Back dated property valuation

I have to do back dated valuation for a 2 Bed townhouse in Toongabbie, NSW for 2015. They property was sold April 2021 and I don’t have access to the property anymore.

The valuation will be used for CGT calculations. I have never engaged a valuation company before - not sure about their process (it’s online or they have to physically visit the premise) and cost.

Would be great to get recommendation from this forum on which valuation company to use for Toongabbie, NSW ( Sydney region) and indicative cost.

Cheers,
MKB

 

All valuations are based on historical data.

 

Retrospective Valuation | Duo Tax Quantity Surveyors

 

Not sure 100% but think that real estate agent can do a valuation. Save hundreds.

 

I'm 100% sure they can't even do an appraisal and get it right - it can cost you $X00,000's

 

for GST purposes a real estate agent valuation is not valid. A qualified valuer is required.

 

Couldn’t you just get the average price of a townhouse in that suburb at a particular time? Just have a look at similar sales at the time. Print them off.

If the tax man asks, just show them what you printed off and say (for example) “similar properties to mine sold between 180K and 200K. So I reckon mine is valued at 190K because I had the chrome toilet seat “.

 

Knew I read it somewhere:

CGT valuation

 

LIke the real estate agent issue you need access to quality subjective data. They wont accept "averages".

Valuation issues

Valuations are required to be prepared by a professional valuer to determine the market value of the property at the valuation date. Valuers need to reflect the value of the subject property on an 'as is' basis as at the valuation date.

We accept valuations can be a subjective assessment of a property's value and there can be interpretive assessments of impacts on the property value. However, there is still an expectation that values will fall within a 'reasonable range'. This is regardless of the valuer who is valuing the property, or the method adopted.

If there is sufficient merit in the valuer's adopted assumptions and conclusions the valuation can be accepted as a complying valuation. However, where the valuer's assumptions and conclusions are not sustainable, based on evidence, or are not reasonable, the valuation cannot be considered a complying professional valuation.

ie it is rejected.

 

Hi everyone,
First post and new to the Property Chat forum here. The knowledge shared is certainly invaluable.

Answering the initial question, since the date of valuation is not too far in the past, there should be no issue in completing a retrospective report and there should be historical data to validate the valuations.
However, this certainly is a case by case scenario since the valuation does rely on evidence of the land/building and its quality along with its surroundings at the time of valuation. I always suggest enquiring the possibilities of a report being prepared prior to engaging in a valuer's service.

Thank you @Terry_w for the plugin!