Limited market attracts relatively few potential buyers (abottiors, wharves) Value in use specific property has for a specific purpose. Special purpose rarely sold on the open market. Going concern value of continuing business (childcare centre, hotel) Investment value uses special capitalisation rate or discount rate. Insurance value value of property as set out by the specific definition in insurance policy. Statutory value used for rating and taxation purposes. Mortgage lending value capacity of the property to earn income (investment properties) Value is often confused with cost, price, worth. What"s important to me may affect my "value". Macro: demographics, consumer preferences, social, economic, legal, physical and political. Micro: location, position, access, services, site characteristics. The basis of determining the value of all improvements as well as the value of the land. Land value is determined by using direct comparison to similar vacant properties.