Willing Buyer/Seller - Case Law

Question 1

Poverty Bay Catchment Board Vs Forge & Others

Answer 1

MAIN POINT
Valuers are entitled to use post date evidence, but must not assume that such information was available to buyers/sellers at the valuation date.

CASE
Compensation was to be assessed for two pieces of land acquired for river management purposes. The case focused on whether post date sales evidence was valid evidence.

HELD
The valuer was entitled to consider all evidence available to him, but should not assume that the information was available to the buyer/seller as at the date of valuation.

It was also found that PBCB should pay Forge interest on the delayed payment of compensation.