Property pro defends valuers

The property valuation profession has hit back at criticism from Allied Farmers boss Rob Alloway.

Ian Campbell, Property Institute president, said valuers held high professional standards and his organisation disagreed with Alloway's criticism.

Registered valuers had to comply with the Australian and New Zealand valuation and property standards, Campbell said.

These were based on internationally accepted standards, regardless of the size of the companies they are associated with, he said.

Alloway, Allied managing director, said his faith in New Zealand's valuation profession was shaken following big real estate writedowns.

He was commenting after Allied's notice issued to NZX on May 28 announcing huge asset valuation writedowns.

Last year, Allied told investors the loan book of Hanover Finance and sister company United Finance was worth $396.2 million.

But on May 28, Allied said the loans were now worth just $124 million. Alloway said he was confident in the valuation team his firm had now engaged to examine the state of the assets, referring to international valuation businesses.

Campbell said Alloway might criticise the state of the property market but not valuers.