What's the difference between a property valuation and an appraisal?

Valuations: regulated under the Australian Property Institute (API) Code of Practice. The valuer is independent + held to a duty of care. Lenders order valuations to confirm LVR before loan settlement; trustees + courts use them for estate, divorce, SMSF, capital-gains tax events. Valuations are evidence-grade because the valuer carries professional indemnity insurance + the report meets the API standard for comparable-sales selection, market-condition statements, + adjustments.

Appraisals: real-estate sales agents offer free appraisals to vendors as a sales-pitch step. There's no requirement for comparable-sales rigour, no PI cover on the number, no recourse if the appraisal is wrong. Multiple agents will appraise the same property at meaningfully different numbers, the highest appraisal usually wins the listing, then the agent walks the vendor down in week 3 once a real campaign tests the market.

When you need which: lender refinance / equity-pull / loan deposit substantiation → bank-ordered valuation (lender chooses the valuer; you can't supply one). Pre-listing 'how much is my home worth' → start with 2-3 agent appraisals (free) + cross-reference using Property Investors Council / API public valuer directory if the agent numbers look soft. CGT / divorce / estate → CPV-signed report; nothing else holds in court.

Cost: residential valuation ~$300-700 depending on size + location (rural premium). Commercial higher. Bank-ordered valuations cost the lender, not you, but you usually pay through the mortgage application fee. API maintains a public directory of CPVs by region, verify the valuer carries current API membership before paying.