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Mr Paterson, who has been a valuer for more than 30 years and is national manager for Rural Value, was presented with the New Zealand Institute of Valuers' premier award, the John M. Harcourt Memorial Award, at the institute's recent conference in Rotorua.
Receiving the award was a highlight in terms of his professional career, he told those at the conference.
Mr Paterson has been involved with the institute since 1985, holding various positions in the Southland and Otago branches, and as Southland branch councillor and southern region councillor.
He is the institute's representative on the professional practices committee, which was set up to consider complaints about valuer members on behalf of the NZIV and other members on behalf of the Property Institute of New Zealand.
Mr Paterson said the industry needed to focus on attracting more young people to the profession.
He had found it a varied, interesting and rewarding career and there were opportunities, particularly for rural valuers, around the country, he said.