What is your property’s real value?
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Want to sell or refinance? You may be surprised by how much your property is actually worth – even if you’ve purchased it recently.
How valuers reach a figure:
• Recent sales in the area
• Comparing your house with other houses like it
• Desirability of suburb
• What local buyers usually look for
• What the property could rent for
• Property size
• Street view
• Access to amenities
• Condition of the building
Did you know?
The average difference between original listed price and eventual sales price on properties across Australia is roughly 10% (off the listed price).
Things that actually devalue your property:
• Removing all the trees
• Expensive but unnecessary fittings
• Touch-ups out of place with the original building
• Illegal building and faulty structures
• Bad DIY jobs
• Creation of unusable outdoor structures
Valuation myths
1. Swimming pool adds no value: It depends on your target market. In some areas pools are highly desirable.
2. Valuations are always conservative: A valuer must be able to justify their valuation figure because their report can be challenged in court.
3. More rooms always equals more value: Total floor area is often a better indication of value.
4. Presentation doesn’t count: Valuers do factor in design trends, and neutral colours present best.
5. Market value: Market value is an estimate of the price a property would attract in a rational market. Sale price is the actual figure a property is sold for.
6. Valuers too quick: Valuers have a checklist of items they look for and may only require 20-30 minutes at a property.
To discuss this article or anything to do with selling or refinancing, please call our office today and we will be happy to assist you.