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A certified valuer will listen to your situation and answer any questions you may have, at no cost.
From a bulk-billing clinic in Werribee to specialist rooms beside the Parkville precinct: what the practice earns without you, priced by a certified valuer who will stand behind the figure.
Most Melbourne medical practices are valued by capitalising future maintainable earnings. The valuer first replaces the principal's drawings with a market salary for the sessions worked, removes one-off items, then applies a capitalisation rate built from a risk-free rate plus risk premiums. Recent practice sales and the market value of fit-out and equipment test the result.
The question usually arrives with a deadline attached. A registrar in a Glen Waverley group practice is ready to buy in and the partners need a price. A corporate operator has written to a three-doctor clinic in Point Cook. A specialist with rooms in Heidelberg, near the Austin, is separating and the property settlement in the Melbourne registry of the Federal Circuit and Family Court needs a figure for the practice. A bank wants a valuation before it funds the fit-out of a second site in Cranbourne. Or the accountant needs a market value for a restructure or a small business CGT concession claim and the ATO will expect it to be supportable.
Unsolicited approaches are common across Melbourne's suburbs, so the owner is often responding rather than selling. A valuation done before you reply tells you what the practice earns without your own sessions, which is the only part a buyer is really paying for. It also shows how much of the offer is a salary for your continued work dressed up as goodwill, which changes how you read the price and the tie-in that comes with it.
A certified valuer will listen to your situation and answer any questions you may have, at no cost.
The Income Approach leads. An established practice bills day after day from a patient base that mostly comes back, and that kind of recurring, reasonably steady revenue is what the income approach is built to measure.
For most practices the method is capitalisation of future maintainable earnings: one sustainable earnings figure divided by a capitalisation rate, being the discount rate less long-term growth. A discounted cash flow takes over when the next few years will not look like the last few. A Box Hill practice bringing a registrar through to partnership, a Clayton specialist group opening rooms in Dandenong, or a lease that will reprice on renewal are all changes a DCF can carry year by year and a single multiple cannot.
We build the capitalisation rate from its parts rather than pick a number: a risk-free rate from long-dated Commonwealth bond yields, an equity risk premium, a size premium, an industry premium, and a practice-specific loading for how concentrated the billings are in one or two doctors, how secure the lease is, the bulk-billing mix and how well the records stand up.
Sales of comparable practices, read as a multiple per full-time-equivalent doctor or per active patient, test whether the income result sits where the market has actually traded. A handful of well-matched Melbourne sales tells you more than a long list of loose ones.
Consulting room fit-out, clinical equipment and any imaging are restated from written-down value to what they would fetch today. That figure is the floor: a practice trading as a going concern should not be worth less than the net realisable value of its assets.
Normalisation is where two valuers most often part company, so every adjustment is shown in the report with its reason rather than tucked into a schedule. For medical practices the ones that come up repeatedly are:
Melbourne's practices sit in recognisable clusters. Specialist rooms and day surgeries gather around the Parkville precinct (the Royal Melbourne and Peter MacCallum), the Austin at Heidelberg and Monash Medical Centre at Clayton, where referral flows come from the hospital next door and lease costs are set by that proximity. Box Hill and Glen Waverley hold the mature eastern suburban practices, often multi-doctor with long tenancies. The growth corridors through Wyndham, Casey and Hume are where new bulk-billing clinics open and where corporate operators are most active.
That geography is the comparable set. A specialist suite near Parkville and a six-doctor clinic in Point Cook are not comparable just because both are in Greater Melbourne: they differ in billing mix, practitioner supply, rent and the share of goodwill tied to one name. The payroll tax question sits on top of that. Payments to contractor GPs are a live issue with the State Revenue Office Victoria, and Victoria has an exemption for bulk-billed GP consultations administered by the SRO, so how a practice engages its doctors and how it bills changes both its maintainable earnings and the risk loading a buyer will apply.
The wider industry is still growing. The number of health care and social assistance businesses in the national count rose 6.7 per cent in 2025 to 2026, and Victoria added a net 19,581 actively trading businesses over the same year (Source: ABS, Counts of Australian Businesses, July 2022 to June 2026, released 18 August 2026). More practices means more comparable evidence, but also more buyers competing for the ones with several doctors and a secure lease.
Every report opens with the purpose of the valuation, the standard of value, the valuation date and the information we relied on, including its limits. It then works through each approach we considered, the method chosen under it, every normalisation adjustment with the reason for it, and finally reconciles the results into a range with the weighting explained in plain words.
That written reconciliation is what carries an opinion through review. If the report cannot say why the income approach was preferred, or why a multiple sits at one point in the range and not another, an opposing expert in the Commercial Court of the Supreme Court of Victoria or a mediator at the Melbourne registry will find the gap. Our reports follow APESB, APES 225 Valuation Services and are signed by a certified valuer who expects to explain and defend them.
Which single assumption in this report would a reviewing expert attack first, and how would you answer them? A valuer without a ready reply has more work to do.
An Indicative valuation gives an owner a defensible internal view before answering a corporate group's letter or setting a price for a registrar. It is for internal decision-making and is not written to be relied on by a third party. A Summary report is what most partner admissions, retirements and bank applications call for. A Detailed report is the level for a property settlement in the Melbourne registry, a dispute between practice owners, or any matter where a second expert will pick the opinion apart.
The purpose sets the depth. The greater the chance that a court, a lender, the ATO or another expert will test the opinion, the fuller the report has to be.
For internal decision-making. Useful for testing an offer, setting an expectation before a negotiation, or deciding whether to go to market. It is not written for third party reliance.
Sets out the approaches applied, the normalisation adjustments made and the reasoning behind the conclusion. The usual choice for a sale, an ownership change or a finance application.
Applies and reconciles all relevant approaches in full. The level required where a court, the ATO, a lender or another expert will review the opinion.
Talk your situation through with a certified valuer before you commit to anything, at no cost.