Buying and Selling Properties in Australia – How a Residential Property Valuation Report can Assist You

Valuation of Residential Property in Australia

For most of us, decisions around buying and selling property are some of the most significant choices we’ll make in our life. So when you’re making a move on the property market, you’ll need information that you can rely upon at your fingertips and knowing the true value of a property is a real game changer.

You might try to work out the value of a property by looking at other properties online and their sale price. But the data that is available freely online is patchy, and it can be hard to find comparable properties because each property has its own unique features and selling points. It’s also likely that the market has moved since those other properties were sold, making it impossible to draw any accurate comparison. Real estate agents will be keen to give you their opinion, however, they are in the business of selling properties, so they cannot give you independent, objective advice that’s not influenced by their own needs and goals. While there are free online property valuation tools, they are based on very limited data rather than a full inspection of the property and an in-depth assessment of all the market factors that impact a property’s value. 

At Vanguard Valuations, our team of certified property valuers provide the independent information you need to make critical property market decisions. A residential property valuation report unlocks the mystery of what a property is really worth. As a seller, knowing the actual value of your property puts you in the driver’s seat when negotiating sale price or setting an appropriate reserve at auction. As a buyer, you can bid or put in an offer on a property, confident that you’re not offering more than fair market value. 

Do you need a residential, rural or commercial property valuation report? Contact us today.

Difference Between Residential and Commercial Property Valuations

Because of the differences between residential, rural and commercial properties, different factors come into play, and various methods are used when it comes to working out their value. 

Generally speaking, residential properties are purchased for the owner to live in. When a certified property valuer undertakes a residential property valuation, they assess a range of factors, including:

• Historical and recent sales data of comparable properties
• Demographic trends
• The property’s unique specifications and features. 

This includes things like the size of the property, the location, the condition of the property, fixtures and fittings and zoning and planning restrictions.

Commercial properties, such as retail and industrial premises, are usually purchased by investors. The investor earns rental income from businesses that lease the property. This income is a critical factor that is assessed by a certified property valuer when determining the value of a commercial property. Other factors that are considered include zoning, lease arrangements and where the business is located in relation to transport, infrastructure and other businesses.

Rural properties, on the other hand, are different again. To value properties like commercial farms, hobby farms, horticulture and dairy industries, a certified property valuer will consider things like income, productivity, condition and farm management.

Our team of certified property valuers have over xx years of experience in valuing residential, rural and commercial properties. We use best-practice industry tools and methods and have access to the latest comprehensive market and demographic data to accurately determine the true value of these types of properties.

Difference Between Property Appraisal and Residential Property Valuation

Many people have heard the terms “property appraisal” and “property valuation”, but they are not the same thing, and it’s important to understand the difference.

Property Appraisals

Property appraisals are often given by real estate agents as an informal estimate of what they believe a property is worth based on their knowledge of the local market and where they think the market might be heading. Appraisals are speculative and are often given as an approximate range, rather than as a definitive figure, and are not legally binding. It’s important to remember that because real estate agents have an interest in selling properties, their opinions are subjective. Investors should not rely upon property appraisals when making investment decisions and instead should seek a property valuation from a certified property valuer.

Residential Property Caluations

Property valuations can only be provided by a certified property valuer. They will inspect the property and analyse industry, demographic and other information and datasets to determine the true value of a property, which will be provided in a written residential property valuation report. 

How Vanguard Valuations Help You With Residential Property Valuations

As well-respected, industry-leading valuators, the friendly team at Vanguard Valuations are here to help you with your residential property valuation reports. Our extensive knowledge of property valuations expertly provides you with a residential property valuation report to help you determine the following:

• Your home’s value over a longer term and any current trends.·     
• The value of your residential property so lenders can use it to secure the loan.
• The fair market value of the residential property to assist you with a deceased estate or divorce.

Why Choose Vanguard Valuations?

Vanguard Valuations is an industry-leading property valuation firm with over 50 years of experience. Our team of professional property valuers are relied upon for residential, rural and commercial property valuations across Sydney, rural and regional NSW and the ACT.  

Would you like to learn more about Vanguard Valuations? Learn more.

Frequently Asked Questions

What is a Residential Property Valuation and How is it Done?

A residential property valuation is critical in determining your real estate decisions. A property

valuer will arrange a time to visit your property to assess it and determine its value. By getting access to comprehensive, real-time analytics and data that’s backed by an experienced team with extensive knowledge, you can get accurate information for refinancing, rental appraisals, family law, and legal support.

How long does a property valuation take?

Property valuations usually take around 2-3 business days. We can generally have a valuer out to inspect a property within one business day, and the inspection usually takes around 30 minutes, depending on the size of the property. The property valuation report is usually delivered within 2-3 business days of the inspection. We work to meet the needs of our customers and can cater to urgent requests.

How much does a residential property valuation cost?

Want to know how much a residential property valuation costs? At Vanguard Valuations, we ensure that the cost of a residential property valuation cost is fair and reasonable. We appreciate it’s crucial you may have to obtain it legally, so we’re here to make it as easy and quick as possible. We believe the small cost associated with getting a residential property valuation far outweighs the risk of ‘guessing’ your residential property’s value.

How long does a property valuation last?

Property valuations are valid for up to three months from the day they are issued.

Who Needs A Residential Property Valuation Report?

Residential property valuation reports may be needed when you’re insuring an investment property

or home, applying for a home loan, or preparing the house for transfer, sale, or purchase. They may also be needed to determine your stamp duty tax or capital gains tax (CGT) liabilities.

Residential property valuation reports provide you with the current value of the property. Vanguard Valuations evidence-based reports are determined by historical recent sales data over six months. Unlike

property appraisals which real estate agents create that are speculative, property valuation reports look at the following:

• The conditions, attributes, and specifications of the property.
• Examine micro and macro demographic trends to analyse the impact on the property value.