Some valuers are scaremongering about panel system: PropertyIQ

Some valuers are arguing "desk top" valuations, which involve valuers using a data base on a neighbourhood, rather than visiting the actual property, will become common if the clearing house system becomes prevalent.

"The global financial crisis has convinced the banks they need more valuations, not less," says Property IQ spokesman Steve Langridge. "I think there's a bit of mischief being played here."

Property IQ has offered a "desk top" valuation product for about the past two years which is appropriate for use in low loan-to-valuation ratio (LVR) situations, Langridge says.

Such products are already commonly used when circumstances warrant it, he says. PropertyIQ also offers an even lower value product, E-Valuer, which is an automated valuation model based on Quotable Value's data which doesn't involve a valuer.