CB Richard Ellis says it will purchase the Megaw & Hogg National Valuers business from RP Data.
MHNV operates in over 13 locations nationally, including Perth, and provides more than 110,000 residential valuations each year for mortgage providers and financial institutions.
CBRE Australia and New Zealand president Tom Southern said the acquisition would almost double the size of CBRE's existing residential valuations team, which currently comprises nearly 150 staff.
"By acquiring Megaw & Hogg, we will solidify our position as the largest wholly owned residential valuations practice in Australia and the national provider of choice in this area," Mr Southern said.
"The acquisition will also provide for critical mass. It will give us scale in markets where we have been growing organically, an enhanced national presence, and also will allow us to build on efficiencies of scale and quality."
CBRE regional director of residential valuations for Australia and New Zealand, Tom Edwards, said major lenders were looking to reduce the number of firms on their valuation panels.
Mr Edwards said lenders were showing a clear preference for firms with wide geographic coverage and established quality assurance processes.
"The valuation industry in Australia is going through a period of rapid consolidation," Mr Edwards said.
"We expect the rationalization of bank panels to continue over the next few years, which will increase the requirement for true nationwide residential valuation firms who can offer a one-stop-shop service in Australia.
"The MHNV acquisition will allow us to expand our already strong platform and emerge as the genuine market leader in this rapidly evolving sector."
