NOOSA COUNCIL ANNUAL REPORT 2022-2023 · Attachment 1: Noosa Shire Council Annual Report 22-23

      Note 15. Property, Plant and Equipment (continued)

      (3) Valuation techniques used to derive level 2 and level 3 fair values

      Where Council is unable to derive fair valuations using quoted market prices of identical assets (ie. Level 1 inputs) Council instead utilises a spread of both observable inputs (Level 2
      inputs) and unobservable inputs (Level 3 inputs).

       The Fair Valuation techniques Council has employed while utilising Level 2 and Level 3 inputs are as follows:
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                                                                                                                                                                  Index applied
                                                                             Last                                                                                 (change in index       Other interim
                                                        Valuation            comprehensive                             Key assumptions and estimates              last applied to        revaluation
              Asset Class and Fair Value Hierarchy      approach             valuation date      Valuer engaged        (related data sources)                     asset class)           adjustment

              Land (Level 2)                            Market Approach      30/06/22            APV Valuers and       Active and liquid market available for     Queensland             Nil




                                                                                                                                                                                                         Noosa Council Annual Report 2022 - 2023
              2023: $135.2m                                                                      Asset                 comparison when determining                Government
              2022: $135.2m                                                                      Management            replacement cost.                          Statistician's
                                                                                                                       Land sales for similar properties are      Office Land
                                                                                                                       analysed and compared taking into          Development
                                                                                                                       account area, location and other general   Activity Profile for
                                                                                                                       site characteristics.                      Noosa Shire
                                                                                                                                                                  (Median
                                                                                                                                                                  Residential Sale
                                                                                                                                                                  Price)
                                                                                                                                                                  Most Recent
                                                                                                                                                                  Index Applied:
                                                                                                                                                                  15.2% -
                                                                                                                                                                  equivalent to 2
                                                                                                                                                                  years movement
                                                                                                                                                                  (2021)




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