Melbourne Property Valuation Blog

Independent property valuations

Independent property valuations are provided by registered or licensed property valuers.

Clients who use our services understand the need to have truly independent property advice when making important decisions, and that the relatively small cost of a house valuation is insignificant when it comes to the value of the property and making the correct decisions with it.

Real estate agent are always bombarding you with offers for a free appraisal, and this is done to try and generate sales leads. The generation of new listings is the hardest part of a real estate agents job, not the selling.  To help with the generation of new listings they will provide you with information and an appraisal of the properties value, and fall over themselves to do it.

Unfortunately the figure provided may be influenced by the need to try and gain an owners property listing, and most client realise that an agent’s opinion is not truly independent or always accurate.

That is where we come in providing independent property valuations.

Clients are provided with an agreed fixed price fee, and the valuers role is to provide truly independent property valuation advice that is not coloured by any ulterior motives.

After many years experience, it has never changed, and clients almost always just want the same thing, information they can rely on.

Pre sale and pre purchase valuations are a major reason for an independent property valuation, along with divorce and family law property settlements, estate settlements and inter family sales where one family member wishes to buy the property of other family member who also own a share.

We have discussed on some of our other website pages what a property valuer is, how they work and what you will receive from them when you ask for a property valuation.

We suggest that if you are interested in a house valuation, or any other type of property valuation you ask any valuer you are considering using their experience and registration details, how long a report will, what type of report will you receive and have they valued many properties in the area like yours recently.

I hope have found this post about independent property valuations is useful, and if you have any question feel free to contact us.

 

Sworn valuers Melbourne – sworn valuation Melbourne

Are you looking for sworn valuers Melbourne?

Do you know the term sworn valuer means the same thing as a licensed or registered property valuer, and it relates to a licensed valuers report being used in court, and it having to be sworn into evidence.

The term sworn valuer is an old term that has been predominantly replaced by either the term registered valuer or licensed valuer. All three terms have the same meaning and are interchangeable names for a registered property valuer who is a member of the Australian Property Institute, and the local state chapter of it.

In Victoria all property valuers are registered with the local head office which is situation in Beach Street, Port Melbourne.

We have detailed elsewhere on our website what a property valuer is, and how a person may become a property valuer, so this post is just a clarification in regards to the term which we still occasionally hear from client when looking for a property valuer.

All property valuers must maintain ongoing membership of the API and undertake the ongoing training and professional development as required.

As sworn valuers, a large percentage of our work relates to matters that are legal in nature, and are used in mediation or court.

In some of these cases we are required to sign an affidavit where we will swear in front of a qualified witness such as a solicitor that the report we have provided is true and correct, and that we are registered property valuers.

The report is then submitted to court as evidence. In cases where a dispute cannot be resolved it may require the appearance of the property valuation in the witness box to provide further evidence and be cross examined if required by the other parties.

Sworn valuers Melbourne are a big part of our valuation practice and if you have any questions in regards to the term, what services we may be able to provide you, or anything else feel free to contact us for further information.

If you are after some further reading in regards to sworn valuers Melbourne the link below may be helpful:

 

Retrospective valuation – backdated property valuation

A retrospective valuation is where a client ask for a property to be valued as at a certain time in the past.

It may be an unfamiliar term to you, but it is a common request from clients to have a retrospective property valuation.

 

What is a retrospective property valuation or a backdated property valuation?

A retrospective property valuation is a valuation of a property as at a specific time (or times) in the past. The property may be inspected at the present time, but the valuer will value the property as at a date in the past, and this may be for capital gains tax, immigration, stamp duty or estate settlement purposes for example.

The valuation figure will confirm what the property was worth at the retrospective date and can be used by the ATO, the SRO or all other government departments as needed.

 

Okay, so how do you complete a retrospective valuation?

Like with most other valuations the process is similar, whereby we will confirm the property to be valued and the date/s it is to be valued at. We will also confirm with you the condition of the property as at the retrospective date, and changes that may have occurred compared to our current inspection.

Once the inspection has been undertake the valuer will review sales of similar properties that sold around the retrospective valuation date, and use this as a basis for determining a market value of the property as at a past date.

The state of the property market, interest rates etc will also be considered as factors.

We conduct a large range of retrospective valuations for capital gains tax purposes, and it is crucial that the value provides a client with a high quality and accurate report to ensure no more tax is paid than necessary.

