Source: AVAA (Auctioneers and Valuers Association of Australia)
The AVAA recognises the growing integration of Artificial Intelligence (AI), including generative AI tools, into the valuation profession. While these technologies have the potential to support valuers in research, analysis, and report drafting, their use must remain consistent with professional responsibilities, ethical obligations, and the principles set out in the International Valuation Standards (IVS).
Under IVS Framework – Compliance with Standards, valuers are reminded that:
"A valuer must ensure that a valuation is prepared competently, in a manner that does not mislead, and is based on appropriate evidence and assumptions for the purpose of the valuation."
Accordingly, when using AI tools in any aspect of the valuation process, including data analysis, market commentary, or report generation, AVAA members must:
• Exercise Professional Judgement: AI outputs must never replace the valuer’s own informed, independent professional judgment. Any conclusions or opinions expressed in the report must be the result of the valuer’s own critical analysis and decision-making.
• Ensure Transparency: If AI tools are used to assist in preparing any part of a valuation report, this use should be appropriately disclosed and contextualised to avoid misleading stakeholders about the nature and source of the analysis.
• Maintain Confidentiality and Data Security: Valuers must ensure that no confidential client or market information is submitted to AI tools, particularly online generative AI platforms, without clear safeguards and client consent, in line with privacy obligations and professional conduct standards.
• Verify Accuracy: Any content generated by AI whether data, analysis, or commentary, must be thoroughly verified for accuracy, relevance, and compliance with applicable standards, including IVS and the AVAA Code of Ethics.
• Avoid Misrepresentation: The use of AI must not result in the inclusion of content that is generic, speculative, or incorrect, nor should it create the impression that AI-generated outputs are equivalent to or a substitute for expert valuation advice.
While AI technologies can enhance efficiency and support informed decision making, their use must be carefully controlled and aligned with the core principles of objectivity, transparency, and due diligence as required under IVS and AVAA expectations.
We encourage members to remain informed about the evolving use of AI in the valuation profession and to seek guidance where appropriate. The AVAA will continue to monitor developments in this space and provide further resources to support ethical and standards-aligned adoption of new technologies.
