comparable sales and no income stream (such as churches, schools, or hospitals), the summation (cost) approach is most appropriate. It estimates the land value separately and adds the depreciated replacement cost of the improvements.
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