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Annual Report 2023-24
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Noosa Council
Financial Performance
Notes to the Financial Statements
for the year ended 30 June 2024
Note 15. Property, Plant and Equipment (continued)
§Note/Subtotal§
(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:
§Total§
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
2024: $135.2m Asset comparison when determining Government
2023: $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)
No indexation has
been applied
since the most
recent
comprehensive
valuation.
234 235
continued on next page ... Page 28 of 60
Noosa Council Annual Report 23/24
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