Another area for retrospective valuations is for expert witness and litigation. We undertake the valuation of properties in the past where the client may for example feel the property was sold under it true market value ie: in a mortgagee situation and our report may be used in evidence during legal proceedings.

There have been a number of settlements made by banks to clients in this area recently that we are aware of for example.

If you have any questions regards a retrospective property valuation feel free to contact us for further information.

House Valuation Melbourne

The most common form of property valuation is a house valuation Melbourne.

As local property valuers in Melbourne we conduct a number of house valuations each and every week. With over 1.8 million separate dwellings in Melbourne there is always a range of clients requiring a valuation.

We do get asked by clients why not just use a local real estate agent or an online valuation website to find out the value of our property? Surely it will be similar.

Unfortunately it not usually the case.

With a real estate agent you may get a very accurate assessment of your properties value, but you will never be quite sure if the figure they have provided is actually fair and reasonable, or if they are trying to flatter you and are looking for a listing.

The online valuation sites can provide a reasonably accurate valuation in areas where it’s very generic ie: Cranbourne, as the properties will all fall within a small range. But the website cannot see in the internal condition of your property, the external features likes pergolas, pools etc and rely on a very generic mathematical assessment.

They also provide annual or quarterly price changes, but these can be even more inaccurate, and we regularly see examples where one suburb has risen 30% in a year and the adjoining and very similar suburb has only risen five percent. This is obviously incorrect, and can be swayed by the type of properties sold in the time period, whether or not the agents have reported all of their sales, and if they have selectively non reported others.

So a house valuation by a professional and independent valuer is the only way to ensure you are receiving accurate information and advice you can rely on.

A house valuation Melbourne will provide you an accurate assessment of a properties value and provide you with the correct information to make decisions with.

 

Valuation of property

The valuation of property is a specialised area, and as licensed property valuers Melbourne Property Valuation can give you a few insight into the processes we use to value a property.

Whatever the type of property, the first thing is to confirm with the client the type or property to be valued, the reason for the valuation, the date the property is to be valued at (retrospective valuations are not unusual), who to address the report to, who to invoice and who to send the completed report to.

Once this information has been received an inspection is arranged and the valuation of property can start.

At the inspection the valuer will take notes whilst walking inside the dwelling and also outside, measure the improvements and take a number of photos.

Once the inspection has been undertaken then the valuer will look at the comparable sales that have occured in the area recently, and also historically.

They will then, depending on the property type, directly compare the subject property to those that have been sold and use this as the basis for determining a market value of the property.

In some instances there are a number of recent very similar sales, and other times very few or sometimes none at all. The valuer uses their local knowledge and skills to assess the best way to undertake the valuation and the valuation report will contain a number of comparable sales.

The completed valuation report will be emailed to the client or clients directly, and once received the client always has the option to contact the valuer directly to discuss the report and its findings.

A house valuation, or any other valuation such as commercial or industrial valuations all have a similar process. It is the report format and how the market valuation is best assessed that is variable.

Melbourne Property Valuation have conducted over 10,000 valuations and have the experience to conduct high quality valuations for clients throughout Melbourne.

 

 

House Valuation

As property valuers in Melbourne, a house valuation would be our most common form of valuation.

With over 1.8 million dwellings in metropolitan Melbourne (as at 2016), there are always going to be lots of properties than need to be valued. The majority of these will be for finance or refinance purposes, but there is also a wide range of others reasons for a house valuation.

We undertake capital gains tax, estate settlement, stamp duty and pre sale or purchase valuations for example.

Melbourne has a wide range of houses, starting with the inner metropolitan period dwellings, then moving out slowly to the pre and post war dwellings in the middle suburbs. From there is stretches out to the 1960 and 1970’s brick  and brick veneer dwellings, and then finally out to the brick veneer homes that are now so common.

The outer metropolitan suburbs are dominated by brick veneer homes on smaller allotments, and are usually surrounded by other very similar type dwellings.

It is important with a house valuation the the property valuer understands the area, the current market for the type of dwelling they are valuing and has extensive experience in the field of valuation you require ie: stamp duty.

Melbourne Property Valuation does not conduct mortgage or finance valuations, and specialises in house valuations for almost all other matters instead where we can provide a higher level of service.

 

 

 

Number of Melbourne Dwellings 2016

Stamp duty property valuation

One of the most common requests from clients is for a stamp duty valuation of their property.

This usually occurs as they are transferring ownership of their property to children, or moving the property into a different ownership structure such as from a personal name into a superannuation fund.

