An agreement between expert valuers made pursuant to the Land and Environment Court's Expert Witness Practice Direction does not bind the Court where the statutory mandate requires determination of market value under s 56 of the Just Terms Act, and where the parties have conducted the case on a broader basis without objection. In compulsory acquisition compensation proceedings, the correct approach to assessing the effect of potential statutory restrictions (such as the Rivers and Foreshores Improvement Act) on market value is to consider the advice the hypothetical purchaser would have received and its effect on price, not to finally determine whether the restriction in fact applies.
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