A Fair Market Value When it comes to valuations, a concept that often comes up is that of a ‘Fair Market Value’ of the property. What is it, you may ask? Well according to the International Valuation Standards Council (IVSC) it is: “The fair market value is the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts.” This is also called an ‘arms length’ transaction. When it comes to the valuation of your house, townhouse[..]
What to Expect at a Valuation Inspection? What is involved in a physical inspection? Where appropriate, a physical inspection can be an integral part of the valuation process for a property. It allows the valuer to get a comprehensive evidence base to determine an accurate value on a property. A physical inspection includes: a determination of the condition of the property; an assessment of complex or hidden attributes; measurements of a property if measurements cannot be obtained (i.e. if a floorplan is not available); an examination of potential structural and pest issues; determining if stated attributes of the property is[..]
Ways We Value Property A common question we are asked here at Vanguard Valuations is this: How do we determine the true value of a property? At Vanguard Valuations, we ensure all our reports are conducted in accordance with the International Valuation Standards, and as such, we employ a number of methodologies to value the property in question depending on the purpose for the valuation and the property type. These methods include: Direct Comparison Approach The Direct Comparison Method is based on the premise of comparing a subject property with other recent sales of similar properties on a “like for[..]
Covid 19 and Housing Values in Sydney The ongoing Coronavirus pandemic has had a significant affect on the housing market to date and many people are wondering, how has the market fared? Well it is easy to see based on reports that Sydney has declined over the past month with a drop of 0.9% according to CoreLogic. The values are still up by 2.8% when compared with the beginning of the year, but if trends continue, prices could fall by up to 6% by the end of the year. Auction clearance rates have eased to 62% on the weekend ending[..]
Fulfill your dreams about renovating your existing or owning a new home! On the 4th of June 2020, Scott Morrison announced the Homebuilder grant which provides eligible owner occupiers with a grant of $25,000 to build, renovate substantially or buy an off-the-plan home/new home. A new home is one that has not previously been sold or occupied as a place of residence, (e.g. spec build) and where construction commenced on or after 4 June 2020. This program is expected to provide around 27,000 grants at a cost totalling to around $680 million. This scheme aims to help economic recovery to[..]
The Advantages of Pre-purchase or Pre-sale Property Valuations When buying or selling a pivotal asset such as property, it is of the utmost importance to ascertain the true value of the property before undertaking any financial obligation. A certified property valuation report by a registered property valuer is an extremely useful tool to assist you in making an informed decision when purchasing or selling a property. Independent property valuers are experts in their field for providing reliable and accurate property advice without the bias of a real estate agent or a bank valuer. When hiring a property valuer for your[..]
Valuations for Family Law Disputes A separation of a marriage or de-facto relationship can be messy, especially when it comes to determining a just and equitable split of shared assets and/or property. Prior to determining a fair division, both parties to a separation will typically request a joint valuation of assets. A joint valuation will minimise the likelihood that one party receives more than what they are entitled to by determining the fair and current market value of an asset. Three things to consider when obtaining a valuation for a Family Law Dispute The right valuer for a family law[..]
CV19 and the Housing Market (Opinion) To say that 2020 has been a tumultuous year is clearly an understatement. Australians have been ordered to remain at home unless there is an essential purpose for travel. This has ground the economy to a virtual halt resulting in unprecedented disruptions to the labour market. And from late February when the COVID-19 pandemic was making its early rounds in the media to the time of writing this piece, the stock market has declined by over 23%. And yet, the impact of the pandemic on Australian property prices appears to be marginal. Although most[..]
Why does the bank need to conduct a valuation of a property I wish to purchase? If one were to use finance to purchase a property, the lender will conduct a valuation for that property. When using a loan to purchase a property, that property becomes collateral for the loan. In the instance that the borrower defaults on the loan, the bank can sell the property to recoup as much or all the loan as possible. A property valuation in Canberra or elsewhere in the ACT or NSW helps the bank determine how much the bank can recoup from the[..]
Professional And Accurate Property Valuations Canberra Liaising with a Certified Professional Valuer from the team at Vanguard Valuations is integral to our service with conducting property valuations in Canberra. Throughout the entire process from beginning to the final result, our Certified Professional Valuer will assist you with queries and questions. Furthermore, aside from our exceptional service delivered to each and every client, we consult with you consistently so you remain abreast of the progress. Transparency and integrity is key along with professionalism and that means we ensure that you are kept in the loop and understand the process we are[..]