In the past the State Revenue Office of Victoria would have accepted a real estate agents written appraisal letter as evidence of the properties value, and calculated stamp duty on that.

But they have realised that the local agents were sometimes under quoting a properties value, and in some instances very significantly and that they were missing out on a large amount of revenue consequently.

It is now accepted by lawyers, conveyancers and the like that best practice is to have a property professionally valued, and that the valuation report is then used by the client to calculate stamp duty. This will stop any questions being raised the SRO in regards to stamp duty being assessed fairly.

They have access to significant amounts of information in regards to almost all properties in Victoria, and can conduct a desktop assessment quickly to see if there is any significant difference between the declared value and what the actual market value may be.

The cost of a stamp duty valuation is minimal compared to the stress of an audit by the SRO, and an inspection report can usually be done quickly and efficiently.

If you have any questions in regards to having a property valued for stamp duty purposes please contact Melbourne Property Valuation for further information.

We have over 15 years experience with stamp duty valuations and conduct the on a weekly basis. It also should be noted that we have never had a client come back to us in regards to the report being questioned by the SRO.

 

Capital gains tax property valuation

Capital gains tax on properties is a complex area, and can involve a very significant amount of money to an owner.

With such strong property price growth in Melbourne and surrounding areas of the last 10 years investors, and those with a second property or more have the possibility of facing significant capital gains tax assessments.

Melbourne Property Valuation has conducted many hundreds of capital gains tax valuations over a wide range of properties throughout Melbourne over the last 15 plus years.

We always advise clients to have properties valued as soon as possible if they are planning to move out, or are selling and need it valued retrospectively.

It is preferable to have access to a property for a capital gains tax valuation, but it can be undertaken without access to the property and retrospectively if required. It may just be more complicated and expensive for the client.

All capital gains tax property valuers have extensive experience and provide clients with detailed high quality reports.

If you would like to discuss a capital gains tax property valuation feel free to contact us for further information and an obligation free quote.

We provide reports direct to private clients, to accountants and also financial advisors.

Frankston property valuation

Are you looking for a property valuation in Frankston, or a property valuation in Langwarrin?

Our valuers have over 15 years full time valuation experience in the Frankston area. We  provide property valuations in Langwarrin, Carrum Downs, Seaford, Mount Eliza and all other surrounding areas.

Melbourne Property Valuation has wide experience valuing properties in the area for pre sale, pre purchase, divorce, family law, estate settlement, capital gains tax, immigration and stamp duty purposes.

The Frankston property market has shown very significant property price growth over the past three years, and we note the area has distinct pockets with a wide variety of features, prices and attributes.

It is important for a property valuer to have wide experience in an area that they are valuing, so when you are looking for a property valuation in Frankston, a valuer of property in Langwarrin or other close by suburbs we strongly suggest you ask about their personal experience in the area.

A Frankston property valuation will be provided by an expert valuer with over 15 years local valuation experience in the area. You can trust that we know Frankston and provide you with an accurate and comprehensive report.

If you have any questions in regards to having a property valued in Frankston feel free to contact us for further information.

 

Property valuation fees?

Without doubt one of the first questions we get asked by prospective clients is how much does a property valuation cost?

This can even be before there is any discussion about the property they want valued, why it’s to be valued, our experience valuing similar properties or even what you may receive from the valuer.

Whilst we understand that no client want to pay more than necessary for a valuation, it is important to understand that whilst you may talk to a number of valuers to obtain quotes, just because they have a similar qualifications, it does not mean you may receive a similar end result.

A simple way to look at this is by asking – are all lawyers going to do the same job for me regardless of the cost, or is the local plumber who charges the cheapest going to provide a similar service as one who charges a bit more. Is the person who quotes the cheapest price good at their job, and how can they do this when everyone else charges more?

There are obvious answers to this, and the usual response may be along the lines that good people charge a fair rate, are busy, and will not chase any single client for work by offering a cut price service.

There is no fixed fee for valuers like most professions, so you may receive a wide range of quotes. Property valuation fees will vary depending on the type of property to be valued, the reason for the valuation, the type of report required and also if the property has to be valued retrospectively or at multiple dates.

To help you choose a value we suggest you ask about the experience the valuer has conducting the valuation, the type report you will receive, and their past experience in the area and valuing for the purpose you require.

If you would like to discuss valuation fees you are welcome to contact us.

There is no obligation, and you may gain some further information to help you choose a valuer.